Belding banner. (Belding, Mich.) 1889-1918, 1916-05-24

ORDINANCE NO. l4l or the City
of Belding authorized by Chapter 20
of the Charter of said City of Beld-
ing.
THE CITY OF BELDING HEREBY
ORDAINS
WHEREAS, this council did con-
template the improvement of certain
streets in and of this, the City of
Belding, and, in the judgment of this
council, it was and is for the best in
terests of said city that a portion of
the cost of said improvements be paid
from the general funds of said City,
mine that for that purpose, greater
the fiscal year 1857 than could be
raised under the charter of said city
otherwise than by loan; and
WHEREAS, this council did find
and determine that it would be nee
essary to raise by loan, in and for
said fiscal year, for said purpose, the
sum of Twenty-Five Thousand Dollars,
($25,000r, and did pass proper resell
ution providing for the raising of
such amount, by loan; and
WHEREAS, this council did, by
resolution, direct that there should,
at the annual City election then to be
held in said city on the 3rd day of
April, 1916, be submitted to vote of
the electors the proposition to raise
such additional amount, and did, in
and by such resolution, distinctly
state the purpose of the proposed ex-
penditure, the amount proposed to be
raised, and that such amount was pro-
posed to be raised by loan; and
WHEREAS, such resolution was
published in one of the newspapers of
said City. and copies thereof posted
in FIVE 60 of the most public places
in each of the wards Of the city at
least two weeks before said election.
held in said city on the Bird day of
April, 1916, at which said election a
vote was directed to be taken upon
said proposition, such vote to be by
ballot; and
WHEREAS, a majority of the cleo
tors, qualified and voting upon said
proposition at said election, did vote
in favor thereof, and this council was
thereupon and thereby authorized to
raise said amount by loan, and issue
the bonds of said city therefor;
NOW, THEREFORE, The City of
Bedding Hereby Ordains that, for the
purpose of improving certain streets
in and of said city, there be raised, by
loan, the sum of Twenty-Five Thou
sand Dollars ($25,000), and that the
bonds of said city be issued therefor.
That such bonds be dated June /, 1916,
be of the denomination of One Thou
sand Dollars Isl ,000) each, numbered
from / to %, both numbers included,
to be due and payable in numerical
order, Five Thousand Dollars ($5,000)
on the first day of June in each
of the years 1923, 1880, 1882, 1884, |
1886 and bear interest at the rate of !
four and one-half (41s) per cent per
annum, payable semi-annually on the
first day of June and of December in |
each year. That such bonds be sign
ed by the mayor of said city and seal
ed with corporate seal of said city, |
and attested by the city clerk thereof. |
The interest accruing on said bonds /
be evidenced by coupons thereto at |
tached, and that such bonds be signed |
by said mayor and city clerk, by their |
respective fac simile signatures,
which officers shall, by the execution |
of said bonds, adopt as and for their /
proper signatures their re-
spective fac simile signatures appear
ing on said coupons. Such bonds and /
coupons shall be payable at the Bank I
ing House of +. III. ROLLINS q !
in the city of Chicago, Illinois. |
That such bonds and coupons shall |
be in substantially the following
form:
Form of Bond)
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF IONA
CITY OF REF DING