The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1922-08-25

that on Wednesday the 9Th day of
September, 1922, special election
Of the legal electors Of the City of
Athena will be held in the Council
Room of said City Council, at which
time there will be submitted to said
electors the following measures:
ARTICLE XI-FINANCE
Section 1. The City of Athena shall
have power
/. To control the finances and
property of the corporation and to
acquire by purchase or otherwise,
J lands and other property for corpor-
ate uses provided by the charter and
to dispose of any such property as
the interest of the City may, from
time to time, require.
2. To borrow money for corporate
purposes on the credit Of the corpora
tion and to issue negotiable bonds
therefor, upon the conditions and in
the manner hereinafter, provided,
but the said City shall not in any
manner or for any purpose, become
indebted to an amount in the aggre-
gate to exceed ten per centum of the
value of the taxable property therein,
as ascertained by the last assessment
for city purposes previous to the in
curing of such indebtedness, exclu-
sive of Indebtedness incurred for
municipality owned water works, and
| local Improvement bonds.
3. To issue bonds in place of or
to supply the means to meet matur-
ing bonds or other Indebtedness here
tofore issued or that may hereafter
be incurred, for the purpose Of fund
ing the same.
Section 2. Whenever the City of
Athena, acting by its Council or upon
initiative petition, may deem it nee
essary or expedient to incur indebt-
edness or to borrow money for mum
icipal purposes, the said City shall
by ordinance authorize the issuance
of general obligation municipal bonds.
Such ordinance shall state the amount
proposed to be raised and the pur-
pose or purposes for which the money
raised is to be expended, and shall
Immediately upon its passage, be re-
ferred to a vote of the legal voters
of the City of Athena, upon notice
provided for special elections in said
City, provided that if the bonds to be
issued, together with all outstand-
ing indebtedness of the city, exclu-
sive of any indebtedness for munich
pally owned water works, and local
improvement bonds, shall not exceed
two per centum Of the assessed value
of all Of the taxable property in the
City, such bonds may be issued and
sold without any election authoriz-
ing the issuance thereof, upon the
passage and approval of an ordinance
authorizing the issuance Of the same.
Section 3. Any bonds heretofore or
hereafter issued by the City of Athe-
ma and any warrants so issued for
Indebtedness which shall heretofore
have been approved by the legal vo-
ters Of the City of Athena, may be
refunded in the discretion of the City
Council, whenever there is not suf-
ficient money in the Treasury in the
bond redemption fund or otherwise
provided for that purpose, to pay such
bonds, warrants or Indebtedness and
legally applicable thereto.
Section A. Any bonds authorized
by the City shall be in denomination
of not less than One Hundred ($100.-
00) Dollars nor more than One Thou
sand ($1000.00) Dollars; shall be
numbered from one up consecutively;
shall bear the date of their issue;
shall be payable not more than twen-
ty-five years from date, and shall
bear interest at not more than six
per cent. per annum, payable semi
annually, and the principal and inter
est shall be payable at such place as
may be designated. The bonds shall
be signed by the Mayor and attested
by the Recorder and the Seal of the
City shall be thereto attached. If
coupon bonds, the coupon shall be
signed by the Mayor and attested
by the Recorder, either by manual
or fac-simile signature.
Section 5. Any bonds authorized
to be issued by the vote of majority
of the legal voters Of the City of
Athena, or otherwise authorized un-
der the provision Of this Article, shall
be printed, engraved or Autographed
on good bond paper, and shall be in
such form as may be prescribed by
the City Council by resolution or or
dinance, and shall be sold in such
manner as shall be deemed advisable
and advantageous by the City Coun-
cil
Section 6. No bonds issued under
the provisions of this charter shall
be sold or exchanged at less than
their par value, and all moneys de-
rived from the sale of such bonds,
shall be Immediately deposited in a
special fund and shall not be expen-
ded for any other purposes than that
for which such bonds were authorized
and issued.
Section 7. There shall be levied
each year a tax upon the taxable
property within the City sufficient
to pay the interest on bonds out
standing, as the same accrues, and
the principal of said bonds from time
to time, at the maturity thereof,
which taxes shall become due and col
lectible as other taxes.
ARTICLE XII.
FUNDING BONDS FOR THE
PURPOSE OF PROVIDING FUNDS
WITH WHICH TO REDEEM THE
PRESENT OUTSTANDING IN
DEBTEDNESS OF THE CITY
Section 1. The City Council is
hereby authorized and empowered to
issue and negotiate general obligation
coupon bonds of the said city in the
principal sum of Twenty Thousand
t$20,000.00) Dollars, said bonds to be
of such denomination and to bear
such date and rate Of interest and tc
run for such length Of time as may
be determined by the City Council
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