The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1917-06-30
LEGAL NOTICES.

public work provided for in the
charter of said City \
Section 5. The power to operate
said street railway line shall be
of the City of Tacoma by direct cur
rent at a rate not to exceed sixty
eight per cent of one cent per kilo-
watt hour.
Section 6. That there is hereby
created and established in the treas
ury of the city of Tacoma special
fund to be known as the Tacoma
Street Railway Fund No. 2" which
fund is created. and Is to be drawn
upon, for the sole purpose OF pay
ing the cost of constructing said
street railway, together with such
interest as shall accrue upon the
obligations issued in payment there
ment and cancellation of the Ia
coma Street Railway Bonds, the re-
payment of the sum of $4,000 and
interest advanced to retire bonds of
said original issue, and to pay the
deficit owing to the Tacoma Rail-
Section Z. Beginning with the
operation of said street railway and
thereafter while any of the obliga-
tions hereinafter mentioned are
outstanding and unpaid, the city
treasurer shall set aside and pay
THO Sdlu otIttl INdilW dy
Fund No. the net earnings derived
from the operation of said street
railway, including also the operation
of what Is now known as the South
Eleventh Street Railway Line, after
the payment of the necessary oper-
ating expenses thereof. or so much
thereof as may be necessary to pay
obligations hereinafter mentioned,
and the semi-annual interest there
on, In twenty years as hereinafter
provided.
All the moneys so set aside and
placed in said fund shall be applied
against the same, with the interest
thereon, and the City of Tacoma
hereby irrevocably binds itself not
to sell said street railway until said
obligations, with the interest there
on, shall be fully paid, or in case
1t shall sell said street railway be-
fore said payment. It binds itself
to pay all of said obligations and
tine interest thereon out OF the
moneys derived from such sale. and
that in any event 1T will not sell
said street railway for a sum less
than enough to pay said obligations
and interest: and the said City of
such rates for transportation as
shall be sufficient to pay the inter-
est on said obligations at the time
the same becomes due and to pro-
vide a sinking fund in an amount
sufficient to pay said obligations
beginning five years from and after
the date of the issuance of said
bonds.
Section S. Should the net earn
ings from the operation of said
street railway in any given year of
its operation not be sufficient to
pay the interest upon any Of said
obligations when the same becomes
transferred into and loaned to said
fund out of the moneys received by
the City of Tacoma from percentages
paid by public utility corporations
except municipal. as franchise taxes,
such sum or sums as may be neces-
sary to make up the deficiency;
which sums so loaned shall be re-
paid out of the net earnings of said
street railway as the same shall
be available.
Section 0. The bonds of said City
of Tacoma, which shall be warrants
upon said fund. for the principal
sum of $3.50, 100000, shall be prepared
under the direction of the Controller
of said City.
Said bonds shall be of the denom-
ination of Five Hundred Dollars
each shall be numbered consecu-
lively from l to $50 both inclusive;
shall bear interest at the rate of
five per cent per annum payable
semi-annually on the first days of
July and January of each year and
shall be paid in their numerical or
der as follows: Said bonds shall be
payable on or before the first day
of July, 1912, and shall be subject
to call by the City Treasurer of said
City annually, commencing on the
first day of July. 1928, IL there be
sufficient money In said Tacoma
Street Railway Fund No. to pay
1.-THE same, and all unpaid bonds of
said series, after paying the inter-
est thereon. shall be paid in the or
|der of their Issue.
Said bonds shall be In substantial
ly the following form:
UNITED STATES OF AMERICA,
STATE OF WASHINGTON,
CITY OF TACOMA.
TACOMA STREET RAILWAY BOND
and warrant on
TACOMA STREET RAILWAY
FUND NO. 2.
KNOW ALL MEN BY THESE
PRESENTS: That the City of Ia
coma, a municipal corporation OF
the first class of the State of WASH
ington. for value received promises
to pay tc bearer Five Hundred Dol
lars 0500.00) in gold coin OF the
the times hereinafter provided, with
per cent per annum, payable semi
n N IL