The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1922-08-18
NOTICE IS HEREBY GIVEN

NOTICE is HEREBY GIVEN
that on Wednesday the 9Th day o1
September, 1922, special election
of the legal electors of the City Of
Athena will be held in the Counci
Room of said City Council, at which
time there will be submitted to sale
electors the following measures:
ARTICLE XI-FINANCE
Section 1. The City of Athena shal
have power
/. To control the finances anc
property of the corporation and tt
acquire by purchase or otherwise
lands and other property for corpor.
ate uses provided by the charter anG
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
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
the issuance Of the same.
Section 3. Any bonds heretofore or
hereafter issued by the City of Athe-
IA and any warrants so issued for
Indebtedness which shall Heretofore
nave been approved by the legal vo-
,ers of the City of Athena, may be
refunded in the discretion of the City
Council, whenever there is not suf-
icient money in the Treasury in the
bond redemption fund or otherwise
provided for that purpose, to pay such
ponds, warrants or Indebtedness and
egally applicable thereto.
Section A. Any bonds authorized
~ the City shall be in denomination
# not less than One Hundred (S1O0.-
w Dollars nor more than One Thou
sand, ($1O00.00) Dollars; shall be
from one up consecutively;
'hall bear the date of their issue;
shall be payable not more than twen-
,y-five years from date, and shall
bear interest at not more than six
Der cent. per annum, payable semi
and the principal and inter-
'st shall be payable at such place as
nay be designated. The bonds shall
'e signed by the Mayor and attested
y the Recorder and the Seal of the
|ity shall be thereto attached. I'll
oupon bonds, the coupon shall be
igned by the Mayor and attested
y the Recorder, either by manual
r fac-simile signature.
Section 5. Any bonds authorized |
. be issued by the vote of majority
{ the legal voters of the City of
-thena, or otherwise authorized un-
er the provision of this Article, shall |
e printed, engraved or Autographed
n good bond paper, and shall be in
lch form as may be prescribed by
ne City Council by resolution or or
nance, and shall be sold in such
tanner as shall be deemed advisable
nd advantageous by the City Coun-
i.
Section 6. No bonds issued under
he provisions of this charter shall
e sold or exchanged at less than
ieir par value, and all moneys de-
we'd from the sale of such bonds,
lall be Immediately deposited in
oecial fund and shall not be expen-
I'd for any other purposes than that
" which such bonds were authorized
nd issued.
Section z. There shall be levied