Imperial Valley press., 1924-04-05

OF aqueductS, bitches, canals, reSer
voirs, distributing system, pumping
and filtration and purificatior
plants, and other works necessary
therefor, for the purpose of fur
nishing and supplying the City OF
Ell Centre and the inhabitants
thereof with water for domestic use
and irrigation purposes, extinguish-
ing fires, flushing sewers, sprink'
ling streets, and for other purposes
that the estimated cost of said
municipal improvements is Two
Hundred Thousand ($200,000.00)
Dollars and said cost is and will be
too great to be paid out of the or
dinary annual income and revenue
of said city; that the amount of the
principal of the Indebtedness to be
icurred therefor is Two Hundred
Thousand ($200, ,000.00) Dollars and
that the maximum rate of interest
to be paid on said indebtedness is
six. per centum (6%) per annum,
payable semS&nnpally, which rate
shall not be exceeded in the issuance
of the bonds for such Indebtedness.
SECTION ~. That special
election shall be held in said City of
Ell Centro on Monday, the 14th day
of April, 1924, (together with the
general municipal election to be
held on said day as aforesaid) and
is hereby called on that day for
the purpose of submitting to the
qualified voters of said city the
proposition of incurring q bonded
debt in the said sum of Two Hun
dred Thousand ($200,000.00) Dol
lars principal, and from the sale of
said bonds to pay the cost of ac-
quiring, constructing, and complet-
ing said water works and water
system and municipal Improvements
connected Herewith for the purposes
aforesaid, and said election shall
be held on said 14th day of April,
1924, in said City of FL Centre in
all particulars not recited in this
Ordinance as provided by law for
holding municipal elections in said
SECTION V. That if the propo.
sition of incurring the said bonded
indebtedness for the aforesaid pur-
pose so submitted 81 such election
receives the requisite number Of
votes, to-wit, two thirds of the
votes of the qualified voters voting
at such election, bonds of said city
in the sum of Two Hundred Thous-
and $500, ,0O0.OO) Dollars shall be
issued and sold for the purpose Of
acquiring, constructing and complet-
ing said revenue-producing munich
pal improvement. They shall bear
interest at rate not exceeding six
per centum (6qo) per annum, pay
able semi-annually, and the prin-
cipal and interest thereof shall be
payable in lawful money Of the
United States of America. One
twentieth part of the principal of
said bonds shall be paid each and
every year at the office of the City
Treasurer of the City of Ell Centre
at said City in the County of I'm
perial, State of California, on a day
and date to be hereafter fixed in
said bonds until the whole princi-
pal has been paid. The earliest
maturity of the Indebtedness Great
ed by the issue of the bonds may, be
made to begin more than one and
not more than tef years after the
date of the issuance of said bonds
that the interest on said bonds shall
be paid semi-annually at the same
place, one of such semi-annual pay
ments in each year being made at
the date Of the payment of the an
nual installment of the principal of
such Indebtedness as aforesaid
said Indebtedness shall be evidenc-
ed by bonds and proper coupons at
tached thereto, separate coupons be-
ing attached to each bond for each
semi-annuaf payment of interest to
become due on said bonds and such
bonds shall be issued in such demo
ninations Or denomination as the
Board of Trustees Of said City shall
determine, in accordance with the
law; said bonds shall be signed by
he President of the Board of Trus.
ees of said City and also by the
Treasurer of said City and shall be
'ountersigned by the City Clerk of
'aid City. The coupons of said
bonds shall be numbered consecu
lively and signed by the Treasurer
SECTION VI. That for the pur.
yose of paying the principal and
interest of said bonds the Board of
Trustees of said City shall at the
ime of fixing the general tax levy
ind in the manner for such general
ak levy provided levy and collect
lnnually each year until said bonds
are paid or until there shall be q
sum in the Treasury of said city SET
part for that purpose to meet all
ums coming due for principal and
interest on such bonds, q tax suffi
lent to pay the annual interest on
'uch bonds, and also such part OF
The principal thereof as shall be
come due before the time for fix
ing the next general tax levy; pro
vided, however, that if the ma
;urity of the indebtedness created
)y the issue of the bonds be made
to begin more than one year afte
the date of the issuance of sucl
bonds such tax shall be levied and
collected at the time and in the
manner aforesaid, annually each
ear, sufficient to>pay the interest
IN such Indebtedness as it falls due
md also to constitute sinking
fund for the payment of the prin-
sipal thereof ON or before maturity