Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1919-02-17

Providing for the Mode of Creating
An Indebtedness of 100000 For
The Purpose of Constructing, Re-
constructing and Improving Public
Streets and Sewers in and for The
City of Richmond, Kentucky, and of
Paying the Same.
Whereas, 1t appears of proper rec
ord TO the Board Of Council of the
City of Richmond, Kentucky, that up
on an official canvass of the votes cast
at an election duly and legally held in
the City of Richmond on the first
Tuesday after the first Monday in No
vember, 1917, more than two-thirds of
all the qualified electors of the City of
Richmond voted in favor of mourning
an indebtedness of $50, 10000 for the
purpose of providing funds for con-
structing, reconstructing and improv
ing public streets and sewers in and
for said City of Richmond, and in IA
vor of an annual tax upon all the tax
able property, real and personal, in
said city sufficient to pay the interest
on such Indebtedness as it falls due,
and to constitute a sinking fund for
the payment of the principal thereof
within a period of not more than
twenty years from the time of con-
tracing the said Indebtedness; now
therefore, be it
Ordained by the Board of Council of
the City of Richmond, Kentucky, that
an indebtedness of S150,000.00 for the
purpose above stated, shall be created
by the usual and sale of not exceeding
ing 800 bonds of said City in the sum
of $4,000 each, payable as follows:
S37,500.00 of said principal indebt-
edness, being 70 bonds, shall be paya-
bic at the expiration of 5 years after
the date of their usual and the re-
mainder of said principal indebtedness
SIP, 10000, being 225 bonds, shall be
10000 each, Is bonds, at the expira-
ton of the sixth and each successive
year thereafter, until the expiration
of 20 years after the date of usual.
All of said bonds shall bear interest
at the rate of five per cent per annum
from the date of their usual and shall
have attached to them interest cou-
pons. and shall be signed by the May
or of the City of Richmond and by the
Clerk of the Board of Council, with
the seal of the City affixed thereto,
and made payable principal and inter
est at the Mechanics & Metals Nation
al Bank of New York City, New York.
The time, terms and place of the
sale of said bonds shall be advertised
for at least once a week for two sue
cesSive weeks Immediately next pre-
ceding the sale thereof in the Rich
mond Daily Register, a daily newspa-
per of general circulation published
in the City of Richmond, Kentucky,
and said bonds shall be offered for
sale pursuant to said advertisement BY
sealed bids addressed to the City OF
the City of Richmond, the Board OF
Council. reserving the right to accept
VI reject any or all bids. And be II
urther.
Ordained. that there shall be levied
annually and collected, tax upon all
real and personal property subject To
taxation within the City of Rich
mond. Kentucky, of not more than as
cents upon each $4,000 thereof for
the first years; not more than 40
cents upon each $4,000 thereof for the
sixth year; not more than SO cents up
on each $4,000 thereof for the sew
enth year; not more than 81 cents up
on each $4,000 thereof for the eighth
year; rot more than 81 cents upm
each $4,000 thereof for the ninth
year; not more than 35 cents upon
each $4,000 thereof for the tenth
year; not more than "a cents upon
each $4,000 thereof for the eleventh
year; not more than 80 cents upon
each $4,000 thereof for the twelfth
year; not more than 80 cents upon
each $4,000 thereof for the thir-
teenth year; not more. than % cents
upon each 500 thereof for the four
teenth year; not more than % cents
upon each $4,000 thereof for the fif-
teenth year; not more than 81 cents
upon each $4,000 thereof for the six
tenth year; not more than &c cents
upon each $4,000 thereof for the
seventeenth year; not more than 25
cents upon each $4,000 thereof for
the eighteenth year; not more than "a
cents upon each $4,000 thereof for
the nineteenth year; not more than %
cents upon each $4,000 thereof for
the twentieth year.
The proceeds derived from the an
nual tax levies above provided for
shall when collected, be kept in the
treasury of the City as a separate and
inviolably appropriated sinking fund
fer the payment of the interest on
said bonds as it falls due, and for the
payment of the principal sum of $780,
10000 within a period of from five to
twenty years as the bonds mature as
herein provided.
That the City Clerk of the City of
Richmond shall cause this Ordinance
TO be published in the Richmond Daily
Register at least once week for two
successive weeks next succeeding the
passage thereof, and the same shall
take effect from and after its passage
and such publication.
Witness the signatures of the May
or of said City and the Clerk of said
Board, this 9Th day of February, 1919.
L. P. EVANS, Mayor.
W. z. RLANTON. Clerk