Bonners Ferry herald. [volume] (Bonners Ferry, Idaho) 1904-current, 1922-10-19

shall bear interest at the rate not to
exceed seven per cent (7Sc) per an
mum, which said interest, shall be
payable annually at the office OF the
Village Treasurer at Bonners Ferry,
Idaho Said bonds shall be issued in
denominations of Five Hundred Dol
lars (S50000) each and shall be num-
! bered from one "a upwards consecu-
lively, and each bond and coupon
shall be signed by the Chairman OF
the Village Board OF Trustees and at
tested by the Village Clerk Each of
said bonds so issued 10 be one of a
series of bonds issued TO pay the cost
and expenses OF the street improve
ments made in said Local Improve
mont District No 4 and assessed and
charged against the lots. pieces or
parcels of land in said district, abut-
ting, fronting, contiguous and tribu-
/ tary to the improvements so made in
said street, and the Village Board of
| Trustees has the right to limit the
number of bonds TO be issued to the
actual costs and expenses of the con
struction and completion OF the said
improvements, made in said Local Inn
provement District No. so assessed
and charged against said property in
said Improvement district.
SECTION 10. That every bond
shall provide that the principal sum
] therein named and interest thereon
shall be payable out of the Local I'M
lprovement District Fund created for
the payment of the costs and expenses
OF such Improvement and not other
wise.
SECTION 16. That said special
assessment improvement bonds here
in provided for may be issued by the
Village to the contractor constructive
the Improvement in said Local I'M
provement District No. in payinent
thereof for the costs and expenses of
said Improvement, or h G Chairman
and the Village Board OF Trustees
may sell and dispose of the same at
not less than their par value, net,
and pay the proceeds thereof TO the
contractor, or contractors construct
ing said Improvements Such bonds
shall not be issued in amounts in ex-
cess OF the contract price or cost Of
the work or improvements. excent
that the installment coupon shall in
clude the interest on such Install
ment to the maturity thereof The
NNAN bohNA snail Dt Vi the OHnOmlnH-
ton of Five Hundred Dollars
(So0O.OO). The said special street inn
provement bonds of Local Improve
ment District No. being issued as
herein provided, to pay for said street
improvements, the cost of which i'm
provement is charged by special as
sessments against the special prop
erty included within the said Local
ln1nrnxrot,,ot,f ~.
man and Village Board OF Trustees
snail levy special assessments each
year against said property included
WITHIN SAID Local Improvement Dis
trlct NO. sufficient to redeem the in
stallments of such bonds next there
after maturing, and in computing the
amount of special assessments to be
levied aginst each lot, piece or parcel
OF land liable therefor, interest there
on at a rate not to exceed seven per
cent (18c) per annum from the date
OF issuance. Of said bonds HntiI.sthe
maturity OF the installments of bonds
next thereafter maturing shall be in
GUIDED Such assessments shall be
made upon the property chargeable
Tor the costs of such improvements
respectively and shall be levied and
collected in the same manner as pro.
vided by the law and the ordinances
in this village for the levying and col
lection OF special assessments FOL
such Improvement where no bonds ar,
, issued, except as otherwise provided
, by this ordinance. The basis Of sucl
, assessment whether upon such assess
ed valuation frontage or otherwis,
liable for such costs shall be retaine,
for the assessment of succeeding in
! stallments of said bonds.
SECTION II. The owner of an,
1 piece of property in said Local I'm
provement District No. liable 70
!. any special assessment herein pro
q vided may redeem such property iron
o such liability by paying the entir
+ assessment chargeable against hi
property according to said assess
ment roll upon the Village CIeri
! having published a printed notice i
- three CD consecutive issues of tn
p official weekly newspaper, which nc
4 tice shall state the time for paymen
: to begin and the time for payment [
. close, the last day of said notice [
! be not less than thirty 800 days be
a, fore the issuance of the bonds). b
: paying all of the installments OF tn
II assessments which have been levie
9 and also the amount of unlevied in
stallments with interest on the latte
. at the rate not to exceed seven pc
cent (7%o) per annum, from the dat
r of issuance of said bonds to the tim
:. of maturity of the last installments /
Il all cases where said installments &
n the said assessment are not yet levie
Q and paid as above provided whethe
d before or after the issuance of the sal
r bonds, the same shall be repaid to tn
e City Treasurer, who s h all receiI
O therefor, and all sums so paid sha
n be applied solely to the payment
8 said improvements or the redemptio
q OF said bonds issued therefor.
= SECTION IS. When any piece {
said property in said Local Improve
:, ment District No. 4 has been redeeme
. from liability for the said cost of sal
! improvements as herein provide,
! such property shall not thereafter b
q liable for further special improve
= ment assessments except as hereir