The evening herald. (Klamath Falls, Or.) 1906-1942, 1917-03-22

Six warrants. numbered from No.
10 No. inclusive. to be designated
RAILROAD Warrants. each for the
sum Of $4,000. agGrcgatlng S30O..
900. bearing Interest at the rate oi
yIx per cent per annum. payable semi.
ANNUALLY: said warrants to bear date
OF January I. 1917. to become due
and payable January I. 1918. but re-
ldcemablc. at the option OF said city.
st any time after the issuance thereof
an hereinafter provided. both princi.
pal and interest being payable In gold
coin Of the United States Of the pres
ent standard of weight and hneness.
nj the First State and Savings bank
| In the City Of Klamath Falls.
Section 3.--That said warrants
shall be Issued In tho form and OF the
tenor, subyta ntisliy as follows:
UNITED STATES or AMERICA
STATE or OREGON
COUNTY OF KLAMATH
CITY OF KLAMATH FALLS
" RAILROAD WARRANT
The Treasurer Of the City OF Klam.
sth Falls. klamath County. Oregon.
will pay to the bearer hereof the
FIFTY THOUSAND DOLLARS
on January ist. A. ID. 1918. together
with interest thereon at the rate of
six per cent per AMMAN. payable semi
annually: both principal and Interest
being payable In gold coin OF the
United States OF America Of the pres
ent standard Of weight and nnenese.
lat the First State and Savings bank
In the said City OF klamath Falls:
provided. however. that this warrant
II redeemable At any time after ~
issuance when the common council
,hall deem such redemption 70 be FOR
the best interest Of said city.
! This warrant is issued by the City
OF Klamath Falls for the purpose Of
borrowing money to pay for the con.
struction and equipment Of railroad
to run within and without said city,
| for the benefit and use Of the inhab-
itants thereof. and for profit. under
by virtue Of. and in full compliance
with the Constitution and Laws oi
the state Of Oregon. and subdivision
la OF section 81 OF the Charter Of
said city. and an ordnance duly
passed BY the common council OF said
icity.
Il IL hereby certified that In pro
viding for and In the issuance OF THU
warrant, all. requirements OF the Con
stitution and Laws Of the state oi
Oregon and the Charter Of klamath
Fails have been fully complied with;
THAT due provision has been made FOL
the levy and collection Of direct an
uual ad valorum tax on all Of the tax
able property Of said city. In addition
to ali other taxes. to create . funt
for the payment Of the interest to &C
lcrue on this warrant a. the SAM
shall become due and for the hna
redemption OF the principal thereo
In the manner and form as provides
by said Charter.
In Witness Whereof. the common
council OF said City OF klamath Fail
has caused this warrant to be signet
by the Mayor, attested by the Polio
Judge. and sealed With the corporate
seal OF said city a. of the frst day o
January, A. d. 1917.
l Police Judge.
Section <.-Said warrants shall b.
signed by the Mayor and attested b,
1.-The Police Judge of said city. AM
shall have the corporate seal OF sai'
city impressed thereon. The Mayo
land Police Judge are hereby author
lised to prepare and execute said war
rants, and when said warrants shal
be sold, they shall be delivered to tn
purchaser thereof on payment betnl
made 10 the treasurer OF said city ol
the purchase price thereof. Tho pro
ceeds OF said warrants shall be kep
by the treasurer In . separate tund
subject to the order OF the common
council Of said city. to BE- used exclu
slvely for the purpose OF building An
,, eQuipping 4 railroad as hereinbefor
provided.
Section 5.-The interest to becom
due on said warrants before the ma
; turity thereof shall be. and the sam
is hereby ordered appropriated and {
: be paid by the city treasurer from tn
general fund of said city and the priu
cipal sum OF said warrants. At tn
maturity thereof. or at any time b<
fore maturity. when said city may 81
ercise its option to redeem the samt
may be redeemed In whole or In PAL
by the issuance of funding bonds
said city, or by payment from the ger
eral fund OF said city. a. the commo
E council may deem to be for the bes
interest of said city. as provided !
subdivision n of section 81 OF articl
Nv Of the Charter OF the City Of Klau
' ath Falls.
Section 6.-That the Mayor an
common council OF said city are hert
: BY authorized to sell said warrants o
q the best terms at which the same ca
Q be sold, to the highest and best bio
2 der therefor at private sale. but 10
! not less than par and accrued inter
!. est: and that the Police Judge is here
4 by directed to furnish to the purchai
( or of said warrants q complete cert
q fed transcript OF the record OF pre-
. ceedings OF this body and such othe
4 documents "a will fully evidence tn
. legal authorization and issuance q
i said warrants.
a Section This ordinance shall b
irrepealabie until the indebtednes
/ thereby authorised. both a. to prtnc1
A mol auA iutaroat shal1 he fully nal