Ashland tidings. [volume] (Ashland, Or.) 1876-1919, 1917-12-17

city issued its certain other general
obligation bonds known as tire Pro-
lection Bonds for the aggregate sum
of $4,000; and
Whereas, heretofore bonds Of said
last named issue have been redeemed,
paid and cancelled by said city in an
amount aggregating $4,000, thereby
leaving bonds of said last mentioned
issue outstanding and unpaid in q
sum aggregating $4,000; and
Whereas, under and pursuant to
the provisions of the charter of sale
city and the terms and conditions in
said bonds contained the said unpaid
bonds of said last named series, to
wit, bonds numbered 752 to 755, both
inclusive, for $500 each. aggregating
$4,000, did become on January l,
1914, payable at the option of said
city; and
Whereas, each and all OF the bonds
OF each and all of the aforesaid issues
now outstanding and Hhpeid, .aggTs-
eating $4,000, par value in amount,
have been and are drawing interest
at the rate of six per cent (69s) per
annum; and
Whereas, the City of Ashland die
during the year 1916 secure an op--
tion for the purchase of numerous
tracts of land to be used and which
are used for park purposes, the ag-
gregate of which option contracts
amounted to $1S,1OO; and
Whereas, there has been paid on
said optional contracts of purchase
the sum of $500; and
Whereas. there is now a balance
due and which may, at the option of
the city be paid on account of saiG
options, the total sum of $500, a
portion Of which sum is drawing in
terest at the rate of six (6%) per
cent per annum, and the balance Of
said sum draws interest at the rate
.of eight $50 per cent per annum:
and
Whereas, the Common Council OF
the City of Ashland have from time
to time, in cases of emergency. di-
verted money properly belonging to
one fund to that of another fund. the
aggregate amount of the funds so di-
yerted being $10,S1G, which amount
the Common Council has obligated
the general fund of the city to re-
place together with interest in many
instances at the rate of six (6go) ner
cent per annum; and
Whereas, the general fund of the.
city is depleted, and the only manner
OF replenishing said fund being by q
direct tax on the property of the city.
and
Whereas, under the present de-
pressed financial conditions if Is nor
advisable to increase the burdens og
taxation at this time; and
Whereas, the City of Ashland can
at the present time issue and sell ne.
general obligation bonds to bear >
less rate OF interest than now being
PAID on account of the aforesai7
bonds and obligations: and
Whereas, the Common Cor,oig
deems it for the best interest of tbe
city to provide by charter amendment
for the issue and sale of refundina.'
bonds of said city, sum not excead
ing S56,5OO (Which with the sinkino.
FUNDS now on hand will be amnlv uuf
tlclent), Tor the purpose of providine.
funds for the redemption of the
aforesaid bonds of said series as wolf
as the park land options and tbe gon
eral fund obligations. all as berein
above enumerated and which are
now payable at. the option of the,
city, to wit, $10,5OO of said bonds
optional on and after September I
l9lO; $4,000 of said bonds optiona,
after July l, 1911; $1l,5OO of said
bonds optional after April 1, 19I9-
$4,000 of said bonds optional afta,.
March 10, 1912; $4,000 of said
bonds optional on and after January
l, 1914; $500 optional park lana
contracts payable at the present time
and $1O,S16 of the general fund nh,
legations payable atthe present time
Now, therefore, be it resolved hv
the Common Council of the civ or
Ashland, in regular session assam
bled, this 4th day of December 1917
that the following proposed amend
CONTINUED on mage 92l