Imperial Valley press., 1925-03-20
Legal Advertisement

| constructing and completing GER
tain municipal Improvement. namely
! certain street work, to-wit, pave.
! ment of the roadway of that portion
of Sandalwood Drive in said City
(shown by map recorded in Book 3
of maps at page 80, racords of
Imperial County, California; ex-
tending from the west curb line of
fourth Street to the east curb line
of Fifth Street.
Said election shall be held on
said cath day of March, 1925, in
said City of FL Centre, in all par
tlculars not recited in this ordin-
ancc, as provided by law for hold
ing municipal elections i'll said mum
icipality.
SECTION VIII. That il the pro,
position of incurring the bonded
indebtedness hcreinabove first mcn-
toned, so submitted at such clcc-
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 III the amount of Sixteenth thou
sand dollars, ($16,000.00) shall be
issued and sold for the purpose of
acquiring, constructing and complct.
ing said municipal Improvement
mentioned i'll SAID proposition. Said
bonds shall bear interest at rate
not exceeding six per centum (6Col
per annum, 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-tenth part of the princi-
pal of said bonds shall be paid
each year at the office of the City
Treasurer of tho City of FL Centre
III said City, i'll the County of I'M
pcrial, 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
seml-annual payments in each
year being made at the date
of the payment of the annual ius-
tallment of the principal of such
Indebtedness as aforesaid; said in
debtedneSs shall be evidenced by
bonds and proper coupons attached
thereto, separate coupons being at
;ached to each bond for each semi.
annual payment of interest 70 be.
come due on said bonds and such
bonds shall be issued in such demo
or denomination rs the
Board Of Trustees of said City shall
determine il accordance with law;
Sali bends Shall be signed by the pre-
sIdent Of the Board 6f Trustees OF
SAD City, and also by the Treasa.
rer Of said city, and shall be count
terSigned by the City Clerk % S.,:s
City. The coupons Of sail bonds
shall be numbered conseeutiye'v and
signed by the Treasurer.
SECTION IX. That for the
purpose of paving the principal and
interest of SAID bonds the BaaId Of
Trustees Of said City shah, at the
time of fixing the general tax lew.
and in the manner for such general
tax levy provided, levy and collect
each year, until slil bonds
are paid, or until there SHALL be n
sum in the treasury Of said Citv
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 70 all 9th.
er taxes levied for municipal pur.
poses and shall be collected at the
same time aNd in the SANG
manner as other municipal taxes arc
collected, and hc used for no other
purpose than the payment Of said
bonds and accrulHg interest.
SECTION X. That the proposed
Indebtedness of Sixteen thousand
Dollars (sl6,0000O), together with
all outstanding indebtedness hereto.
fore incurred b. said City for muni.
clpal improvements, aud al indcbt-
edness proposed by this ordinance to
b. incurred, will not in the aggregate
exceed fifteen per cent G5ccl Of
the assessed value Of all real and
personal property of said City Of
FL CcntrO.
SECTION AI. That if the propo.
sltion Of mourning the bonded in.
debtedncss provided for in the see.
ond proposition hcrcinabovc mon.
toned, so submitted at such cleo.
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 City
in the amount Of Eighteen Thousand
Dollars (SlS, S,O0O.0O) shall hc issued
and sold for the purpose Of acquir-
ing, constructing and completing
said municipal Improvement men
toned in said second proposition.
Sand bonds shall bear interest at
n rate not exceeding six per cen.
tum (6#j per anHum, payable semi
annually and the principal and in
trrcSt thereof shall be PAYABLE in
lawful money Of the United States
of America. Onc.tcuth part Of the
principal Of said bonds shall be paid
each year al the office Of the City
Treasurer If the City Of Fl Ccntro,
in said City, in the County Of I'm
ncrial, State Of California, on q
dat" 70 be hereafter fixed in said
bonds until th" whole principal has
been paid; that Tn" interest on said
bonds shall be paid scmiannuallv
At the same place, one of such
semi annual payments in each year
being made at the date of the pay
mcut Of the annual installment Of
the principal Of such Indebtedness