Imperial Valley press., 1920-04-03

ary annual income and revenue OF SAID
city; that the amount of the principal
of the bonded Indebtedness to be in
Cured therefor is the sum Of Fifteen
Thousand Dollars (S15,000) and the
maximum rate of interest to be paid
on said Indebtedness is six per centum
C per cent? per annum, payable semi
annually, which rate shall not be ex-
ceeded in the issuance Of the bonds for
such Indebtedness.
SECTION vi. That a special cleo
tion shall be held in the said City of
Ell Centre on Monday the 18th day of
April, 1920, together with the gen.
eral municipal election to be held on
said day., as aforesaid. and it is here
by called on that day for the purpose
of submitting to the qualified voters
of said city separately each of the said
respective propositions hereinbefore
mentioned, to-wit:
l. The proposition of incurring a
bonded Indebtedness in the sum of One
Hundred Ninety-five Thousand Dol
lars ($195, 5,000) principal and from the
sale of said bonds to pay the cost of
acquiring, constructing and complet-
ing said water works and water sys-
tenn for supplying said city and it's
inhabitants with water for domestic
use and irrigation purposes, extin-
gushing fires, flushing sewers, sprink-
ling streets and for other purposes.
2. The proposition of incurring a
bonded Indebtedness in the sum of
Twenty-eight Thousand Dollars $685.
O00) principal and from the sale of
said bonds to pay the cost of acquir-
| ing, constructing and completing said
concrete lining of the settling basins
of the present water system Of said
City of Ell Centro.
3. The proposition Of mourning a
bonded Indebtedness in the sum of
Fifteen Thousand Dollars ($15,000)
principal and from the sale of said
bonds to pay the cost of acquiring, con-
structing and completing said munich
pal fire alarm system for the purpose
of signaling the fire department of
said city when it's services may be
needed for the extinguishment of fire.
| Said election shall be held on the
said 18th day of April, 1920 in said
City of Ell Centro in all particulars
mot recited in this ordinance as pro-
Ivided by law for holding municipal
elections in said municipality.
SECTION VII. That if the PROPOSE
tion of incurring the bonded indebted
ness hereinabove first mentioned SO
submitted at such election receives the
requisite number Of votes, to-wit, two
thirds of the votes of the qualified
voters voting at such election, bonds of
said city in the amount of One Hun
dred Ninety-fve Thousand Dollars
($195,000) shall be issued and sold
for the purpose of acquiring, con-
structing and completing the said rev.
enue- producing municipal improve.
ment mentioned in said proposition
to-wit: said water works and water
system for said city. Said bonds shall
bear interest at rate not exceeding
six per centum 6 per cent? per an.
mum, payable semi-annually and the
principal and interest thereof shall bt
payable in lawful money of the United
States of America. One thirtietl
Q-3O) part of the principal of sale
bonds shall be paid each and ever,
year at the office of the City Treasur
er of the City of Ell Centre at sait
city in the County of Imperial, State
of California. on a day and date to b.
hereinafter fixed in said bonds unit
the whole principal has been paid. Th'
earliest maturity of the indebtedness!
created by the issue of the bonds ma!
be made to begin more than one ant
not more than ten years after the date
Of issuance of such bonds; that thu
interest on said bonds shall be pait
semi-annually at the same place, on.
of such semi-annual payments in eacI
year being made at the date of the
payment of the annual installment Of
the principal Of such Indebtedness as
aforesaid; said Indebtedness shall bt
evidenced by bonds and proper cou
pons attached thereto, separate cou
Ipons being attached to each bond fol
leach semi-annual payment of interest
to become due on said bonds and sucf
bonds shall be issued in such denom
nations or denomination as the BoarC
of Trustees of said city shall deter.
mine in accordance with the law; sale
bonds shall be signed by the president
of the Board of Trustees of said city
and shall be countersigned by the City
Clerk of said city. The coupons of sale
bonds shall be numbered consecutively
and signed by the treasurer.
| SECTION VIII. That for the pur.
|pose of paying the principal and in.
terest on said bonds the Board Of
Trustees of said city shall at the time
of fixing the general tax levy and in
the manner for such general tax levy
provided, levy and collect annually
each year until said bonds are paid OF
until there shall be sum in the treas
ury of said city set apart for that pur-
pose to meet all sums coming due for
principal and interest on such bonds
tax sufficient to pay the annual in
terest on such bonds and also such
part of the principal thereof as shall
become due before the time for fixing
the next general tax levy; provided,
however, that if the maturity of the
indebtedness created by the issue of
the bonds be made to begin more than
one year after the date of the issuance
of such bonds such tax shall be levied
and collected at the time and in the
manner aforesaid annually each year
sufficient to pay the interest on such
Indebtedness as it falls due and also
to constitute sinking fund for the
payment of the principal thereof on or
before maturity. Said taxes shall be
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