The evening herald. (Klamath Falls, Or.) 1906-1942, 1916-12-15
interest then due on its Railroad
Bond, dated December l, A. II, 1915,

interest then due on its Rai,ron,
pcnd, dated December !, A. II, 1915
.,.....",.o."..,...,,",,'...', MHyor'
.........,,.,,,,,,,,,,,.. Police Judge.
| Section 4. That each Of said bond
shall be- signed by the mayor ana ~
tested by the police judge and scnlct
with the corporate seal. respectively
Of said city, which seal shall bc I'M
pressed thereon. and that the oh,ccr'
OF said city In this section mcntionot
are hereby authorized. ordered ant
directed to cause said bonds 10 bs
prepared substantially IN tho form
hercinabovc set forth and 10 execute
the same for and In behalf of said city
Ms and In tho manner Aforesaid. and
cause the bonds to be delivered with
ou; undue or unnecessary delay to the
lawful purchasers Of the same. upon
payment being made to said treasurer
Of the agreed purchase price of said
bonds In u separate fund subject ia
the order of the common council oi
! said city to be- used exclusively Tor
| the purpose Of building and cQuippinE
n railroad within and without the
boundaries Of the city for the bcncnt
and use Of the Inhabitants thereof
| and for profit. but the purchasers ut
said bonds. or any subsequent holder
shall be In nowise responsible for the
! application Of the proceeds of the sale
OF said bonds by tho said treasurer.
! common council or any of tho officers
| Of said city: and when said bonds.
or any part thereof. shall have been
delivered to said purchaser they shall
| thereafter be- incontestable and their
legality shall not be open to contest
by any person or persons. corporation
or corporations. or by the city. Tor
any reason or reasons whatever.
Section s. The interest falling due
on said bonds on June I and Dcccm.
bcr 1. A. u. 1917. shall be- and tho
same Is hereby ordered appropriated
and paid by tho city treasurer from
the general fund. or out Of any
moneys In his hands belonging to said
city. and for the purpose Of rcpaying
the amount or amounts so borrowed
and also to create n fund sufficient TO
pay the interest accruing on said
bonds subsequent to December I. A.
u. 1917. promptly when and a. tho
same becomes due and to establish q
sinking fund with which to discharge
the principal thereof at maturity.
there shall be- and there II hereby
levied upon all OF the taxable prop
crty Of said city. In addition To all
other taxes. In each Of the years 1917
10 1865. inclusive. a direct annual nd
valorcm tax sufiicient to create and
maintain a fund to pay said interest
and principal as the same become due
and payable: and said tax. when col.
lectcd. shall be turned over to and by
the city treasurer kept In n separate
fund to be known as and designated
Railroad Bonds. dated December !.
1916. bond interest and sinking fund"
which shall be irrevocabiy pledged To
and used solely for the payment Of
the interest on and principal of the
said bonds hereby authorized when
due so long as any OF said bonds or
the interest coupons thereto nppcr.
tanning remain outstanding and un.
paid: and for greater certainty. the
common council Of said CITY shall In
each Of said years 1917 to 1865. inclu.
sive, include the bond tax hercinRbovc
levied for such year In the annual 81.
innate for said city for such year and
said bond tax shall IN each OF said
years at the lawful time and BY the
said common council and the officers
OF said city. be- duly certified ~ the
county officers having to do with the
Of the taxes upon the tax
rolls. and u shall be the duty of the
proper county and city officers. ard
they are hereby required annually nj
hA In thu - nes,pttaA
by law for the levying and collecting
of other taxes. to ratify and carry out
the provisions Of this ordinance. with
ing Of taxes. and requiring the officers
OF and for said county TO levy. extend
and collect such taxes In the manner
provided by law. for the purpose oF
creating fund for the payment Of
the interest upon and the principal OF
the said bonds hereby authorized:
and the said taxes. when 30 collected
shall be turned over to and by the
city treasurer kept for and applied
{ lily to the pa, rIeEt OF said intercSt
md principal ~ said bonds AZ here
inabove specified. but nothing herein
contained shall be so construed an to
prevent said city from applying any
funds that may be in the treasury and
available for that purpose to the nay.
ment Of said interest or principal as
the same respectively mature. and the
levy or levies hereinab0ve provided
for may thereupon to that extent be
and upon payment Of the
principal Of any Of the bonds issued
hereunder In said manner. or by the
use Of the sinking fund herein pro
yided for. the levy or levies herein
provided for the payment OF interest
may TO the extent Of the interest on
tn bonds so paid be diminished.
Section 6. That on the 18th day Of
MAY and November. respectively. in |
each year. so long an any of the In.
terest coupons appertainin3 10 the
bonds hereby authorized TO be- issued
remain outs.ar ding and unpaid. IN
city treasurer shall and he In hereby
ordered and directed, as
and In the manner designated by
40. general laws OF Oregon
Of 1911. to remit out Of any moneys
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