American Falls press. [volume] (American Falls, Idaho) 1907-1937, 1915-10-07
ORDINANCE NO. n.


I'D. ordered and directed to cause said
bond6 and coupons to be prepared sub
penntially in the forms, respectively,
horoinabove set forth, and to execute
Tie same for end in behalf of said VII
1age and In the manner aforesaii and
that the village treasurer the
sald bonds to be delivered without un
due or unnecessary delay to said
Keeler Brothers. Financial Agents,
Denver, Colorado, the lawful purchas-
sru OF the same, upon payment being
made to said treasurer Of the agreed
purchase price therefor; that said
treasurer shall hold the proceeds OF
the sale of said bonds In a separate
fund subject to the order OF the said
board of trustees. to be used exclusive
~ for the purpose OF paying the cost
OF said sewerage Improvement. but tho
purchasers OF said bonds or any SUD
seQuent holder shall be In nowise re-
sponsible for the application OF the
proceeds OF the sale Of said bonds b,
the said treasurer, board OF trustees
or any OF the officers OF said village;
and said bonds, or any part thereof,
which have been delivered TO said pur-
chasers, they shall thereafter be In
contestible and their legality shall not
be open TO contest by any person OF
persons, corporation OF corporations,
or by the said village for any reason
or reasons whatsoever.
Section s. That there be and IN
hereby created a local Improvement
fund, to be known as and designated
Local Sewerage Improvement Dis
trict No. /, Bond Interest Sinkinb
Fund" that In all cases where any
assessment or any installment thereof
or interest thereon, as provided III
the said assessment roll for said local
sewerage Improvement district No. j
and In said ordinance No. SO confirm
ing and approving said assessment roll
as amended by ordinance No. SO, IL
paid, the same shall be paid to the VII
iage treasurer whose duty II Ia to
collect such assessment. and all sums
so paid shall be applied solely to thu
payment OF the costs and expenses OF
said sewerage improvement and the
redemption OF The said bonds Issued
therefor.
Section 6. That on the first days o.
January and July. respectively, In tn,
year A. ID. 1916. and each ear Their,
after, so long as any of the interest
oupon appertaining to the bondh
hereby authorized TO be issued remain
outstanding aud unpaid. the villaev
treasurer shall and he IL hereby au-
thorized, ordered and directed to remit
out OF the moneys In said Local Sew
erage Improvement District No. /,
Bond Interest and Sinking Fund, In the
form Of check or draft payable In New
York, ". s. A.. to the National BanA
OF Commerce, In the said city of New
York, n sum sufficient to pay the semi
annual interest accruing on said bonor
on the 18th days of January and July,
respectively. In zach year, II any ano
all escrow charges made by said banN
for handling said coupons; and on the
first day OF July, A. ID. 1925, the saio
village treasurer shall and he Is here
by authorized, ordered and directed
out OF the said Local Sewerage I'm,
provement District No. l, Bond Interest
and Sinking Fund, TO remit by check
or draft payable In New York, to salt
National Bank of Commerce, In IN,
said city OF New York, n sun suffi-
Client to pay the principal amount ol
said bonds. together with all ~'ptores,
accrued thereon, and any n all es'
orc charges made by said bank for
handling the same; Provided, thar
whenever there shall be sufficient
money In said Local Sewerage I'm.
provement Fund, over and above suf-
ficient for The payment OF the interest,"
on all unpaid bonds. To pay the prin-
cipal OF n or more bonds, the treas.
urer shall call In and pay such bonds
Provided, that such bonds shall
be called In and paid In NUM-
erioal order. Provided further,
hat such calls shall be made by pub
LEGATION In the official newspaper of
ssid village after the delinquency ui
any installmcnt of said assessment an,.
thirty (30) days prior to the next In
terost payment date. which calls shalt
state that bonds Nos, blank (giving the
serial number or numbers of the bonos
oalled,) will be paid on the day the
next interest coupons on 81 Id bonds
shall become due, and the lnteres, OF.
said bonds shall cease upon such date,
Section z. That the sale and award
OF the said Specia, Assessment Sew
orage Improvement Bonds. District
No, l. herelnbefore mentioned, here
tofore made by the chairman and boaru
OF trustees of said village upon the
best terms and at the lowest rate OF In
terest at which said bonds can be
sold. namely. at seven CD per cent
interest per annum, TO Keller Broth
ers. Financial Agents, with offices IN
Denvor, Colorado, the highest and best
bidders therefor, be and the SAM Il
hereby ratified, approved and CON.
firmed.
Section S. That the chairman aas
board OF trustees and the clerk ant