Gilpin observer., 1914-06-18
AN ORDINANCE.
Providing for the Funding Of the
Floating Debt Of the City Of Gen.
trial, GiIpin County, Colorado.

Providing for the Funding Of the
Floating Debt Of the City Of Gen.
trial, GiIpin County, Colorado.
Be it ordained by the city council
of the City OF Central, Colorado.
Section /. That In pursuance and
by virtue OF an Act OF the General
Assembly of the State OF Colorado.
entitled "An Act to Amend an Act
Entitled, An Act to Incorporate tie
City of Central Approved March II,
A. d. 1864, SO as to authorize the
Funding of $50 10000 OF the Floating
debt OF the said CITY Of Central,and to
Provide for the Payment of the Prin-
cipal and Interest Thereon, approx
ed April 9Th, 1918. and in pursuance
of vote of majority of the quail
fled voters of said city, polled at an
election held in said city on the sew
enth day Of April, A. D. 1914, to de-
termine the question Of the issuing
Of said bonds of said city to the
amount of Fifty thousand $3.50, ,000)
dollars, for the purpose of funding
the floating debt of said city, repre-
sented by the warrants of said city
now outstanding, at which election
said funding bonds were authorized
to be issued; there be issued bonds
of said city to the amount of Fifty
thousand ($5O .00O) dollars, of the de-
nomination of one hundred dollars
each, or some multiple of one hun
dred dollars each, for the purpose of
funding the floating debt of said city.
Each of said bonds shall contain a
promise that the city of Central will
pay to the bearer thereof, the
amount thereof, at the time therein
specified, and shall each specify for
what purpose it was issued, and shall
be signed by the mayor of said city,
countersigned by the city clerk, and
shall be under the corporate seal Of
said city.
Section 2. Said bonds shall be
printed or Autographed on bond pa
per, and each have attached there
to thirty interest coupons numbered
from one to thirty, inclusive, and
numbered also to correspond with
the number of the bond to which
they are attached. Said bonds shall
be and become due absolutely in fif-
teen Q5) years from the date thereof
and shall be payable at the pleasure
of said City of Central at any time
after the expiration of ten Q0) years
after the date thereof. Said bonds
shall bear interest at the rate of five
per centum per annum from the date
of their delivery, which interest shall
become due and payable semi-annual-
ly on the first days of June and De-
cember of each year.
Section 3. Said bonds shall be ne
gotiated or sold by the mayor and
finance committee of said city at
such times and in such quantities
as the mayor and finance committee
shall determine and in the order fol-
lowing; first, to any person. persons
or corporation, holding registered
warrants of said city and heretofore
issued for the indebtedness of said
city, in lieu thereof. to an amount
equal to the face value of such war
rants and accrued interest thereon
at the date of the issuance and de-
livery of such bonds therefor. begin
ming with the oldest of said warrants
then those following consecutively;
provided, the holders OF such regist-
cred warrants of said city shall elect
to exchange their warrants and take
said bonds In lieu thereof within
thirty days after the same are issu-
ed, or afterward and prior to the
sale of such bonds; second, to any
person. persons or corporation >desir-
Gus of purchasiT :, the same. No bond
shall be sold for less tran its par
value and no bond shall be sold ex-
cept for cash. Ne.ther the city treas
urer nor any other official shall re-
ceive any fees or compensation for
signing, issuing or disposing of said
bonds, or for receiving or paying out
any moneys arising from the sale
thereof.
Section 4. Said bonds and coupons
city treasurer of said city of Cen
trail, all exchange or express charges
to be paid by said city.
Section 5. All moneys arising from
the sale of said bonds shall be used
forthwith in paying and redeeming
the warrants of said city issued for
the indebtedness of said city now
outstanding, beginning with the old
est of said warrants. then those fol
lowing consecutively in their order
and for no other purpose whatever.
Section 6. The city clerk of said
city shall keep a book in which he
shall record the number of each
bond, the amount of each bond. to
whom issued. the date of delivery
and to whom delivered.
Section Z. The city treasurer OF
said city shall pay the coupons OF
said bonds as they mature out OF
the regular levy for taxes for city
purposes or out of any other unap
propriated funds of said city, or from
funds derived from special levy
for that purpose, as hereinafter pro
vided.
And to provide for a permanent
sinking fund for the payment of the
principal and interest on said bonds
special taxes are hereby provided
to be levied upon all the taxable
property, real and personal. in said
City of Central.
To provide for the payment OF said
interest. or any deficiency In the ap
preparation hereinbefore made fol
that purpose, there shall be levied
A.~~ - ..rH Htnss.