Imperial Valley press., 1920-04-08

1
too great to be paidsout2 of the ordin
ary annual income and revenue Of sai'
city; that the amount of the principa
Of the bonded Indebtedness to be in
Cured therefor is the sum of Fifteel
Thousand Dollars ($15,000) and tn
maximum rate of interest to be pait
on said Indebtedness is six per centun
| C per cent? per annum, payable semi
annually. which rate shall not be ex
ceeded in the issuance of the bonds fo1
such Indebtedness. "a
SECTION vi. That a special elec
tion shall be held in the said City Of
Ell Centro on Monday the 18th day Of
April, 1920, together with the gen
eral municipal election to be held or
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 sait
respective propositions hereinbefore
mentioned, to-wit:
/. The proposition of incurring 8
bonded Indebtedness in the sum Of One
Hundred Ninety-fve Thousand Dol
lars ($195 ,000) principal and from the
sale of said bonds to pay the cost OF
acquiring, constructing and conlplet-
ing said water works and water sys-
tenn for supplying said city and its
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 mourning a
bonded indebtedness in the sum of
Twenty-e eight Thousand Dollars ($28.-
000) principal and from the sale Of
said bonds to pay the cost of acquir-
concrete lining of the settling basins
of the present water system of said
City Of Ell Centre. ..
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 its 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 Centre in all particulars
not recited in this ordinance as pro-
vided by law for holding municipal
elections in said municipality. '
SECTION VII. That if the PROPOSE
ton 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-five Thousand Dollars
($195,0O0) 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
six per centum C per cent? per ans
num-, payable semi annually and the
principal and interest thereof shall be
payable Unlawful money, OF, the United
States of America. One, .thirtieth
G-30) part Of the principal, :, of said
bonds shall be, paid each and every
year at the office Of the City Treasur-
er Of the City of Ell Centro at said
city in the County of Imperial, State
of California. on day and date to be
hereinafter fixed in said bonds until
the whole principal has been paid. The
earliest maturity of the Indebtedness
created by the issue of the bonds may
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
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 deYlom-
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 tho 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
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 cOpcfikn<o .;,>l>sx, FrrI e.. /.