The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-11-04

portions Of said streets or alleys i'm.
proved, contiguous or tributary there.
ito, and included in said Improvement
District, the City Council snail issue
and dispose OF special assessment
street improvement bonds of Local
Improvement District No. 4, when
Improvement bonds shall be issued In
the name of the City Of Wallace and
shall be known and designated as
i Especial Assessment Street Improve
ment Bonds of Local Improvement
District No. A."
SecIlon is. That said Local I'm
provement District NO. 4 bond snail
be payable on or before Ten Q0)
years from date thereof, and snail
bear interest at the rate OF Seven q
per cent? per cent per annum which
said interest shall be payable annual
ly at the Office OF the CITY Treasurer
at Wallace, Idaho. Said bond Snail
be issued in denominations of Five
Hundred ($500.0U) dollars each and
shall be numbered from One () up-
wards consecutiyely, and each bond
and coupon shall be signed by the
Mayor OF said City and attested by the
City Clerk. Each of said bonas so
issued to be one of a series OF bonds
issued to pay the cost and expenses az
the street and alley improvements
made in said Local Improvement Dis
trict No. 4, and assessed and charged
against the lots, pieces or parcels of
land in said district, AUDITING into the
improvements so made in said streets
anu alleys, and the City Council has
/ the right to limit the number of bonds
to be issued to the actual costs and
expenses OF the construction and com
pletion of the said Improvements
made in said Local Improvement Dis
trict No. 4 SO assessed and charged
AGAINST said properly in said I'M
proyement district
1 Section Ii. That every bond shall
provide that the principal sum there
ia named and interest thereon shall
be payable out of the Local Improve
ment District Fund created for the
payment of the costs ana expenses of
such Improvement and not otherwise.
| Section II. That said special as
sessment Improvement bond herein
provided for may be issued by the
City to the contractor constructing
the Improvements in said Local I'm
lprovement District No. 4, in payment
thereof for the costs and expenses of
said improvement, or the Mayor and
Council may sell and dispose of the
same at not less than their par value,
net and pay the proceeds thereof to
the contractor, or contractors con-
structing said improvements. Such
bonds shall not be issued in amounts
in excess Of the contract price or cost
of the work or improvements, except
that the installment coupon shall in
Iclude the interest on such installment
10 the maturity thereof. The said
Bonds shall be of the denomination of
Five Hundred ($500.00) Dollars. The
said special assessment street i'm
proyement bonds Of Local Improve
ment District No. 4, being issued as
herein provided, to pay for said street
Improvements, the cost of which i'm
proyements is charged by special as
sessments against the specific prop
erty included within the said Local
Improvement District No 4, the
Mayor and Council shall levy special
assessments each year against said
property included within said Local
Improvement District No. 4, sufficient
TO redeem the installments of such
bonds next thereafter maturing, and
in computing the amount of special
assessment to be levied against each
lot, piece or parcel of land liable
thereof interest thereon at the rate of
seven q per cent? per cent per an
mum, from the date of issuance of said
bonds until the maturity of the in
stallments of bonds net thereafter ma
turing shall be included. Such assess
ments shall be made upon the prop
erty ehargeable for the costs of such
improvements respectively, and shall
be levied and collected in the same
manner as provided by the law and
the Ordinances in this City for the
leyying and collecting of special as
sessments for such Improvement
where no bonds are issued, except as
otherwise provided by this Ordin-
ance. The basis Of such assessment
whether upon such assessed valuation
frontage or otherwise liable for such
costs, shall be retained for the assess
ment of succeeding installments of
said bonds
Section Is. The owner of any piece
of property in said Local Improvement
District NO. 4, liable for any special
assessment herein provided, may re-
leem such property from such liabil-
ny by paying the entire assessment
,hargeable against his property ac-
;ordlng to said assessment roll (upon
ne CITY Clerk having published
printed notice in three CD consecu-
i've issues of the official weekly news
PAPER, which notice shall state the
.ime Tor payment to begin and the
line Tor payment to close, the last day
u SAID notice to be not less than
hirtys 600 days before the issuance
ne ponds, by paying all the install
nents OF the assessments which have
'een levied and also the amount of
lnleyled installments with interest on
ne latter at the rate of seven q per
ent) per cent per annum, from the
ate OF issuance of the said bonds to
ne time of maturity of the last in
tallments in all cases where said in
tallments of the said assessment are
ot yet levied and paid as above pro-
lded whether before or after the
ssuance Of the said bonds, the same
nall be paid to the City Treasurer
mo shall receipt therefor, and all
ums so paid shall be applied solely
the payment of said improvements
the redemption of said bonds issued
lerefor.
section 49, When any piece of said
roperty in said Local Improvement
district No. has been redeemed from
ability for the said cost of said i'm
rovements as herein provided, such
roperty shall not thereafter be liable
II further special assessments for
re costs of such improvements ex-
'pt as hereinafter provided.
oection ~. No suit to set aside the
ld special assessments or to enjoin
e making of the same shall be
ought, nor any defense to the val
lty thereof be allowed after the ex-