The Glenwood post., 1924-02-07
(Form of Coupon.)

form OF Coupon.)
No.. $........
On the 1st day of July, A. D.
10. 49,. /, the City of Glenwood Springs,
in the County of Garfield and State of
Colorado, will pay to bearer. .......
....... Dollars ($.........), at the
banking house of Kountze Brothers, in
the City of New York, U. 8. A, being
six months interest on its Waterworks
Extension Bond, Series of 1924, dated
January 1st, A. D. 1924, and bearing
Fac-Simile Signature.)
NEUTRALITY-SUSPICIOUS.. ........
City Treasurer.
Section g. That after the execution
of said bonds as provided herein, the
same shall be delivered by the City
Treasurer to The First National Bank
of Glenwood Springs, Colo, the lawful
purchaser of said bonds upon the pay
ment of the purchase price thereof,
that said Treasurer shall hold the pro-
ceeds of said issue of bonds in a sepa-
rate fund subject to the order of the
City Council of said City of Glenwood
clusively for the purpose of the con-
struction, improvement and extension
of waterworks system for fire and
domestic purposes within and for said
City, but the purchaser of said bonds,
or any subsequent holder shall in no
wise be responsible for the application
of the proceeds of the sale of said
bonds by the Treasurer or the City
Council, or any of the officers of said
City, and when said bonds shall have
been delivered to the said purchaser,
their legality or the legality of the in
debtedness created by said bonds shall
not be open to contest by any person
or persons, corporation or corporations
for or on behalf of, or by the said
City for any reasons whatever.
Section 4. That the interest falling
due on said waterworks extension bonds
on the first day of July, 1924, and the
first day Of January, 1925, shall be,
and the same is hereby ordered appro-
priated and paid by the City Treasurer
out of the general revenue fund of the
City; and for the purpose of providing
the necessary funds to reimburse said
general fund for the amount so bor-
ioWCu anu bdhcu lIOul IL, anu " pay
the interest accruing on said bonds
thereafter, promptly, when, and as the
same falls due, and to create a sinking
fund sufficient to discharge, the prin-
cipal thereof at maturity, there shall
be and there is hereby levied upon all
the taxable property in said City, the
following direct annual ad valorem
| taxes, to-wit:
In the year 1924, tax sufficient
to produce the sum of $1,425.O0
| for interest;
In each of the years 1925 to 1882,
inclusive, tax sufficient to pro-
duce the sum of $712.5O for inter
est;
In each of the years 1888 to 1887,
] inclusive, tax sufficient to pro-
duce the sum of $3,712.50, being
100000 for principal and $712.5O
for interest;
When collected, said taxes shall be
kept by the Treasurer of said City in
separate fund to be known and des-
ignated "Water Bonds, dated January
1st, A. d. 1924, Interest and Sinking
Fund.- and shall be applied solely to
tnC pay Hthl VI Unc lHUcTeSU anu
cipal of said bonds, hereby authorized,
when due, so long as any of said bonds
or interest coupons thereto appertain-
ing remain outstanding and unpaid, but
nothing herein contained shall be SO
construed as to prevent the said City
from applying any other funds that
may be in the City Treasury and avail
able for the payment of said interest
or principal, as the same respectively
! mature, and the levy or levies herein
provided for may thereupon to that ex-
tent be diminished; and upon the pay
ment of the principal of any of the
bonds issued hereunder in said manner,
or by the use of the sinking fund here
in provided for, the levy or levies
herein provided for the payment of
interest may to the extent of the inter
ent on the bonds so paid be dimin-
ished.
! And the sums hereinbefore provided
for to meet the interest on said bonds
and to discharge the principal thereof
when due, are hereby appropriated for
that purpose, and said amount for each
year shall also be included in the an
nual appropriation bills passed by the
City Council Of said City in each year,
! respectively.
Section 5. 1t shall be the duty of
the City Council of said City, annually,
at the time and in the manner provid-
cd by law for levying other City taxes,
if such action shall be necessary to eff
fectuate the provisions of this ordi-
nance, to ratify and carry out the pro-
visions hereof with reference to the
levying and collection of taxes; and
shall require the officers of and for
said City to levy, extend and collect
such taxes in the manner provided by
law for the purpose of creating a fund
for the payment of the principal of
said bonds as hereinbefore specified.
Saction All ord;poncas by.J,ya