Ashland tidings. [volume] (Ashland, Or.) 1876-1919, 1916-03-30

Secretary of State Octoper IA, 1885,"
filed in the office of the Secretary Of
State January 81, 1903" filed in the
office OF the Secretary Of State Feb
ruary 21, 1905, amending the same, "
as amended by all acts subsequent
thereto, either of the Legislative AS
sembly of the State of Oregon, or by
vote of the qualified electors Of the
City of Ashland, Oregon under the
Constitution and the laws of Oregon,
and the charter of said city, be
amended by adding Article XXI to
read as follows:
ARTICLE XXI.
Subdivision /. For the purpose of
providing funds for the refunding
and redemption of STREET INTER-
SECTION BONDS of said city num-
bered n to SS, both inclusive, aggre-
eating s10,500 payable at the option
of the city on and after March l.,
1916; and for the purpose of provid-
ing funds for the refunding and re-
demption of SEPTIC TANK BONDS
numbered 206 to PIT, both inclusive,
aggregating $4,000, which became
payable at the option of the city on
and after March 10, 1916; and for
the purpose of providing funds for
the refunding and redemption of
STREET INTERSECTION BONDS
numbered 81 to go, both inclusive,
aggregating $4,000, which become
payable at the option OF the city on
April /, 1916; and for the purpose of
providing funds for the refunding
and redemption Of certain other
STREET INTERSECTION BONDS,
numbered 264 to 287, both inclusive,
aggregating $4,000, which will be-
come due and payable ut the option
of the city on July 1, 1916; and for
the purpose of providing funds for
the refundinC and redemption of
FIRE PROTECTION BONDS of said
city, numbered 750 to 1855, both in
elusive, aggrcgating $4,000, which
will become payable at the option of
said city on July /, 1916, each and
all of which bonds are hereby express
ly validated, the Council of said city
is hereby authorized and empowered
to issue and dispose of general obliga-
tion bonds of the city in the denomir
nation Of $500 or $1,000 each duly
signed by the Mayor and counter
signed By the Recorder under the
corporate seal of the city, having
semi-annual interest coupons at
tached thereto bearing fac-simile en-
graved sign2tures of the Mayor and
Recorder, whereby the city shall be
held in substance and effect to under
take and promise to pay to the bear
er of each of said bonds at maturity
thereof the sum named therein in
gold coin of the United States Of
America, with interest thereon in like
gold coin at the rate of five per cent
$50 per annum, payable semi-annur
ally, each of said bonds to be direct
general obligation Of the City of Ash
land and to be known as CITY OF
ASHLAND REFUNDING BONDS,
provided, however, that the aggre-
gate amount of bonds issued under
the provisions of this section shall
not exceed the sum of forty-three
thousand five hundred dollars (S43,-
500 par value. Said bonds shall be
dated at convenient period to be
fixed by the Council, the maturity or
maturities to be likewise fixed by the
Council, but not to exceed 20 years
from date, and the principal and in
terest of seid bonds to be payable at
the office OF the City Treasurer, Ash
land, Oregon, or at the Fiscal Agency
of the State OF Oregon in the City Of
New York, at the option of the pur-
chaser.
Subdivision 2. The bonds hereby
authorized shall be sold by the Counr
Gil as in itc judgment may be best
but for not less than par and accrued
interest, and the funds derived from
the sale thereof shall be deposited
with the Treasurer of said City to be
by him kept in a fund to be known
as the Bond Redemption Fund" and
to be by him applied, together with
so much as may be necessary of the
sinking funds now on hand for said
purposes, to the refunding and re-
demption of such of the aforesaid
bonds as are now payable at the op-
tion of said city and to the further
redemption OF such Of the aforesaid
bonds rs shall become payable on
April 1st and July 1st, 1916; pro-
vided, however, that it shall be the
duty of the City Treasurer to see to
the proper application of the funds
derived from the sale of said bonds,
and the purchaser or purchasers
thereof shall in no event be RESPONSE
BILE or charged with the proper apl
plicaton of the funds derived from
the sale thereof and provided, also
that the debt limitations contained in
the charter Of seid city shall not ap-
ply to the bonds hereby authorized.
Subdivision 8. The Council shall
each year at the time Of making the
annual tax levy for city purposes in
clude in such levy sum sufficient
to pay interest due on the outstand-
ing bonds of this issue and to retire
the principal amount thereof at MAJ
turity.
Resolved further, that this resolu
ton for proposed charter amend
ments submitted to the voters by the
Council be filed with the Recorder of
the City of Ashland upon its approval
by the Mayor for submission to the
legal voters of the said city for their
rejection or approval, to be voted
upon at a special election which shall
be and hereby is called to be held on
the 18th day of April, 1916, between
the legal voting hours of said date,
and that said time be and the same
is hereby designated as the time for
holding said special election and the
following named places be and they
are hereby designated as the polling