The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1922-11-03
RESOLUTION

RESOLUTION
Whereas doubt has arisen as to the
validity of the election notice and of
the election held pursuant to resolu-
tion adopted August 9Th, 1922.
Now therefore be it resolved by the
City of Athena, Umatilla County,
Oregon, that the following act to
make charter provision governing the
finances of the City of Athena and to
amend an act of the legislature of
the State TO 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 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 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
1. To control the finances and pro-
perty of the corporation and to ac-
quire 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 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 it's passage, be re-
feTed 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 i'm
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 bv 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 legallv applicable thereto.
Section 4. Anv bonds authorized by
the City shall be in denomination Of
not less than One Hundred ($i00.OO)
Dollars nor more than One Thous-
and l$l000.00) Dollars; shall be num-
bered from one up consecutivelv.
shall bear the date of their issue;
shall be payable not more thar twen-
ty-five years from date, and shall
bear interest at not more than
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 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.
The purchaser shall not be required
to see to the application of the pro-
ceeds.
Section 8. 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 lithoeraphed
on good bond raper. and shall be in
such form as may be prescribed by
the City Council bv resolution or
ordinance. and shall be sold in sucn
manner as shall be deemed advisable
and advantageous by the City Council.
Section Q. No bonds issued under