The Parma herald. (Parma, Idaho) 1903-1917, 1915-09-09

An Ordinance to Provide for the L.
suAncs and Sale Of Coupon Bonds Of tho
villsss Of Parma, Idaho, 10 the Sum Of
Six Thousand One Hundred SIXTY Doll
lars iov The Purpose Of Paying the Cost
and Expsnss Of Constructing Sewer
sss System In Local Sewerage Improve
ment District No, Of the Village Of
Parma, Idaho, Specifying the Humber,
Form, Contents, Provisions, Principal
and Rats 81 Interest Providing tot the
Annual Lsvy Of Special Taxes for the
Payment Of the Interest, and to Consti-
tuts Sinking Fund for the Payment OF
The Principal Thereof, and Providing
ios tho Payment Of Said Bonds out Of
the Collection Of the Assessments Lev
led for Bald District.
Whereas. the Village Of Parma has
passsd an ordinance ofssnixins an i'm
provement district known ~ Local
Sewerage improvement District No. 2;
and
Whereas. Chapter IA Of Title Is Of the
Political Code Of Idaho Revised Oodss
Of 1909, a amended by Chapter 90 Of
Idaho Session Laws Of 1911, approved
March Is, 1911. provides for the pay
ment Of the cost and expense Of such
improvements by instslments and the
issuance Of bonds Of the district, and
Whereas, the sewers In said district
have heer constructed In conformity
With the ordinances relating thereto
and the contract, plans and specifcs-
tions therefor and the assessment roll
for said district has been duly aud
legally made. certified and fled, and
has been approved and confirmed by
the Board Of Trustees and due notice
Of tho filing thereof has been given az
required by law;
| NOW. THEREFORE, BE TT OR.
DAINED By THE CHAIRMAN AND
BOARD OF TRUSTEES of THE
VILLAGE OF Palma, IDAHO:
| Section 1. That. for tho purpose Of
permitting property owners whose
property has been assessed for the cost
and expense Of the sewerage improve
ments In Local Sewerage Improvement
nistrict No. 2 OF said Village. TO pay
said assessments In ten ll0j yearly in
stslments. there shall be, and there Ii
hereby authorized to be issued, Special
Assessment Sewerage Improvement
Bonds, District No. 2. Of said Village Of
Parma, to the amount OF $4,000.
Section 2. That said bonds shall be
90 In number and each OF them shall be
for the principal sum OF One Hundred
Dollars, ~ nearly as practicable. They
shall be known and designated az
Especial Assessment Sewerage I'm
provement Bonds, District No. g." and
shall be numbered consecutively from
one ~ TO sixty-two 1927. inclusive
Each OF said bonds shall bear date Jul,
first, 1915. and shall bear intereet at tn I
rate OF eight per cent per anuum, pay
able eemi-ahnually Oh the lat day o.
January and the first day Of July O
each year. Both principal and Interest
OF said bonds shall be- payable In United
States gold coin at the office OF tn,
Village Treasurer at Parma, Idaho, OF
the Chase National Bank in the Git,
and state Of New York. at the option o
the holder Of the coupons hereinafter
mentioned. Said bonds shall becom,
due on or before July first. 1895, ans
sand bonds shall be paid serially. begin
ming With the lowest number. Re
demption thereof may be made prior I,
the expiration Of said time as provides
by the statutes Of the State Of Idaho
and as In this ordinance hereinaite
provided.
Section 3. There shall be attached h
each Of said bonds semi-annusl interes
coupons for tho interest expressed Il
said bonds from the date OF issue unit
paid. Such bonds shall be signed b
the Chairman Of the Board Of Trustee
and attested by the village CLERK, an
each bond shall have ths seal Of tn
Village affixed thereto. Said ,coupob
may, in lieu Of being so signed. hay
printed thereon facsimile Of the signs
lures Of said officers; and each, bon
shall refer % the improvement for tn
payment OF which the same is issues
Each coupon shall have number co:
responding TO the number Of the hon
TO which il 10 attached.
Section 4. Each bond shall provi,
that the principal sum thereon name
and the interest thereon shall be pa,
able out OF the Local Improvement
Fund created for the payment of Il
cost and expense OF such improvement
and not otherwise.
Each bond shall further provide TIA
"the holder OF any bond issued und
the authority OF this chapter shall ha'
no claim therefor against the Village
Parma in any event, EXCEPT for Il
collection of the special sssessme
made, for the work OF improvement
I which issued, but this remedy in ca
! OF non- payment shall be confined to Il
] enforcement Of such assessment"
Section 8. Said bonds and inters