Camas Prairie chronicle. [volume] (Cottonwood, Idaho) 1901-1917, 1915-09-10
Ordinance No. 90.

OF special election in the Village Of
Cottonwood, in Idaho County, State
of Idaho, for the purpose of submit
ting to the qualified electors of said
Village, who are taxpayers therein,
the question of authorizing the issu-
ance of Municipal Coupon Bonds of
said Village i'll the total sum of
$4,000 payable principal and in
terest in gold coin of the United
States of America, of the present value
of weight and fineness for the purpose
of paying the Villages portion of the
cost of paving and otherwise improving
portion of Main Street and a por-
ton of King street in said Village
of Cottonwood, and to fix the number
of such bonds and the total amount of
such bond issue, the maximum rate of
interest to be paid, and to designate
the provisions to be made to pay such
interest as it falls due, and to consti-
tute a sinking fund for the payment of
the principal of such bonds within
twenty years from the date of the is
suance of the same, and to provide
for notice of such special election and
designate newspaper in which such
notice of such special election shall be
published.
Whereas, it appears from the financial
statement submitted by the treasurer of
said village that the aggregate assessed
valuation of all of the real estate and
personal property in said Village of Cot
tonwood, according to the last proceed
ing assessment roll, to wit, the assess
ment roll for the year 1914, is $4I2,-
8o2. 70; and it further appears from said
statement that the total outstanding in
debtedness of said village, of every ma
ture and description is less than $I.oo;
and it further and fully satisfactorily
appears from said statement that the is
suance of such bonds to the amount
herein contemplated will not exceed the
amount authorized by law and will not
cause the said Village in any year to ex-
coed the amount of taxation limited by
law; And,
Whereas the Village of Cottonwood
has created local improvement district
for the paving and otherwise improving
of portion of Main street and portion
of King street. and the portion of the cost
of such improvement which the Village
of Cottonwood should pay at large a.
mounts to SIS, ooo.oo,
Now, Therefore, be it ordained by the
chairman and board of trustees of the
village of Cottonwood:
Section I. That a special election
shall be held in the Village of Cotton
wood, Idaho county, state of Idaho, up
on the 18th day of October, 1915, at
which election there shall be submitted
to the qualified electors of said village,
who are taxpayers therein, the question
of authorizing said Village of Cotton
wood to issue its negotiable municipal
4, II s..%o
coupons attached, payable principal and
interest in Gold Coin of the United
States of America of the present stand
ard of weight and fineness, interest pay
able upon the first day of January and
the first day of July in each year at a
rate not exceeding six per cent per an
urer of said village or at the National
park Bank i'll the city of New York, a,
the option of the holder of such bonds
Sec. 2. That there shall be five
r of such bonds in the principal sum o.
81. ooo. 90 each, making a total bond is
sue of S., 10000, and the same shall
be known as Municipal Coupon Bonds O
= the Village of Cottonwood, in Idaho
county, state of Idaho; that each of sucl
4 bonds Shall be made payable in twenty
: (2o( wears from the date of issuance anc
E redeemable at the pleasure of the sale
n village at any time after the expiration
J of ten years from the date of issuance
h that such bonds shall be numbered in thu
$ order of their issuance and each bono
II shall be redeemed in the order it is mum
bered; that each bond shall state upol
g its face the amount for which the sam
e is issued, the date of issue, and be mad
}. PAYABLE to the purchaser Whose nam
S Shall be designated thereon) or bearer
d and each bond shall recite that it is is
s sued in conformity with the provision
h of Chapter IL of Title IS of the Revise'
+ Codes of the State of Idaho and tn
|, amendments thereto.
n Sec. Z. That there shall be attaches
i to each bond, when negotiated, semi
8 annual interest coupons covering tn
interest expressed in the bond from tn
u date of issue until paid.
g Sec. d. That such bonds shall
l. signed by the Chairman of the Board G
e Trustees and attested by the Clerk, an
= be countersigned by the treasurer an
d bear the seal of said Village of Cotton
d wood; that each coupon attached to sue
3 bonds shall have annexed to the same
n number corresponding with the numbe
j; of the bond and be signed by the treas
!. urer of said village.
n Sec. s. That the purpose of said bon
t issue is to provide funds for the purPos
: e 4.