Ashland tidings. [volume] (Ashland, Or.) 1876-1919, 1917-12-13


city issued its certain other general
obligation bonds known as fire 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 a
sum agTegating $4,000; and
Whereas, under and pursuant tO'
the provisions of the charter Of s. 4
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 /,
1914. payable at the option Of said
city; and --,t.
Whereas, each and all of the bonds
of each and all of the aforesaid issues.
now outstanding and unpaid. aggre--
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 did
during the year 1915 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 SIS, 100; 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 said
options, the total sum of $4,000. a
portion of which sum is drawing in Z
terest at the rate of six (69e) per
cent per snnum, and the balance of
said sum draws interest at the rate
of eight (SfG) per cent per annum:
and
Whereas, the Common Council of
the City of Ashland have from time
to time, in cases of emergency di-
yerted money properly belonging to
one fund to.that of another fund. the
aggregate amount of the funds so di-
verted being S10.S16, 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 (6qdD per
cent per annum; and
Whereas, the general fund of the.
city is depleted, and the only manner
of replenishing said fund being by a
direct tax on the property of the city,
and
Whereas, under the present de-
pressed financial conditions it is not
advisable to increase the burdens Of
taxation at this time; and IN
Whereas, the City of Ashland En
at the present time issue and sell it's
general obligation bonds to hear 3
less rate of interest than now being
paid on account of the aforesaid
bonds and obligations; and
Whereas, the Common Council
deems it for the best interest of the,
city to provide by charter amendment
for the issue and sale of refnndine
bonds of said city, a sum not exceed
ing $56,5O0 (which with the sinking
funds now on hand will be amplv sufz 1
ficient), for the purpose of proyidine-
FUNDS for the redemption of The.
aforesaid bonds of said series. as weIy
as the park land options and the gen
eral fund obligations, all as berein-
above enumerated, and which are
now payable at the option of the.
city, to wit, S10,500 Of said bonds
optional on and after September /,
1910; $4,000 of said bonds optionaf
after July l, 1911; $1l.5OO of said
bonds optional after April !. 1919.
$4,000 or said bonds optional after.
March 10, 1912; $4,000 Of said
bonds optional on and after IanuarS~
l. 1914; $500 optional park Iand
contracts payable at the present time
and $1O,S16 of the general fund oh.
legations payable at the present time
Now, therefore be it resolved bv
tae Common Council of the City Of
Ashland, in regular session assem-.
bled, this 4th day of December 1917
that the following proposed amend
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