The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1922-10-27
RESOLUTION

whereas DOUBT mas arisen as 10 tne
validity of the election notice and OF
the election held pursuant to resolu-
tion adopted August 5th, 1922.
Now therefore be it resolved by the
City of Athena, Umatilla County,
Oregon, that the following act to
make cnarter provision governing the
finances Of the City of Athena and to
amend an act Of the legislature OF
the State fo Oregon, filed with the
Secretary of State January 27, 1905
being original house bill No. 80 and
amendments thereto, by adding to
said city charter Article XI, be and
the same hereby is proposed for sub,
mission to the legal voters of said
city for their adoption or rejection
at a special election to be held at the
same time as the general election on
the 7th day Of November, 1922, as
| follows:
ARTICLE XI-FINANCE
Section |. The City of Athena
shall have power
/. To control the finances and pro-
perty of the corporation and to &C
uuire by purchase or otherwise, lands,
and other property for corporate uses
provided by the charter and to dis
pose of any such property as the in
terest 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 aggregate to ex-
ceed ten per centum of the value OF
the taxable property therein, as as
certained by the last assessment for
city purposes previous to the incur
ring of such Indebtedness, exclusive
| of indebtedness incurred for munci-
pally owned water works, and local
Improvement bonds.
3. To issue bonds in place of or to
supply the means to meet maturing
bonds or other indebtedness hereto
fore issued or that may hereafter be
incurred, for the purpose of funding
the same.
Section 2. Whenever the City of
Athena, acting by it's Council or upon
initiative petition, may deem it nee
essary or expedient to incur indebt-
edness or to borrow money for num-
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 it's passage, be re-
ferred to 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, exclusive
of any indebtedness for municipality
owned water works. and local inn
provement 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 authorizing the
issuance thereof, upon the passage
and approval of an ordinance author
izing the issuance of the same.
Section 3. Any bonds heretofore
or hereafter issued by the City OF
Athena and any warrants so issued
! for Indebtedness which shall there.
tofore have been approved by the
legal voters of the City of Athena
may be refunded in the discretion OF
the Citv Council, whenever there is
not sufficient money in the Treasury
in the bond redemption fund or other.
wise provided for that purpose, tc
pay such bonds warrants or indebt.
edness and legally applicable thereto
Section 4, ANY bonds authorized BY
the City shall be in denomination ot
not less than One Hundred ($100.00)
| Dollars nor more than One Thous.
and l$1000,00) Dollars; shall be mum.
bered from one up consecutively;
| shall bear the date of their issue:
shall be payable not more than TWEEN.
| ty-five years from date, and shall
bear interest at not more thar
six per cent per annum, PAYABLE
semi-annuallv. and the principal and
interest shall be payable at such place
as may be designated. The bonds
shall be signed by the Mayor and at.
tested by the Recorder and the Sea-
of the City shall be thereto attach,
ed If coupon bonds, the couuons
shall be signed by the Mayor and at.
tested by the Recorder, either by
manual or fac-simile signature.
The purchaser shall not be required
to see to the application of the pro,
ceeds.
Section 5. ANY bonds authorized
to be issued by the vote of majority
of the legal voters of the Citv Of
Athena, or otherwise, authorized un
der the provision of this Article, shall
be printed. engraved or lithoeraphet
on good bond paper. and shall be il
such form as may be prescribed by
the City Council nv resolution OF
ordinance. and shall be sold in such
manner as shall be deemed advisabl,
and advantageous by the City Council
Section 6. No bonds issued undel
the provisions Of this charter shall b,