Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1917-12-07

! (SEAL) Village Clerk.
Section 4. The bonds hereby auth
orized shall, when executed, be deliver
ed to the purchaser thereof, as the
binding obligations of the village, and
the proceeds shall be used for the pur-
pose of funding, purchasing and re-
deeming like amount of the valid out
standing Indebtedness of the village;
but the purchaser thereof shall not be
charged with the application of such
proceeds.
Section 5. The interest falling due
on the said bonds in the year 1918 shall
be paid out of the general fund of said
village, and for the purpose of reim-
bursting the said general fund for the
said interest and to meet the interest
accruing on the said bonds after the
year 1918, and for the purpose of Great
ing a sinking fund for the ultimate
payment of the said bonds. there shall
be levied on all the taxable property
in said village, in addition to all other
taxes. direct annual taxes as follows,
to-wit:
In the year 1918, a tax sufficient
to produce the sum of $4,000 for
interest;
In each of the years 1919 to 1926
inclusive, a tax sufficient to pro-
duce the sum of $4,000. interest:
In each of the years 1927 to 1886.
inclusive, a tax sufficient to pro-
duce the sum of S1395.00, being
s495.00 for interest and $4,000 for
principal;
and said taxes when so collected shall
be applied solely to the purpose of pay
ing the interest and principal of said
bonds. respectively. and for no other
purpose whatever. until the bonds SO
under this ordinance-prin-
,ipal and interest-shall have been fully
paid. satisfied and discharged.
Section s. The faith and credit and
all taxable property within the limits
of said village as they now exist or
may be hereafter extended. are hereby
and shall continue to be pledged for
the payment of said bonds and the in
terest thereon, and the proper officers
of said village of Shoshone shall con-
tinue TO assess. levy and collect said
snecial taxes. and shall apply the pro-
ceeds thereof solely to the payment of
said municipal bonds and the interest
thereon. until the same shall have been
fully paid Should the special tax here
by provided for not be sufficient for
the payment of the interest on said
bonds or the principal there
Of or both. at the time and in the man
ner herein provided, and according TO
the terms of said bonds. then said
or interest, or both, shall be
paid out of the general fund of the
village of Shosone: and should there
pc any surplus raised by such special
AK remaining on hand after the pay
nent of the entire principal and inter
st on such indebtedness. then such
surplus shall be transferred TO the said
general fund of the village of Shoshone-
Section Z. All ordinances or parts
# ordinances in conflict with this or
finance are hereby repealed.
Section s. This ordinance shall take
fleet and be in full force from and af-
er its passage. approval and due pub
ication. and shall be irrepealable until
he bonds hereby authorized shall have
,een fully paid and satisfied.
Passed and approved by the chair
nan of the board of trustees. this 4th
lay of Dec. A. ID. 1917.
J. A. KEEPER.
Chairman of the Board of TRUSTEES
lTTEST:
Y. Z. ME- LER
Village Clerk.