Imperial Valley press., 1924-04-04

the purpose of submitting to the
qualified voters of said city the
proposition of ineurring bonded
debt in the said sum of Two Hun
dred Thousand t%200, 0,O000O) Dol
lars principal, and from the sale of
said bonds to pay the cost of ae-
quiring, constructing, and complet-
ing said water works and water
system and municipal improvements
connected Herewith for the purpose
aforesaid, and said election shall
be held on said 14th day of April,
1924, in said City of El Centre in
all particulars not recited in this
Ordinance as provided by law for
holding municipal elections in said
municipality.
SECTION V. That if the propo-
sition of incurring the said bonded
indebtedness for the aforesaid pr
pose so submitted NJ 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 ($200,0 0,000.00) Dollars shall be
issued and sold for the purpose of
acquiring, constructing and complet
ing said revenue-produeing munich
pal improvement. They shall bear
interest at rate not exceeding six
per centum (6To) 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
date of the issuance of said bonds;
that the interest on said bonds shall
be paid semiannually 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-annual payment of interest to
become due on said bonds and such
bonds shall be issued in such demo
limitations or denomination as the
Board of Trustees of said City shall
determine, in accordance with the
law; said bonds shall be signed by
the President of the Board of Trus-
tees of said City, and also by the
Treasurer of said City and shall be
countersigned by the City Clerk of
said City. The coupons of said
bonds shall be numbered consecu-
t1vely and signed by the Treasurer.
SECTION VI. That for the pur-
pose of paying the principal and
interest of said bonds the Board of
Trustees of said City shall at the
time of fixing the general tax levy
and in the manner for such general
tax levy provided levy and collect
annually each year until said bonds
are paid or until there shall be a
sum in the Treasury of said city set
apart for that purpose to meet all
sums coming due for principal and
interest on such bonds, tax suffi-
"ient to pay the annual interest on
such 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.
turity of the Indebtedness created
by the issue of the bonds be made
to begin more than one year aftec
the date of the issuance of such
bonds such tax shall be levied and
collected at the time and in the
manner aforesaid, annually each
year, sufficient to pay the interest
on such Indebtedness as it falls due
and also to constitute sinking
fund for the payment of the prin-
cipal thereof on or before maturity.
Said tax shall be in addition 10 all
ether taxes levied for municipal
purposes, and shall be collected ut
the same time and in the same man.
ner as other municipal taxes are col
lected, and be used for no other
purpose than the payment of said
bonds and accruing interest.
SECTION VII. The proposed in
debtedness of Two Hundred Thous-
and $500, ,OOO.O0) Dollars, includ-
ing all other Indebtedness already
incurred by said City for municipal
improvements, will not in the ag-
gregate exceed fifteen per cent
(15%) of the assessed value of all
real and personal property of the
said city of Ell Centre.
MORE TO KUN
SECTION VIII. That for the
purpose of such election the election
precinct, polling place, and officers
of election Hereinafter provided
for) shall be the same as those set
forth in Resolution No. 275, EMIT
led:
A resolution of the Board of
Trustees of the City of FL Centre
establishing the voting precinct and
polling place and appointing elee-
tion Officers for the municipal cleo
tion to be held in said City on the
l4th day of April, 1924" adopted