The Morgan City daily review. (Morgan City, La.) 1916-1920, 1917-02-14
CITY ORDINANCE.
AN ORDINANCE NO. 81.

Providing for the purchase by the
City Of Morgan City, of Lots l, 2
8, Is, 16, II, and 10 in Block No
Al of Ditch's Annex to Morgan City
La, from c. R. Brownell; providing
for the payment Of the purchase
price therefor running through 9
period of eight years; and authoriz.
ing the Mayor and Secretary Of the
City of Morgan City to represent
the City in said purchase.
Sec. /. Be 1t Ordained by the
Mayor and Councilmen of the City
of Morgan City, La, in regular SEES
sion convened, that lots l, 2, 3, Is,
Is, II and 10 in Block No. Al Of
Ditch's Annex to Morgan City, St.
Mary Parish, La, be purchased by
the City Of Morgan City from G. R.
Brownell, in pursuance of the a.
greement and option heretofore
entered into by the City with said c.
r. Brownell for the purchase Of said
property for the price and sum of
Two Thousand Dollars ($2O00.00),
payable Three Hundred Dollars
cash at time of sale, and the bal
ance to-wit the sum of Seventeen
Hundred Dollars upon credit run
ming through a period of Eight
years.
Sec. 2. Be 1t Further Ordained
etc, That there be appropriated out
Of the surplus revenues, after de-
Quoting all fixed statutory and usual
charges, in the year 1917, the sum
of Three Hundred Dollars ($3O0.,
O0) to be paid upon the purchase
price Of said property; and that
there be budgeted as a fixed charge
upon the Streets and Landings
Fund, and as such be appropriated
each year in the years 1918, 1919,
1920, 1921, 1922, 1923, 1924, 1925,
payable out Of the revenues as SO
budgeted Of each Of said years, an
amount sufficient in each year to
satisfy and pay the following sums,
together with five per cent per an
mum interest from date of the notes
evidencing said indebtedness, pay
able annually provided that no in
terest shall be charged, or collected
upon the payments to become due in
1918, and 1919, and which said
sums are as follows:
The sum of $4,000 due and pay
able out of the revenues Of 1918;
The sum Of $4,000 due and pay
able out Of the revenues Of 1919;
The sum Of 100000 due and pay
able out of the revenues Of 1920;
The sum Of $4,000 due and pay
able out Of the revenues Of 1921;
The sum Of $4,000 due and pay
able out Of the revenues Of 1922;
The sum Of $4,000 due and pay
able out of the revenues Of 1923;
The sum Of $4,000 due and pay
able out Of the revenues Of 1924;
The sum of $4,000 due and pay
able out Of the revenues Of 1925;
Sec. 8. Be 1t Further Ordained
etc, That as evidencing the credit
portion Of the purchase price Of the
property so purchased that the
Mayor and Secretary of the City Of
Morgan City are hereby authorized
to sign and execute the eight pro-
missory notes in the name Of, and
on behalf Of, the said City in the
sums, payable annually as stipulated
ard set forth in Section 2 of this
ordinance. That the payment of said
notes, and each of them be secured
by vendors lien and special mort
gage retained by the vendor up
on the property so sold and
purchased; and that to further
secure the payment Of such pur-
chase price, as evidenced by said
notes, that the City of Morgan City,
La, hereby pledges SO much Of the
avails Of the ten miles tax levy, not
to exceed two mills thereof, in each
Of the years 1918, 1919, 1920, 1921,
1922, 1923, 1924, and 1926, as may
be necessary to meet and pay each
of said notes as it natures, together
with Five per cent per annum in
terest from date thereof, interest
payable annually, except as herein
otherwise provided. And that the
Mayor and Secretary Of the City Of
Morgan City, are hereby authorized
20 represent the said City herein,
and in its name, and on its behalf, |
,ign and execute such necessary
acts Of sale and conveyance as may
DC necessary to vest title to said
in the City, and to sign,
execute and deliver to the vendor |
he notes. renresentinp the credit |