The Nezperce herald. (Nezperce, Idaho) 1900-1957, 1915-08-05


Total 5000 90 100 90
| Ii is the intention of this resolution to take
| up all the overdue and outstanding indebted
ness, whether asce ming through bonds, war
rants or otherwise, but in advent that the
| issue herein of such bonds shall be insuhici MT
to take up indebtedness of said village in full,
| the outstanding bonded Indebtedness of said
village which is now due shall first be taken
| up in full and any outstanding warrant in
debtedness of said Wills age shall be taken uo in
| 80 far as there are su ficient funds under this
| resolution and subsequent ordinances to be
| passed and if any unredeemed and outstand-
| ing warrants shall exist, not provided for by
| these bonds, any such warrants shall be trans
| ferred TO the warrant redemption fund OF said
| village
Thousand 5000 00) Dollars in such bond will
raise a sufficient amount to retire the bonds
now due and such overdue warrants as the
said village should take up at this time.
NOW THEREFORE, be it Ordained by the
Chairman and the Roard of Trustees of the
Village of Nezperce, Idaho.
Section THAT the said village be and here
by is authorized to borrow the sum n, Of s39oO %
for said bonds to be five in mum Der, shall be of
the denomination OF $1,000 90 each. and each
wears from the date of its issuance. Said bonds
shall be known as Municipal Coupon Bonds OF
the Village of Nezperce. Lewis County, Idaho.
and must bear interest at rate not exceeding
six per centum per arnum to be paid on the LIST
day of January and the LIST day OF July in each
wear at the Office of the village treasurer OF the
village of Nezperce, or at such banking house
or trust company on the City of New York as
NAV be desig mated by the chairman and board
OF trustees of the village Of Nezperce, at the
ontion of the holder thereof; such bonds shall
be mum bered consecutiyely from one to hye
and shall be redeemable at the pleasure OF said
village at any time after rne eaplr "a OF zen
must be redeemed in the order 1t is mum bered.
Section 2-That the purpose of issuing such
proposed bonds Is to fund and refund the out.
standing bond and warrant Indebtedness of
said village and the interest thereon, which
said bond and warrant indebtedness to be u
funded, refunded purchased and redeemed
from the proceeds of said bonds Is hereinbefore
in this ordinance specifically set forth. The
proceeds of the sale OF such bonds issued snail
be used exclusively for the funding, refunding;
payment and redemption OF SAID bono ana
warrant indebtedness.
Section 3-To provide for the payment OF the
interest said bonds and also TO proyioe Tor
sinking fund for the payment OF said bonds |
at maturity there shall be and there hereby is
levied a special annual tax and appropriation |
on each dollar Of taxable property IN the VII
age of Nezperce. Idaho, not exempt from taxa
ton, sufficient to pay the interest on all OF
said bonds Issued the same shall become
due and also to establish ana Proyide tx
said bonds at maturity said taxes snail De
levied and collected until the whole OF SAID
principal and interestof saidponds snail
sECTioN4. It'll hereby provided and or
dered that said bonds authorized by this or
ijnance shall be exchanged manually for the
legally issued bonds and warrants outstanding
and herein before In this ordinance enumerat-
al and that the authority to do this may be
delegated to any bank or trust company duly
authorized by the Chairman and Board OF
Trustees OF the Village OF Nezperce, which
oank shall issue its certificate that such man
lal exchange has been made, and that the
bonds and war ants received in exchange Tor
he bonds have been properly Cancelled.
SECTION 5. Thi ordinance shall take erect
md be in force from and after Its passage, APP
,roval and publication.
Passed by the Board and approved by the
chairman this 3rd day OF August, 1913
(5EAL) Cnas. =. dnonan,
test: Thomas NJ Roberts. Chairman
Village Clerk