The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1922-08-11

q. 10 borrow money for corporate
purposes on the credit of the corpora
tion and to issue negotiable bonds
therefor, upon the conditions and il
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 o1
the taxable property therein, as as
certained by the last assessment fol
city purposes previous to the incur.
ring of such Indebtedness, exclusive
of Indebtedness incurred for munici..
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 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, exclusive
of any indebtedness for municipality
owned water works, and local improve
ment 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 8. 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 City Council, whenever there is
not sufficient money in the Treasury
in the bond redemption fund or other
wise provided for that purpose, to
pay such bonds, warrants or indebt-
edness 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 Thous-
and ($1000.00) Dollars; shall be num-
bered 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
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 Seal
of the City shall be thereto attach
ed. If coupon bonds, the coupons
shall be signed by the Mayor and at
tested 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 DE prescribed by
the City Council by resolution or
ordinance, and shall be sold in such
manner as shall be deemed advisable
and advantageous by the City Council.
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 derived
from the sale of such bonds shall be
Immediately deposited in special
fund and shall not be expended 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 pro-
perty within the City sufficient to
pay the interest on bonds outstand-
ing as the same accrues, and the prin-
cipal of said bonds from time to
time, at. the maturity thereof, which
taxes shall become due and collect
ible as other taxes.
Be it further resolved by the City
of Athena, Umatilla County, Oregon,
that the following Act to make char
ter provision providing for the issu-
ance of bonds and validating out
standing Indebtedness, and to amend
the Act of the Legislature of the
State of Oregon, filed with the Sec
retary of State, January 9th, 1905.
being original House Bill No. 80 and
Amendments thereto, by adding to
said City Charter Article XII, be and
the same hereby is proposed for sub
mission to the legal voters of said
City for their adoption or rejection
at special election to be held the
9Th day of September, 1922, as fol-
lows:
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
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