The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-12-24

all recitals and representations In this
ordinance are hereby considered and
understood, and 1t is hereby ordained
and declared that said covenants.
statements, representations and agree
ments therein are the covenants. state
ments, representations and agreements
OF the City of Blackfoot. And It is fur
Their stated and represented that said
City Of Blackfoot is municipal cor
tporation and City Of the Second Class
under the Constitution and Laws Of
the State Of idaho. y a
Section 8. The interest falling due
on said bonds on July !. 1921 and jan
,uary l.. 1892, shall be paid out of the
general expense fund Of said City and
flor the purpose Of reimbursing said
general expense fund for said Install
ments Of interest and to meet the in
terest accruing on said bonds on July
/. 1922, as the same becomes due and
for, creating sinking fund for the
ultimate redemption of said bonds,
there shall be levied in the year 1921,
on all taxable property in addition
70 all other taxes. a direct annual tax.
sufficient to produce the lsunl of $14,-
10000, being 100000 interest and
100000 principal. And to meet the
interest accruing on said bonds there
after promptly and as the. same be-
comes due and also for the purpose Of
creating sinking fund for the ulti-.
mate redemption of said bonds, there
shall be levied on all taxable property
in said City, in addition to all other
taxes, direct annual tax in each of
the years 1922 to 1910. both inclusive.
sufficient to produce the sum of $11,-
10000, being 100000 for interest and
$5,0Oo.O0 for principal. Said taxes,
when collected, shall be applied solely
for the purpose of the payment of said
interest and principal of said bonds.
respectively and for no other purpose
whatsoever, until the bonds< issued
under this ordinance and the interest
thereon are fully paid satisfied and
discharged; but nothing herein con-
tanned shall be SO construed as to pre-
vent said City from applying any other
funds that may be in the treasury of
said City and available for that pur-
pose to the payment Of said interest
or principal as the same respectively
mature, and the levy or levies herein
provided for may thereupon to that
extent be diminished. All such taxes
must be levied, assessed and collected
as other City taxes, until said bonds
are fully paid, including the interest
and such taxes. when collected,
shall be kept for and applied only to
the payment of the interest and prin-
cipal of said bonds as hereinbefore
specified. &F
The faith, credit and all taxable
property within said City are and must
continue to be pledged, and the proper
officers. Of said City must continue to
assess andt collect on all taxable pro-
perty within the limits thereof, the
necessary taxes to pay said bonds and
the interest thereon as the same be-
comes due. Should the tax for the pay
ment of interest on any of said bonds
at any time, not be levied or collected
in time to meet such payment, the in
terest must be paid out of any moneys |
In the general or expense fund Of
said City and the money SO used for
such payment Of interest must be re-
paid to the fund from which SO taken,
out Of the first moneys collected from
lakes.
Section L. Whenever, after the ex-
oiration Of ten years, from the date
If said bonds, the said City has money
n said sinking fund sufficient to re-
ieem any of said bonds, and avail
lble for that purpose, and desires to
exercise its option to so redeem, the
Mayor and City Council Of said City