Imperial Valley press., 1920-04-02

be made to begin more than one and
not more than ten years after the date
of issuance of such bonds; that the
interest on said bonds shall be paid
semi-annually at the same place, one
of such semi-annual payments in each
year being made at the date of the
payment of the annual installment of
the principal of such Indebtedness as
aforesaid; said Indebtedness shall be |
evidenced by bonds and proper cou-
pons attached thereto, separate cou
pons being attached to each. bond for
each semi-annual payment of interest
to become due on said bonds and such
bonds shall be issued in such denom-
nations or denomination as the Board !,
of Trustees of said city shall deter
mine in accordance with the law; said
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 said
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 or
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
| v,rsvn;vol ND Sn%o such hNnAc
a 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 a sinking fund for the
payment of the principal thereof on or
before maturity. Said taxes shall be
in addition to all other taxes levied
for municipal purposes and shall be
collected at the same time and in the
same manner as other municipal taxes
are collected and be used for no other
purpose than the payment of said
bonds and accruing interest.
SECTION TX. That the proposed
Indebtedness of One Hundred Ninety
five Thousand Dollars ($195. .000), in
cluding all other Indebtedness already
incurred by said city for municipal
improvements, together with all in
debtedness proposed by this ordinance
to be incurred will not in the aggre-
gate exceed fifteen per cent Us per
cent? of the assessed value of all real
and personal property Of said City OF
Ell Centro.
SECTION X. That if the PROPOSE
tion Of mourning the bonded indebted
ness provided for in the second propo-
sition hereinabove mentioned so sub
mitted 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 Twenty
eight Thousand Dollars 1928 ,00O) shall
be issued and sold for the purpose OF
acquiring, constructing and completing
a concrete lining of the settling basins
of the present water system of sale
city. Said bonds shall bear interest
at a rate not exceeding six per centum
| 6 per cent? per annum, payable semi
annually and the principal and interest
thereof shall be payable in Lawful
money of the United States of Ameri
ca. One fortieth Q-4O) part of thu
principal of said bonds shall be paie
each and every Gear at the office o.
City Treasurer of the City of E
Centre at said city in the County o.
Imperial, State of California ION day
and date to be hereafter fixed in salt
bonds until the whole principal ha.
been paid The interest on said bond!
shall be paid semi-annually at tn,
!. same place, one of such semiannua
payments in each year being made a
, the date of the payment of the annua
installment of the principal of such in
debtedness as aforesaid; said indebted
ness to be evidenced by bonds ant
, proper coupons attached thereto. sep
. arate coupons being attached to eacl
, bond for each semi-annual payment O
interest to become due on said bonds
and such bonds shall be issued in sucl
/ denominations or denomination as tn
Board Of Trustees of said city shall
determine in accordance with law
{ said bonds shall be signed by the presi
dent Of the Board of Trustees of sal
l city and shall be countersigned by tn
) City Clerk of said city. The coupon
l of said bonds shall be numbered con
secutively and signed by the Treasurer
4 SECTION XI. That for the phrpos
( of paying the principal and interest o.
said bonds the Board of Trustees shal
! at the time Of fixing the general ta
: levy and in the manner for such gen
eral tax levy provided. levy and collec
e annually each year until said bond
are paid or until there shall be sur
e in the treasury of said city set apar
!. for that purpose to meet all sums com
e ing due for principal and interest o.
/ such bonds, tax sufficient to pay tn
5 annual interest on such bonds and ais
such part Of the principal thereof a
| shall become due before the fixing o
the next general tax levy. Said take
shall be in addition to all other take
levied for municipal purposes and shal
J, be collected at the same time and il