The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1921-08-25

of bonds OF said district. which pOnus
shall be issued in the name OF the
Municipality, shall be payable ac-
cording to the terms thereof in equal
annual installments or amounts be-
ginning one year and end ten years
after date, and shall bear iterest at
the rate of Z per cent per annum
payable annually. Such bonds shall
not be issued in excess of the con-
tractors price and expense Of such
improvements including engineering
and other clerical services, adver-
Using, inspection, cost Of collecting
assessments and interest upon said
warrants. Said bonds shall be num-
bered consecutively from one up and
shall be in the denomination Of $500
except Bond No. /, which may be
for such odd amount less than $500
as may be necessary and proper.
Coupons shall be attached to said
bonds for each annual installment OF
interest. Said bonds and coupons
shall be signed by the mayor, count
ersigned by the city treasurer and at
tested by the city clerk, provided,
however, that such coupons in lieu
of being signed as aforesaid shall
have printed thereon fac-simile sig
natures Of the city officers and each
bond shall have the seal Of the city
affixed thereto and shall refer to the
improvement district for the pay
ment of which the same is issued and
shall provide that the principal sum
therein named and interest thereon
shall be payable out of the Local I'M
provement fund of said district and
not otherwise. s,'a a9t
Sec. 5. There is hereby created In
the city treasury special fund
known as Local Improvement Dis
trict No. 81 Fund" which is hereby
created for the purpose Of paying
the costs and expenses Of such i'm
provement and all assessments to be
levied for the payment of the costs
and expenses of said improvement as
collected shall be paid Immediately
into said fund and no portion of said
fund shall SO long as any OF said
bonds shall remain outstanding and
unpaid, be used for any other pur-
Holders Of said bonds shall have no
poses than for the payment Of prin-
cipal and interest of said bonds.
claim therefor against the city ex-
cept for the payment OF special as
sessment made for the improvement
for which the said bonds are issued
but the holders remedy in case OF
non-payment shall be confined to en-
forcement Of such assessments as
provided by Section 4026 Of the COM
piled statutes of 1919 State Of Idaho,
and copy of said section shall be
plainly written, printed or engraved
upon the face of each bond SO issued.
Assessments which shall be levied
against lands in said Local Improve
ment District shall become lien
upon the lots, lands or parcels OF
land against which same are levied
respectively, which lien shall take
precedence over all other liens and
may be foreclosed IN accordance with
the provisions Of compiled Statutas
Of 1919, State OF Idaho. Whenever
there shall be sufficient money in
the fund Of said district over and
above the amount sufficient for the
payment of interest next due on all
unpaid bonds Of said district, to pay
the principal Of one or more Of said
bonds, the city treasurer shall cali in
and pay such bonds in numerical
order, lowest number first, which call
shall be made by publication In the
city's official newspaper of the City
Of Blackfoot. Idaho, which call shall
state the bond numbers 50 called for
payment will be paid on the day the
next interest coupons shall become
due. Interest upon said bonds shall
cease upon such call date. ~ III
Sec. 6. That as soon as said Inn
provement shall be completed, the
committee on streets and the city en-
gineer shall determine the cost and