Imperial Valley press., 1925-03-21
LegGi Advertisement

SiIch p"hGS 10 pay cost Of acQmiring,
structimg aud completing cor.
tain municipal Improvement. namely.
certain street work. to-wit, pave
ment of the roadway Of that portion
of SandalwOod Drive in said City
(shoWh by map recorded in Book .
of maps ut page 80, ri:ords Of
Imperial County, California; OK
tending from the west curb line Of
fourth Street to the east curb line
of Fifth Street.
Said election shall be held on
said 9th day Of March, 1925, in
said City Of FL Ccntro, in all par.
ticulars not 'recitcd in this orllin-
anco, as provided by law for hold.
ing municipal elections in said mum
icipality.
SECTION VIII. That if the pro.
position Of incurring the bonded
indebt edncss hereina6ove first men
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 Ci-
ty in fhe amount of Sixteenth thou.
sand dollars, (Tl6, 100000 shall be
issued and sold for the purpose of
acquiring, constructing and complct-
ing said municipal improvement
mentioned in said proposition. Said
bonds Shall bear interest at 4 rate
not exceeding SIX per ccntum (GG5l
per annWm, payable semi-annually
and the principal and interest there
of shall be payable in lawful mon
ey Of the United States Of Amcri-
ca. One-tcnth part of the princi-
pal OF said bonds shall be paid
each year at the office of the CITY
Treasurer of the City Of FL Centre
i'll said City, in the County of I'M
perial, State of California, Oh
date to be hereafter fixed in said
bonds, until the whole principal has
been paid; that the interest on said
bonds shall be paid scmi,annuallv
at the same place, one of such
seml-annual payments in each
year being made at the date
Of the payment of the annual ms
tallment Of the PRINCIPAL of such
Indebtedness as aforesaid; said in
debtedness shall be evidenced bv
bonds and proper coupons attached
thereto. separate coupons being at
tached to each bond for each semi
annual payment of interest to be-
come due on said bonds and such
bonds shall be issued in such demo-
minations or denomination as the
Board of Trustees of said CITY shall
determine in accordance with law:
SAID bonds shall be signed by the pre-
sldent Of the Board of Trustees of
said City, and also by the Treasu-
rer OF said City, and shall be coun-
tersigned by the City Clerk of said
City. The coupons of said bonds
shall be numbered conSecutiyely and
signed by the Treasurer.
SECTION IX. 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 Citv
set apart for that purpose to meet
all sums coming due for principal
and interest on such bonds, 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.
er 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 accruing interest.
SECTION Y. That the proposed
Indebtedness of Sixteen thousand
Dollars 1G,000O0). together with
all outstanding indebtedness hereto
fore incurred by said City for muni-
clpal Improvements. and all indebt-
edness proposed by this ordinance to
be incurred. will not in the aggregate
exceed fifteen per cent $3.50 of
the assessed value of all real and
personal property of said City of
FL Centre.
SECTION XI. That if. the propo-
sition of incurring the bonded in.
dehtcdness provided for in the see
Ond proposition hcreinabove mon-
toned, so submitted at such elcc-
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 ($1S,00O00) 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
rate not exceeding six per cen
tum (6%) per annum, payable semi
annually and the principal and in
terest thereof shall be payable in
lawful money of the United States
of America. Onc-tenth part of the
principal of said bonds shall be paid
each year at the 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.annuallv
at the same place, one of such
semi annual pavmentS in each wear.