The Holly chieftain., 1918-04-26
ORDINANCE NO. "a

gate amount OF S4"V" W
nominated refunding bonds 1or NV
n,,rnose of refunding like amount
of the outstanding bonded lhuep'
odness of said town which VIII sooii
he optional for redemption e
sor;binp the form of said refunhing
bonds and providing for the 'e.s
and collection of an annual TAX W
nav the same, principal ana 'ii'e'
est :,
whereas The town of Holly III
the county of Prowers and state Vi
Colorado. has heretofore issued ana
there are now outstanding and uh-
paid. it's negotiable coupon bonds
designated, Town of Holly water
works Bonds, dated July l, 1908, due
July l, 1923, and redeemable July ],
1918. bearing interest at the rate OF
six pef certnm per annum, payable
semi-annuaIIy ana consisting OF So
bonds of $4,000 each, numbered
from | to 50 inclusive, aggregatlng
$4,000; and
Whereas, There are no funds IN
the treasury of said town available
for redemption of said bonds or
any part thereof: and
Whereas, BY resolution duly a.
dopted on the 23rd day OF April,
A. d. 191S the board of trustees OF
the town of Holly determined to
issue in accordance with the law OF
the state of Colorado, new bonds to
be denominated Refunding Bonds,
the same to be sold or exchanged
dollar for dollar for the bonds to
be refunded: the amount of bonds
so determined upon to be issued as
aforesaid being the sum of $4,000;
the certificate of such determination
having been heretofore duly made
and entered in and upon the re-
cords of said tow as required by
law; and
Whereas, Said refunding bonds
are to bear rate of interest which
shall not exceed the rate upon the
bonds to be refunded; and
Whereas, The board of trustees
have heretofore determined that
said refunding bonds to be so is
sued in the aggregate amount
of $4,000 shall be sold or exchang-
ed dollar for dollar for the bonds
to be refunded, and said board of
trustees believe it to be their duty
to issue said refunding bonds and
cause the same to be sold or ex-
changed for the bonds to be refund
ed as aforesaid, as and in the man.
ner provided by law
Now therefore, be it ordained by
the board Of trustees Of the Town
of Holly in the State Of Colorado:
Section /. That by virtue and in
pursuance of an act of the General
Assembly of the state of Colorado,
entitled, can Act to enable cities
and towns to refund their bonded
indebtedness" approved April 12,
1915. and appearing as Chapter 165
of the Session Laws of Colorado
1915, and all amendments thereto,
there shall be issued bonds of said
town of Holly, to be denominated
Refunding Bonds, to the amount
of $4,000 for the purpose of refund
ing the outstanding bonded in
debtedness of said town soon to be
optional for redemption.
Section 2. That the mayor and
town clerk of said town of Holly be
and they are hereby authorized and
directed to have prepared the negot-
liable coupon bonds of the town in
the said aggregate amount of $4,000.
Section 8. That said bonds here
by authorized shall be negotiable
in form, payable to bearer, shall
bear date the first day of July, A.
d. 1918, shall bear interest at the
rate of six per centum per anum,
payable semi-annually on the first
days of January and July, in each
year. shall consist, OF eighty bonds
IN the denomination of $500 each.
four OF said bonds maturing on
the first day of July, A. D. 1923,
and four on the first day of July
in each year thereafter to and in.