Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1921-04-14
ORDINANCE No. $40
BY Councilman c. A. Smith

ELECTION IN THE CITY OF
PAYETTE, IDAHO, FOR THE
PURPOSE OF SUBMITTING TO
THE QUALIFIED ELECTORS
WHO ARE TAXPAYERS THERE
OF, THE QUESTION OF THE
ISSUANCE OF MUNICIPAL COU-
pom BONDS OF SAID CITY IN
THE TOTAL AMOUNT OF
$12,117.OO FOR THE FOLLOW
ING PURPOSES, TO-WIT:
$12,117.OO TO PROVIDE FOR
THE CURLING AND PAVING OF
PUBLIC STREETS, AND CROSS
INTERSECTIONS IN LOCAL I'M
PROVEMENT DISTRICT No. 4
AND TO PROVIDE FOR THE COL
LECTION OF AN ANNUAL TAX
UPON ALL THE TAXABLE PROP
ERTY IN THE CITY OF PAYETTE,
IDAHO, SUFFICIENT TO PAY THE
INTEREST ON SAID BONDS AS
1T FALLS DUE AND TO CREATE
A SINKING FUND FOR THE PAY
MENT OF THE PRINCIPAL
THEREOF WITHIN TWENTY
YEARS AFTER THE DATE OF IS
SUANCE OF THE SAME AS MAY
BECOME DUE:
Be it ordained by the Mayor and
Council of the City of Payette, Idaho,
as follows:
SECTION /. A special election
of the qualified electors who are
taxpayers thereof in the City of Pay
cite, Idaho, shall be held on the 18th
day of May, 1921, for the purpose of
submitting to the said electors the
question of the issuance by said City
of its municipal coupon bonds in
the denomination of 100000, as
near as practicable, payable within
twenty years from the date of issu-
ance redeemable at the pleasure of
the City at any time after the expira-
| ton of ten years, bearing interest at
the rate not to exceed six per cent
per annum, interest payable semi
annually, in the aggregate not to
exceed the sum of $12,117.00 as
hereinafter stated, and SO far as any
bonds may be authorized to provide
! for the levying and collecting of an
annual tax upon all taxable property
the said City of Payette, Idaho,
sufficient to pay the interest on said
bonds as it falls due, and to create
and constitute a sinking fund for the
payment at any time after ten years
from date thereof of the principal
of said bonds as they respectively
become due, for the following pur-
poses, towit:
Municipal Coupon Bonds to the
amount of $12,117.00 to be designat-
ed Municipal Coupon Paving Bonds
of the City of Payette, Idaho" to
provide for the curbing, grading and
paving the intersection of streets
and otherwise improving the same,
and crossings and crosswalks in
said improvement district No. in
said City.
Said bonds or any of them, if au-
thorized by the vote of the qualified
electors who are taxpayers of said
City of Payette, shall be payable
twenty years from their date of is
suance, but shall be redeemable at |
the pleasure of said City at any time
after the expiration of ten years from |
the date of said issuance, and each
bond shall be redeemed in. the order
of its number.
Said bonds shall bear interest not
to exceed six per cent per annum,
said interest to be payable semi
and shall in all respects
in form and issuance with
the provisions of the laws of the
State of Idaho, relating to the issu-
ance of Municipal Improvement
Bonds.
SECTION 2. In order to provide
for the payment of interest on said
bonds as are authorized to be issued
at the election hereinafter provided
Tor and to constitute sinking fund
Tor the payment Of the principal
thereof at maturity, a direct tax in
addition to all other taxes shall be
lnually levied and collected on all
he taxable property in the said City
If Payette, sufficient to meet the
interest on such bonds as shall be
ssued and outstanding from time
o time promptly as they mature,
md also sufficient to establish and
maintain a sinking fund which shall
70 sufficient to pay all bonds called
n after ten years and before ma
urity thereof, and also to promptly
meet the payment of all of such
'onds outstanding at their maturity. :
The City Clerk of said City is
ereby directed and authorized to
i've at least thirty days notice of the
ime of said special election by pub
ication in the Payette Enterprise a
Jeekly newspaper published in said
lily of Payette and having general