Idaho County free press., 1923-06-21
CITY ORDINANCE NO. 1853

of the City of Grangeville, Idaho,
for the purpose of providing funds
for the grading, improving and mac
adamizing of the following streets
in the City of Grangeville, Idaho
to-wit: Main Street from point
one hundred fifty feet east of the
intersection of the east line of Mea-
dow street with said Main street
TO the west line of Idaho Avenue I;
Mill Street from the north side of
Main Street to the north side of
North Second Street; Meadow street
from the south side of South Street
to the north side of North Street
Hall Street from the south side of
South Street to the north side of
North Street; State Street from the
south side of South Street to the
north line Of the city limits of the
City of Grangeville. Idaho; College
Street from the south side of South
Street to the north side of North
Street; South Street from the west
side of Hall Street to the east side
of State Street; Cunningham Street
from the west side of Idaho Avenue
to the west side of "a" Street; all
in the City of Grangeville, Idaho.
To provide for submitting the ques-
tion of the issuance of said bonds
to the electors of said City and call
ing an electin therefor; and desig-
mating the provision to be made to
pay the interest on such bonds as
falls due, and also to constitute
sinking fund for the payment of the
principal thereof within J twenty
years from the time of the issuance
of the same.
Be it ordained by the Mayor and
and Council of the City of Grange
vile:
Section /. That upon the approval
and ratification Of this ordinance by
two-thirds of the qualified electors
who are taxpayers of the City of
voting at The election
hereinafter provided for, and assent
ing to the issuing Of the bonds and
TO the incurring of the Indebtedness
hereinafter prvided for, for the purpos-
ns hereinafter specified, there shall be
issued coupon bonds of said City of
to the total amount of
fifteen thousand ($15,000.00) dollars.
Section 2. That the purpose Of is
for the grading. improving and macad-
lmizing of the following streets in the
City Of Grangeville, Idaho, to-wit:
Main Street from point one hundred
fifty feet east of the intersection of the
east line of Meadow Street with said
Main Street to the west line of Idaho
Avenue: Mill Street from the north
side of Main Street to the north side
Of North Second Street: Meadow
Street from the south side Of South
Street to the North side of North
Street Hall Street from the south
side Of South Street to the north side
II North Street; State Street from
he south side of South Street to the
north line of the City Limits of the
City of Grangeville. Idaho; College
Street from the south side of South
Street to the north side of North
Street; South Street from the west
side of Hall Street to the east side of
State Street; Cunningham Street from
he west side of Idaho Avenue to the
vest side of "a" Street; all in the City
If Grangeville. Idaho.
Section 8. That the estimated cost
# the said improvements is the sum
If Fifteen Thousand ($15,000.00)
Dollars
Section d. Such bonds shall be
Known as municipal coupon bonds of
he City of Grangeyille. Idaho; shall
Ne issued in denominations of One
Thousand ($1,00000) Dollars each;
hall be numbered consecutively from
me to fifteen inclusive; and each
,ond shall be made payable within
wenty years from the date of its is
uance. and shall be redeemable at
he pleasure of the City Of Grange
lille after the expiration Of ten years
rom the date of its issuance, and
rider it is numbered and shall bear
interest at the rate of not exceeding
ix (6 percent) per centnm per an
ium, TO be paid on the first day of
January and tho first day Of July of
ach year Mt the office Of the City
Treasurer. or at such banking house
IT Trust Company in the CITY IF New
1orlS as may be designated by the
1ayOr and common council of said
Jity at the option of the holder there
f.
Section 5. Such bonds shall be
egotiated. sold. issued. registered and
elivered by the Mayor and Council
f said City in strict compliance with
he provisions of Chapter 40 Of the
Compiled Statutes of Idaho. Such
onds shall be sold for cash and In
10 case must said bonds be sold for
ess than the face or par VALUE and
he accrued interest at the time. of
isposal All proceeds derived from
he sale of said bonds shall be ap-
lied exclusively to the purpose for
7hich said bonds are issued.
Section 6. That for the purpose Of the
ayment Of the interest on the said
onds as it falls due and also to Gre
te a sinking fund for the payment
T the principal Of said bonds as they
ecome due. there shall be levied an
ually by the council Of the City upon
II the taxable property within the
aid City sufficient sum to pay the
interest. and an additional sum suffic
mt TO pay the said bonds at matur-