The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-10-28

proved, contiguous or tributary there
to, and included in said Improvement
District, the City Council shall issue
and dispose of special assessment
street improvement bonds of Local
Improvement District No 4, which
Improvement bonds shall be issued in
the name of the City Of Wallace and
shall be known and designated az
Special Assessment Street Improve
ment Bonds Of Local Improvement
District No. 4"
,ecIIon 10. That said Local In
provement District No. bond shall
be payable on or before Ten QW
years from date thereof, and snail
pear interest at the rate Of Seven q
per cent? per cent per annum which
said interest shall be payable annual
ly at the office of the city Treasurer
at Wallace, Idaho. said bond shall
be issued in denominations of Five
Hundred ($50000) dollars each and
snail be numbered from One a. up
wards consecutively, and each bond
and coupon shall be signed by the
Mayor of said City and attested by the
City Clerk. Each of said bonds so
issued to be one of a series of bonds
issued to pay the cost and expenses of
the street and alley improvements
made in said Local Improvement Dis
trict No. 4, and assessed and charged
against the lots, pieces or parcels of
land in said district, abutting into the
announcements SO made in said streatS
and alleys. and the CITY Council baS
tbe right to limit the number of bondS
/ ~ he issued to the actual costs and
fexnenses of the construction and con,
nletion of the said Improvement
made in said Local Improvement Dis
trict No 4 SO assessed and charged
against said property in said I'M
pToyement district.
Section IT, That every bond shall
provide that the principal sum there
in named and interest thereon shall
he payable out of the Local Imnrove-
ment District Fund created for tho
nayment of the costs and expenses op
such Improvement and not otherwise
/ SECTION II. That said special asL
sessment Improvement bond herein
provided for may be issued by the
CITY to the contractor constructing
1.-THE improvements in said Local I'M
movement District No. 4. in payment
thereof for the costs and expenses of
said Improvement, or the Mayor and
Council may sell and dispose of the
same at not less than their par value
net and pay the proceeds thereof to
Ii the contractor, or contractors con-
bonds shall not be issued in amounts
1 in excess of the contract price or cost
of the work or improvements. except
that the installment coupon shall in
clude the interest on such installment
TO the maturity thereof The said
Bonds shall be of the denomination of
Five Hundred ($5OO.00) Dollars. The
said special assessment street inn
lprovement bonds of Local Improve
ment District No. A. being issued as
herein provided. to pay for said street
improvements, the cost of which i'm
provements is charged by special as
easements against the specific prop
erty included within the said Local
Improvement District No. 4. the
Mayor and Council shall levy special
assessments each year against said
property included within said Local
Improvement District No. A. sufficient
to redeem the installments of such
bonds next thereafter maturing. and
in computing the amount of special
assessment to be levied against each
| lot, piece or parcel of land liable
thereof interest thereon at the rate of
Seven G. per cent? per cent per an
mum, from the date of issuance of said
bonds until the maturity of the in
stallments of bonds net thereafter ma
turing shall be included. Such assess
,ments shall be made upon the prop
erty chargeable for the costs of such
respectively, and shall
be levied and collected in the same
manner as provided by the law and
the Ordinances in this City for the
!levying and collecting of special as
sessments for such improvement
where no bonds are issued, except as
otherwise provided by this Ordin-
ance. The basis of such assessment
whether upon such assessed valuation
frontage or otherwise liable for such
costs, shall be retained for the assess
ment of succeeding installments of
said bonds
Section 49, The owner of any piece
of property in said Local Improvement
District No. 4, liable for any special
assessment herein provided. NAV re-
deem such property from such liabil-
ity by paying the entire assessment
lchargeaDle against his property &C
cording to said assessment roll (upon
the City Clerk having published a
printed notice in three 90 consecu-
tive issues of the official weekly news
paper, which notice shall state the
time for payment to begin and the
time for payment to close, the last day
of said notice to be not less than
thirty (30) days before the issuance
of the bonds), or after the issuance of