Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1920-03-25

township 80 N. X. h. b. NJ; at the
Northwest corner of Block s of the
Lewiston Addition to the CITY of
Grangeville, Idaho; For the grading,
paving, improving and matchmaking
the Street or road running west from
the Northwest corner of said Block s
in said Lewiston Addition to a connec-
ton with the North and South State
Highway on the West side of "E'
Street in said Lewiston Addition to the
City of Grangeville, Idaho.
SECTION 3. That the estimated
cost of said Improvements is the sum
of Twenty-Five Thousand ($25,0O0.OO)
Dollars.
SECTION 4. Such bonds shall be
known as municipal coupon bonds of
the City of Grangeville, Idaho; shall
be issued in denominations of One
Thousand ($1,OOO.OO) Dollars each;
shall be numbered consecutively from
one to twenty-five Inclusive; and
each bond shall be made payable with
in twenty years from the date of its
issuance, and shall be redeemable at
the pleasure of the City of Grange
vile after the expiration of ten years
from the date of its issuance; and each
bond shall be redeemed in the order it
is numbered and shall bear interest at
the rate of not exceeding six (6)
per centum per annum, to be paid on
the first day of January and the first
day of July of each year at the office
OF the City Treasurer, or at such
banking house or trust company in the
City of New York as may be dcsig-
mated by the Mayor and common coun-
ell of said City at the option of the
holder thereof.
SECTION 5. Such bonds shall be
negotiated, sold, issued, registered and
delivered by the Mayor and Council
of said City in strict compliance with
the provisions of Chapter 40 of the
Complied Laws of Idaho Such bonds
shall be sold for cash and in no case
must said bonds be sold for less than
the face or par value and the accrued
interest at the time of disposal. All
proceeds derived from the sale of said
bonds shall be applied exclusively to
the purpose for which said bonds are
issued.
SECTION g. That for the purpose
of the payment of the interest on the
said bonds as it falls due and also
to create a sinking fund for the pay
nent of the principal of said bonds
rs they become due, there shall be lev
led annually by the council of the
Jity upon all the taxable property
within the said City a sufficient sum
o pay the interest, and an addi-
ional sum sufficient to pay the said
'onds at maturity, in addition to all
ther taxes authorized to be levied and
he faith and credit of all taxable pro-
'erty within said City is and shall
ontinue pledged, and the proper of
GERS of said City shall continue to
ssess and collect such taxes on all the
roperty within the limits thereof nee
ssary to pay the said bonds and tho
interest thereon as the same shall be-
ONE due Should the taxes for the
ayment of the interest on any such
onds at any time not be levied in
me to meet such payment the in
crest shall be paid out of any money
the City general or expense funds
nd the money so used for such pay
ent of interest shall be repaid to the
inds from which so taken, out of the
rst moneys collected from taxes.
SECTION 7. Be it further Ordain-
|, That the question of the issuance
the said bonds to the amount, for
e purpose and in the manner here
before provided, be and the same is
'reby submitted to the qualified
ectors who are taxpayers of the said
ty of Grangeville
8. That special elect
IN of the qualified electors who arc
Xpayers of the said CITY of Grange
lie shall be held on the Goth the day
April 1920. in tho several wards of
~, ELI
rd at the Dreamland Hall; in the
,ond ward at the o. o. F. Hall; in
3 Third Ward at the old Court
use, all within The said City, at
Itch election said question shall be
ted upon at the said election.
SECTION 9. Such election shall be
lducted as other City elections. The
ting at such election shall be by
Hot, and the ballot used shall be
as follows: "In favor of
uing bonds to the amount of
100000 for the purpose stated in Or
lance No. 147," and "Against is
NC bonds to the amount of $685.
LOO for the purpose stated in Or
ance No. 147."
SECTION TO- Thirty days notice of
d election shall be given by publ
ion in the idaho County Free
'ss, newspaper of said City, print
published and circulated therein,
publishing the same in each is
of said paper from the passage of
5 Ordinance to the date herein
vided for the holding of said elect
, which notice shall recite the
visions of this Ordinance and the
'stion to be submitted to said
tors as hereinbefore provided, and
II he signed by the Mayor Of
City of Grangeville, and be at
ed by the City Clerk and the
Mayor and Clerk are directed to
Sc the publication of the said no
accordingly.
ECTION H. This Ordinance shall