Imperial Valley press., 1925-03-19
LPgnl advertisement

sand five hundred dollars (S3 800 .00)
principal, and from the sale of
such bonds to pay cost of acquiring,
! constructing and completing q Ger.
! tain municipal Improvement, namely,
certain street work, to.wit, pave
mcnt of the roadway of that portion
! of Sandalwood Drive in said city
7 (Shown by map recorded in Book 3
of maps at page 80. rdcords of
Imperial County, California; cx-
tending from the west curb line of
fourth Street to the east curb limo
of Fifth Street.
said election shall be held on
said oath day of March. 1925, in
said City of FL Centre, in all par
ticulars not recited in this ordin-
ancc, as provided by law for hold
ing municipal elections in said mum
icipality.
SECTION VIII. That if the pro-
position of mourning the bonded
Indebtedness hereinabove first men
toned, so submitted at such elec
ton, receives the requisite number
of votes. to-wit, two.thirds Of the
votes of the qualified voters voting
at such election. bonds of said CT.
~ in the amount Of Sixteenth thou
sand dollars, (Sl6.000.00) 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 (6Gol
per annum, payable semi-annually
and the principal and interest there
of shall bo payable in lawful mon
ey of the United States of Ameri-
Ell. One.tenth part of the princi-
pal of said bonds shall be paid
each year Mt the office of the CITY
Treasurer of the City of FL Centre
in said City, in the County of I'm
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-annuallv
at the same place. one of such
semi-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.
Gebtedness 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
limitations or denomination as the
Board of Trustees of said City shall
determine in accordance with law;
said bonds shall be signed by the pre-
sident OF the Board of Trustees of
said City, and also by the Treasu-
rer of said City, and shall be coun-
tersiened by the City Clerk Of said
City. The coupons Of said bonds
81 all be numbered consecutiyclv and
signed BY the Treasurer.
SECTION TX. 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
each wear, until said bonds
are paid, or until there shall be u
sum i'll the treasury Of said City
set apart for that purpose to meet
all sums coming due for principal
and interest on such bonds. n 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 tho payment of said
bonds and accruing interest.
SECTION y. That the proposed
Indebtedness Of Sixteen thousand
Dollars (sl6,o00.00), together with
all outstanding indebtedness hereto
fore incurred by said City for mum
cipal improvements, and all indebt-
edness proposed by this ordinance TO
be incurred, will not in tho aggregate
exceed fifteen per cent $50 Of
tho assessed value of all real and
personal property of said City of
FL Centre.
SECTION XI. That if tho propo-
sition of mourning the bonded in
debtedness provided for in tho sec
ond proposition hereinabove men
TONED, so submitted at such elec.
ton, receives the requisite number
of votes, to.wit, two thirds of the
votes of the qualified voters voting
Mt such election. bonds Of said CITY
in the amount of Eighteen thousand
Dollars (slS,0JO00) shall be issued
and sold for the purpose of acquir-
ing. constructing and completing
said municipal improvement mon
TONED in said second proposition.
Said bonds shall bear interest at
a rate not exceeding six per cen
t'nm (6fo) per annum, PAYABLE semi
annually and the principal aud in
tcrest thereof shan be PAYABLE in
lawful money Of the United States
Of America. Onc-tenth part Of the
principal Of said bonds shall be raid
each year at the office of the City
Treasurer Of the City of Fl Centre,
in said City, in the County Of I'm
perial. State Of California, on a
date 70 be hereafter fixed in said
bonds until the whole principal has
been paid; that the interest on said
bonds shall be paid semi,annuallv