Imperial Valley press., 1925-03-16
Legal advertisement

Such Donds TO pay cost of acquiring,
constructing and completing GER
tain municipal improvement, namely,
certain street work. to-wit, pave
nent of the roadway of that portion
II Sandalwood Drive in said City
shown by map recorded in Book 3
I m rs at psge 81, n, ord8 of
mp riil County, California; ex,
tending from the west curb Inc Of
fourth Street to the east curb line
Of Fifth Street.
SAID election shall be held on
said 24th day of March, 1925. in
said City of Ell Centre, in all par
ficulars not recited in this oruin-
ance, as provided by law for hold
ing municipal elections in said mum
,>ipality.
JACIION VII. That if the pro
| position of mourning the bonded
Indebtedness 4ereinabove first men
ioned, 50 submitted at such cleo
ION, receives the requisite number
+ votes, to-W4t, two-thirds of the
votes Of the qualified voters voting
1t such election, bonds of said Ci-
tY in the amount of Sixteenth thou
sand dollars, ($16,000.00) Shall be
issued and sold for the purpose of
acquiring, constructing and complet-
ing SAID municipal Improvement
mentioned in said proposition. Said
bonds shall bear interest at rate
not exceeding six per centum (6fo(
per annum, payable semi-annually
and the principal and interest there
of shall ba payable in lawful mon
ey of the United States of Ameri-
ca. One-tenth part of the princi-
pal OF said bonds shall be paid
each year at tho office of the City
Treasurer of the City of El Centre
in said City, in the County of I'M
perial, State of California, on =
date to be hereafter fixed in said
bonds, until the whole principal has
been paid; that the interest on said
bonds shall be paid semi-annually
ut the same place, one of such
semi-annual payments III each
year being made at the date
OF the payment of the annual ms
tallment of the principal of such
indebtedness as aforcsaid said in
uebtedness shall be evidenced by
bonds and propdr coupons attached
thereto, separate coupons being at
cached to each bond for each semi
annual pa"!ncnt of interest to be-
come due on said bonds and such
bonds shall be issued in such demo
limitations or denomination rs the
Board of Trustees of said City shall
determine i'll accordance with law;
said bonds shall be signed by the pre-
sident of the Board of Trustees of
said City. and also by the TIeasu-
rer of said City, and shall be eoun-
tersigned by the City Clerk of said
City. The coupons of said bonds
shall be numbered con9ccutively and
signed by the Treasurer.
SECTION IN That for the
purpose of paving 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 III the treasury of said City
set apart for that purpose to meet
all sums coming due for principal
and interest on such bonds, a tax
sufficient to pay the annual inter
est on such bonds, and also such
part OF the principal thereof as shall
become due before the time for fix
ing the next general tax levy. Said
tax shall be in addition to all 9th.
or taxes levied for municipal pur-
poses and shall be collected at the
same time and in the same
manner as other municipal taxes are
collected, and be used for no other
purpose than the payment of said
bonds and accrulng interest.
SECTION y. That the proposed
Indebtedness of Sixteen thousand
Dollars ($16,000,00), together with
all outstanding indebtedness hereto
fore incurred by said City for muni-
cipal improvements, and all indebt
edness proposed by this ordinance to
be incurred, will not in the aggregate
exceed fifteen per cent (l5%) of
the assessed value of all real and
personal property of said City of
Fl Centre.
SECTION XI. That if the propo.
sition of mourning the bonded in.
debtedness provided for in the sec.
ond proposition hereinabove mon
toned, so submitted at such cleo
tion, 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 amount of Eighteen thousand
Dollars ($18, 100000 shall be issued
and sold for the purpose of acquir-
ing, constructing and completing
said municipal Improvement men,
toned in said second proposition
Said bonds shall bear interest at
n rate not exceeding six per cen
tm (6%6) per annum, payable semi.
annually and the principal and in.
terest thereof shall be payable in
4 lawful money of the United States
of America. One tenth part of the
I principal Of said bonds shall be paid
each year at the office of the City
( Treasurer Of the City of FL Centre
in said City, in the County of I'm
1 perial, State of California, on q
date to be hereafter fixed in said
bonds until the whole principal has
been paid; that the interest on said
bonds shall be paid semi-annually
at the same place, one of sucl
semi-annual payments in each yeal
! being made at the date Of the pay