The Elk Mountain pilot., 1918-06-06
nrn,MAMce NO. 1,a

THOUSAND DOLLARS (slI, ,oO0)
BONDS OF AND BY THE TOWN
OF CRESTED BUTTE. IN THE
COUNTY OF GUNNISON, IN THE
STATE OF COLORADO, FOR THE
PURPOSE OF FUNDING THE
FLOATING INDEBTEDNESS AMI
OUTSTANDING LEGAL WAR.
RANTS OF SAID TOWN; PRO
VIDING THE FORM OF SAID
BONDS AND THE INTEREST
TACHED; PROVIDING FOR THE
LEVY OF A DIRECT ANNUAL
AID VALOREM TAX UPON ALL
THE TAXABLE PROPERTY IN
SAID TOWN SUFFICIENT TO
PAY THE INTEREST ON SAID
BONDS PROMPTLY WHEN AND
AS THE SAME ACCRUES AND
ALSO AT THE LAWFUL TINE A
FURTHER ANNUAL AID VALO-
REM TAX SUFFICIENT TO PAY
THE PRINCIPAL OF SAID
BONDS AT MATURITY, AND DE-
CLARING AN EMERGENCY.
WHEREAS, the town of Crested
Butte, in the County of Gunnison
and State of Colorado, has now out
standing a legal floating Indebtedness
ana lcHdt VIC askISkaIC
amount of Eleven thousand dollars
(sl1,OO consisting of warrants of
said town outstanding, unpaid, issued
and registered during the fiscal years
of 1914, 1915, 1916, 1917 and 1918,
said warrants together with interest
thereon amounting to the sum of
S6,915.69 and judgment against the
town of Crested Butte and in favor
of the Crested Butte Light & Water
Company in the sum of $4,225.84, of
which there remains unpaid S3,519.l0,
and also judgment against the town
of Crested Butte and in favor of
Mike Kikel in the sum of $67S.74 of
which there remains outstanding and
unpaid S565.21; and
WHEREAS, the town of Crested
Butte has no funds in the treasury
of said town available for the re-
debtedness and said warrants; and
WHEREAS. heretofore and on. to-
wit, the 4th day of March, A. d. 1918,
the board of trustees. made and en-
tered upon the records of said town
n certificate determining the specific
indebtedness outstanding; that said
Indebtedness should be funded by the
issuance of funding bonds in the ag-
gregate amount of Eleven thousand
dollars fS11,000); and
WHEREAS, thereafter and on. to-
wit; said 4th day of March. A. D. 1918,
Ordinance No. III was adopted, ap-
proved and made law whereby at the
general election for town officers held
on the Cd day Of April, A. D. 1918
there was submitted to- the qualified
electors of said town who had paid a
tax within the calendar year iramedi
a 10 Nr0ro1tn0 enah nInrtinr
property assessed to them in such
town the question of issuing negotia-
BILE coupon bonds of said town in the
amount of $1,000 and using the pro-
ceeds thereof in the payment of such
legal indebtedness and legal warrants
or by exchanging at par said bonds
for said warrants and outstanding
and
WHEREAS, said election was duly
called. noticed and held in all re-
spects in compliance with law and
the board of trustees of said town
canvassed said election and deter
mined that majority of the legal
votes cast upon the question submit
ted were in favor of such funding
and made such determination a part
of the official records of said town;
and
WHEREAS, the board of trustees
deem It advisable and to the best in
terests of said town to issue bonds
in the amount of $11, 900 for the pur-
pose of redeeming and paying said
legal indebtedness and warrants;
NOW. THEREFORE. BE 1T OR
DAINED BY THE BOARD OF
TRUSTEES OF THE TOWN OF
CRESTED BUTTE. IN THE
COUNTY OF GUNN!SON, IN THE
STATE OF COLORADO:
Section 1. That the negotiable in
terest bearing coupon bonds of, by
and in the name of. the town of
Crested Butte be issued in the total
amount of Eleven thousand dollars
(s1l. .oO0) for the purpose of funding,
redeeming and paying a like, amount
of the outstanding and unpaid legal
indebtedness and outstanding war
rants as heretofore determined. by
the board of trustees.
Section 2 That said bonds hereby
authorized shall be payable to bearer,
shall bear date the 1st day of Feb
ruarv, A. D. 1918. shall bear interest
at the rate of six (6) per centum
per annum payable semi-annually on
the 1st days of February and August,
respectively, in each year, shall con-
sist of ITO bonds numbered consecu-
lively from / to ITO, inclusive, in the
denomination of $100 each. Said
bonds shall be absolutely due and
payable serially in numerical order
as follows: Six bonds February 1st
in the years 1928 and 1924, and seven
bonds February 1st in each of the
years 1925 to 1898. both inclusive;
both principal of and interest. on
said bonds shall be payable in gold
coin of the United States of America
of or equal to the present standard
of weight and fineness at the office
of the town treasurer of Crested
Butte, Colorado, or at the National
Bank of Commerce, in the city and
state of New York, U. S. A, at the
option of the holder.
Section 3. That each of said bonds