Graham guardian., 1915-11-26
[SEAL]
Town Clerk.

3. Said bonds, when prepared and
executed, shall be delivered by the
common council to the lawful purchaser
thereof in accordance with law and the
contract of purchase made to that end,
and the amount of bonds sold, their
numbers and dates shall be entered
upon the record of the proceedings of
the common council of said town, and
the proceeds derived from the sale of
said bonds shall be used exclusively for
the purposes recited in said bonds as
hereinbefore set forth; but the purchas-
er of said bonds shall be in no wise re-
sponsible for the application of the
proceeds of said bonds by said town or
any of its officers. The interest due
on said bonds on Nov. |, 1916, shall be
paid out of the general fund of said
town, and for the purpose of reimburs-
ing said general fund for the amount
of interest so taken from it, and for
the purpose of providing necessary
funds to pay the interest on said bonds
after Nov. |, 1916, as the same be-
comes due, and to provide for the ulti-
mate payment of said bonds when they
shall mature, there shall be levied upon
all the taxable property in said district,
in addition to all other taxes, the fol,
lowing direct annual taxes:
In the year 1916 tax sufficient to
produce the sum of $3.50. 90 for interest.
In each of the years 1917 to 1924,
both inclusive, tax sufficient to pro-
duce the sum of $3.50. 90 for interest.
In each of the years 1925 to 1929.
both inclusive, tax sufficient to pro-
duce the sum of $3.50. 90, being $3.50 for
interest and $500 for principal: and said
taxes, when collected, shall constitute
separate funds for the payment of the
interest upon and the principal of said
bonds respectively, and shall be called
respectively the Interest Fund" and
the Redemption Fund" Said funds
shall be kept for and applied solely to
the purpose of the payment of said in
terest upon said bonds and for the re-
demption of said bonds according to the |
number of their issue and for no other |
purpose whatever, until the indebted |
ness SO contracted under this ordinance,
for principal and interest, shall have |
been fully paid, satisfied and dis
charged; but nothing herein contained |
shall be so construed as to prevent said |
town from applying any other funds
that may be in the treasury of the
town and available for that purpose to
the payment of said interest or princi-
pal as the same respectively mature,
and the levy or levieS herein provided |
for may thereupon to that extent be
diminished. 1t shall be the duty of the
common council of said town annually,
at the time and in the manner provided
by law for levying other town taxes, if
such action shall be necessary to eff
fectuate the provisions of this ordi-
nance, to ratify and carry out the pro-
visions hereof with reference to the
levying and collection of taxes; and the
council shall require the officers of and
for said town to levy, extend and collect
such taxes In the manner provided by
law for the purpose of creating fund
for the payment of the principal of
said bonds and the interest thereon,
and such taxes, when collected, shall
be kept for and applied only to the
payment of the interest and principal
Of said bonds, as hereinbefore specified.
4. That the provisions of this ordi-
nance and each of the bonds and inter-
est coupons issued pursuant thereto
shall constitute and the same are here
Dy declared to be binding and ire
Iocable contract between said town and
he purchaser of said bonds and the !
holder from time to time of each of
said bonds and the interest coupons
hereto appertaning.
5. All ordinances or parts thereof
heretofore adopted by this council in
conflict with the provisions of this or ,
finance be and the same are hereby
'epealed and this ordinance shall be ir-
'epealable until the Indebtedness here
)y created, both as to principal and in
crest. shall have been fully paid, salts
led and discharged.
&. This ordinance Immediately upon
is final passage, shall be recorded in '
,ook of ordinances kept for that pur- Y
,ose, authenticated by the signatures S
If the mayor and clerk, and shall be S
published in THE GRAHAM GUARDIAN.
newspaper published within the limits {
# said town in not less than three CON q
ecutive weekly issues of said news +
,apers, and shall be in full force and a
fleet after such publication. {
Passed, adopted and approved this 4
l day of November, A, d. 1915. |
l.. J. BROSHEARS,
Mayor.
ATTEST: