The Coconino sun., 1925-01-30

1868 1880 25,OO0 26,65O
and said taxes when collected shall by
the town treasurer be kept in sepa-
rate funds, the fund for the tax levy
for principal to be designated Gre
demption Fund, Waterworks Exten-
sion Bonds, dated January 1, 1926"
and the taxes collected for interest to
be designated as Interest Fund
1 Waterworks Extension Bonds, dated
January 1, 1926" and said funds
shall be irrevocably pledged to and
used solely for the payment of the
principal of said bonds and the in
terest thereon, as the same respective
4y mature, and for greater certainty,
the town council of said Town shall
in each of the years A. D. 1926 to A.
D. 1863, both years inclusive, include
the bond tax herein provided for in
The annual estimate for town pur-
poses for said year and annually at
the lawful time the said bond tax
shall in each of said years be levied,
certified, extended upon the tax rolls
and collected by the same officers, in
the same manner and subject to the
same penalties as the taxes for gen.
eral town purposes for such years are
certified. extended and collected, pro-
vided that nothing herein contained
Kali ba ca oorrf,.,,eI no m y1,.a,ta1of
said Town from applying any other
funds belonging to it and available for
that purpose to the payment of the
principal Of or interest on the bonds
herein authorized.
Section 7. That on the 18th days
of June and December, respectively,
in each year, so long as any of said
bonds or interest coupons thereto at
tached remain outstanding and unpaid,
the town treasurer of said town is au-
thorized, ordered and directed to re-
nit in the form of check or draft, pay
able in New York city, to the Chase
National Bank, in the said City of
New York, SUM sufficient to pay
the serni-annual interest accruing on
the outstanding bonds on the 1st days
of July and January, respectively in
each year, together with any exchange
or escrow charge made by said bank
for paying said seIni-annual interest,
and on the 18th day cf December in
each of the years A. d. 1885 to A.
d. 1864, both years inclusive, the said
town treasurer is authorized, ordered
and directed so to remit to the said
bank, sum sufficient to pay the prin-
cipal amount Of said bonds falling due
on the 1st day of January thereafter,
together with all escrow or exchange
charges made by said bank in hand
ling the transaction.
Section s. That the provisions of
this ordinance and each of the bonds
and interest coupons issued pursuant
hereto shall constitute and the same
are hereby declared to be binding
and irrevocable contract between said
town and the purchasers of said bonds
and the holder from time to time
If each of the said bonds and interest
coupons thereto appertaining and this
ordinance shall be irrepealable until
the indebtedness hereby created both
as TO principal and interest shall have
been fully paid, satisfied and dis
charged.
Section 8. That all ordinances hare
5ofore adopted in conflict with the
hereof which would, in any
way, prevent the passage and adop-
ton Of this ordinance at this meet
ing, be, and the same are, hereby re-
pealed.
Section 10. That it being necessary
for the immediate preservation Of the
public peace, health and safety that
.he town have an adequate system Of
at the earliest possible
moment and the immediate passage of
his ordinance being necessary to ac-
this purpose, an emergency
S hereby declared to exist and this
ordinance shall be in full force and
effect Immediately upon it's passage
md approval.
Passed by the Council the 10Th day
If January, A. D. 1925.
Approved by the Mayor, the 10Th
lay of January, A. D. 1925.
L. W. CREss, Mayor.
SEAL)
Attest: c. r. PULLIAM.
Town Clerk