Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1920-04-01

pot: for the grading, paving and i'm
proving Main Street from the june
ton of Main Street and Idaho Ave
nue. to the West side of "C'' Street
for the grading, paving and improv
ing "C' Street from the South sid,
of Main Street TO the East and West
center line running through Sectior
10, Township 30 n. R. f. b. NJ, al
the Northwest corner of Block s, OF
the Lewiston Addition to the City
of Grangeville, Idaho: for the grad
ing, paving and improving of the
Street or Road running West from
the Northwest corner of said Block
s, in said Lewiston Addition to a
connection with the North and South
State Highway on the West side of
"E' Street in said Lewiston Ad-
dition to the City of Grangeville
Idaho: to provide for the submitting
the question of the issuance of said
Bonds to q vote of the electors of
said City, and calling a special cleo
tion therefor: and designating the
provision to be made to pay the in
terest on such bonds as il falls due,
and also to constitute a Sinking Fund
for the payment of the principal
/
the time of the issuance Of the same.
BE 1T ORDAINED BY THE MAYOR
AND COUNCIL OF THE CITY OF
GRANGEVILLE:
SECTION l. That upon the approval
and ratification of this Ordinance by
two-thirds of the qualified electors
who are taxpayers of the City of
Grangeville, voting at the election
hereinafter provided for, and asserting
to the issuing of the bonds and to the
mourning of the Indebtedness here
matter provided for, for the purposes
hereinafter specified, there shall be is
sued coupon bonds of said City of
Grangville to the total amount of
Twenty-Five Thousand 1925, 100000
Dollars.
SECTION 2. That the purose of is
suing such bonds is to provide funds
for the grading, paving and sur
facing of the following street inter
sections in the City of Grangeville,
Idaho, to-wit: The intersection of
Main and Meadow Streets; the inter
section of Main and Hall Streets; the
intersection of Main and State Streets;
the intersection of Main and College
Streets; the intersection of Main
Street and Idaho Avenue, in said City
of Grangeville; for the building and
construction of concrete culvert
across Main Street between Hall and
State Streets where the creek crosses
said Main Street; For the grading,
paving, improving and matchmaking
of Idaho Avenue from the junction of
Main Street and Idaho Avenue to the
depot of the Northern Pacific Railway
in said City; for the grading, paving,
improving and matchmaking Main
Street from the West line of Idaho
Avenue to the West line of "'C'' Street
in said City; For the grading, paw
ing and improving and macadamizing
"C' Street from the South line of
Main Street to the East and West
center line running through Section 10,
Township 80 N. R. E. B. NJ; at the
Northwest corner of Block 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
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 1925, 100000 |
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 ($1,000OO) 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 (6J !
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 desig
mated by the mayor ana common cOuh-
ell of sid 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
IF 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
he face or par value and the accrued
interest at the time of disposal. All
proceeds derived from the sale of said
ponds shall be applied exclusively to
he purpose for which said bonds are
ssued.
SECTION 8. That for the purpose
# the payment of the interest on the
fo11c d1a aud also