The Elk Mountain pilot., 1915-03-04
And the following Ordinance was
.hen also presented and read to said
Board of Trustees, to-wit:
AN ORDIN 1OS)

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AN ORDINANCE (1OS)
Providing for the contracting of
an Indebtedness by; the Town of
Crested Butte, Colorado, and the
issuing of the bonds of the Town Of
Crested Butte, Colorado, for the
purpose of purchasing Electric Light
Works to provide said Town of Crest
ed Butte, Colorado, aud the inhabi-
tants thereof with light.
BE 1t Ordained by the Board Joi
Trustees of the Town of Crested
Butte, Colorado:
Section l. That the Board of
Trustees of the Town of Crested
Butte. Colorado, be and is hereby
authorized, empowered and directed
to contract and incur an indebted
ness for and on behalf of the Town
OF Crested Butte, Colorado, for the
purpose of purchasing by the said
Town OF Crested Butte, electric light
works for the purpose of furnishing
said Town of CreStet. Butte and the
Inhabitants Thereof with light.
Section 2. The amount OF in
debtedness SO to oe contracted and
incurred shall not exceed three per
csntum of the total assessed valua-
ton of the taxable property in said
Town OF Crested Butte, Colorado,
and shall not exceed the sum of ten
thousand dollars.
Section 3. The Indebtedness here.
by authorized to be contracted and
Incurred shall be only for the pur-
pose of purchasing electric ligh;
works for supplying the said Town
OF Crested Butte, Colorado, and the
inhabitants thereof, with light, and
the money realized from the sale of
said bonds so to be issued shnll oe
applied solely to tl;e purpose OF pay
ing off the Indebtedness so created
and incurred.
Section 4. The Indebtedness to
be contracted as herein provided for
shall be for period of not less than
ten years nor longer than fifteen
years, and the bonds to be issued
as herein provided shall be for no
longer period than fifteen years.
Section 5. After the bonds here
in provided for are issued and sold,
and such Indebtedness created, the
Board of Trustees of the said Town
of Crested Butte, Colorado, shall
each year thereafter, and at the time
when the annual tax levy for town
purposes is made, levy a tax in
amount sufficient only for the pur-
pose of paving the annual interest
on and extinguishing the principal
of the Indebtedness hereby created
within the time in which said in
debtedness is to run, said tax not to
exceed In any event twelve mills on
the dollar for the entire indebted
ness of the said Town of Crested
Butte, and said tax shall. when col
lected, only be applied for the pur
pose of paying the annual interest
on and extingrishing the debt so
created and for no other purpose.
Section 6. That this ordinance,
when passed, shall be irrepealable
until the indebtedness herein proyi-
ded for shall be fully paid and dis
charged.
On motion the above and forego-
ing ordinance was ordered submit
ted to a vote of the qualified electors
of the Town of Crested Butte, Colo
RADIO, at the next regular municipal
election thereof to be held on the 9th
day of April. 1915, all present vo-
ting Aye" and in favor of said
motion.
The following resolution was then
read and adopted, all voting Aye"
at the call of the roll.
Be it Resolved by the Board of
Trustees of the Town of Crested
Butte, Colorado:
That the question of contracting
and incurring an Indebtedness and
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