Idaho County free press., 1923-10-11
e.uu ORDINANCE NO. 100

An Ordinance Irosru"S " U:f1oa,,
an and Prescribing the form MOI OF fiifeen
abousand Dollars (Sl5,0oO) OF the
M"n;eipaI Coupon Bonds of the City
~ GrangeyiiIe, Idaho, Described in
9s o.. 0rdinance Number One Hun
Slly lily E;fty-eight (158) of said City
asJonxed and Approved June l9,
fSS9 and Making Provision for the
iCyo,Is,etion III, % of an Annual Tax Suffi-
e:ont IN Paw the Interest on Such
So ponds Az 1t Falls Due and Also
DOu uTonstitute a Sinking Fund for
~ ~. payment of the Principal There
we ss within Twenty (2O) Years from
a.. a. nafe of Issuance Thereof.
WI9EREAS, WI At a special election OF
tbe qualified electors VINO were taA-
uavers nav of the City Of Grangeyille, in
R tpe State of Idaho, held on the twenty
sourth day of July, A. ID. 1923, in ac-
aordance with law and pursuant to
S,,o notice. such qualified voters did
moro than a two-thirds vote carry
~ tbe affirmative the question of con-
..octinq a bonded debt by this city in
tha sum of Fifteen Thousand. Dollars
1s15 OOO), for the purpose of providing
fnnds for the grading, improving and
macadamizing of the following streets
in the City of Grangeville, Idaho, to-
vii. Main Street from a point one
hundred fifty feet east of the inter
section 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
NJ 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
Soufh 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, Ida
no: 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,
and levy and assess a direct ad valor-
EN- tax upon all the taxable property
in said city sufficient to pay the in
terest accruing upon said bonds
promptly when and as the same comes
due and also at the lawful time further |
ad valorem tax upon said taxable |
property sufficient to constitute and |
maintain a sinking fund for the pay
ment of the principal of said bonds
within twenty years from the date of
issuance thereof; and
WHEREAS, The City Council de-
sires, as directed by law, to issue the
bonds of this city in conformity with
said vote for the purposes aforesaid
NOW, THEREFORE,, BE 1T Or
DAINED BY THE MAYOR AND
CITY COUNCIL OF THE CITY OF
GRANGEVILLE, IDAHO:
Section 1. That by virtue and in
pursuance Of chapter ITO Of title 80
of Idaho Compiled Statutes, 1919, and
the amendments thereto, there shall
be issued the municipal coupon bonds
of the City of Grangeville, Idaho, to
the Amount of Fifteen Thousand Dol
lars ($15,000), for the purpose of pro-
viding funds for the grading, improv-
ing and matchmaking of certain
streets in the City of Grangeville,
Idaho more fully described in the
first paragraph of this ordinance; that
said bonds shall be dated October 1,
1923, shall be redeemable at the op-
ton of the city at any time after the
expiration Of ten (10 years from the
date thereof, and shall be absolutely
due and payable on the first day of S
October, A. d. 1943. They shall con- {
dst of fifteen (15) bonds in the de- {
of One Thousand Dollars
$4,000 each, numbered from one ~ Q
o fifteen (15), inclusive. The t
principal and interest of said bonds q
hall be payable at the office of the S
reasurer of the City of Grangeville, i
daho, or at the American Exchange e
National Bank, in the City Of New S
fork, q. s. A, at the option of the t
lolder. Said bond shall bear interest s
It the rate of five and three quarters S
Yer centum (5% per cent? per annum. o
layable semi annually on the first L
ay Of January and the first day of
uly in each year. Said interest shall t
e represented by forty (40) coupons h
rtached to each bond, each a
oupon representing a half yearly fl
ayment of interest upon the bond to t
'mch 1t is attached, except coupon h
lumber one (D, which shall represent O
ne interest accruing on said bond a
rom October 1, 1923, to January 1, c.
S24, and coupon number forty (40), v
mich shall represent the interest a
ccrulng on said bond from January il
lS4S to October 1, 1913. Said bonds b.
lall De signed by the mayor, attested C
Ihe city clerk, and countersigned OF
tne city treasurer, and shall bear n
le seal of said city, and the coupons b.
hereto attached shall bear the &C
igrayed facsimile signature of the pl
ty treasurer. al
section 2. That said bonds and in
'upons shall be in substantially the I'll
blowing form. towit: in
UNITED STATES OF AMERICA 81
tate of Idaho County of Idaho le
MUNICIPAL COUPON BOND III