The Winslow mail., 1925-04-24

ORDINANCE NO. 1876.
IAN ORDINANCE PROVIDING
FOR THE ISSUANCE, EXECU-
TION AND DELIVERY OF $780,
100000 GASWORKS EXTENSION
BONDS OF THE TOWN OF
WINSLOW, NAVAJO COUNTY,
Z ARIZONA, FIXING THE FORM
OF SAID BONDS, PROVIDING
FOR THE LEVY OF ANNUAL
TAXES SUFFICIENT TO PAY
THE PRINCIPAL OF AND IN
TEREST UPON SAID BONDS AS
THE SAME RESPECTIVELY
NATURE, CONFIRMING THE
SALE OF SAID BONDS, RE-
PEALING ALL ORDINANCES
OR RESOLUTIONS IN CON-
FLICT WITH THE PROVISIONS
HEREOF AND DECLARING AN
EMERGENCY WHEREBY THIS
ORDINANCE SHALL BECOME
EFFECTIVE IMMEDIATELY UP
ON ITS PASSAGE AN APP
PROVAL."
WHEREAS, at a special election
held in and for the town of Wins
low, Navajo county, Arizona, on
Wednesday, the 18th day of March,
A. D. 1925, a majority of the quail
fled tax-paying electors of said
town voting at said election voted
in favor of the issuance of gas
works extension bonds of said
town to be issued in the total prin-
cipal sum of $50,000,00, and
WHEREAS, after due advertise
ment as required by law, the coun-
Gil has sold and awarded the said
bonds to Peck-Brown & Co., of
Denver, Colo, and it is now the
duty of the council to issue said
bonds,
NOW. THEREFORE, BE 1T OR
DAMNED BY THE TOWN OF
WINSLOW, NAVAJO COUNTY,
ARIZONA, AND THE MAYOR AND
THE COMMON COUNCIL THERE
OF, AS FOLLOWS:
Section 1. That all things re-
quired by law to be done and per-
formed and conditions required to
exist precedent and in order to au-
thorize the mayor and town coun-
Gil of the town of Winslow, Navajo
county, Arizona, to issue, execute
and deliver to the lawful purchaser
thereof, the bonds of said town
hereinafter described, have been
done and performed and SO exist
in the manner and form required
by law.
Sec. 2. That for the purpose Of
providing funds with which to eX-
tend and improve the gasworks and
system now owned and operated by
said town, there shall be prepared,
executed, issued and delivered to
lawful purchaser thereof the ne
gotiable coupon bonds of the said
town of Winslow, Navajo county,
Arizona, in the aggregate principal
sum of Fifty Thousand Dollars
$3.50, 100000 to be designated as
"Gasworks Extension Bonds" and
to be comprised of fifty bonds,
numbered consecutively from 1 to
so, both numbers inclusive, of the
denomination of $1,000 each; said
bonds shall be dated the 1st day of
April, A. D. 1925, to bear interest
at the rate of five and one-half
per centum per annum, payable
semi-annually the first days of
April and October, respectively, in
each year. Said bonds shall become
absolutely due and payable serially
in numerical order as follows:
SO 900 April 1st in each of the years
1910 to 1854, both years inclusive,
and $4,000 on April 1, 1855
That the semi-annual install
ments of interest shall be evidenced
by appropriate coupons attached to
each bend and both the principal
of and interest on said bonds shall
be payable in gold coin of the Unit
ed States of America of or equal
to the present standard Of weight
and fineness at the Chase Ma
tional Bank, in the city and state of
New York, United States of Amer
lea.
Sec. 8. That each of said bonds
and each of the interest coupons
thereto attached shall be in sub
stantially the following forms, re
spectively, to-wit:
UNITED STATES OF AMERICA
State of Arizona, County of Navajo
Town of Winslow
No............... $1,000
GASWORKS EXTENSION BOND
KNOW ALL MEN BY THESE
PRESENTS, That the town of
Winslow, of Navajo County, Ari-
iona, acknowledges itself to owe
and for value received hereby
promises to pay to the bearer here
of the principal sum of
ONE THOUSAND DOLLARS
on the first day of April, A. D. 19-,
together with interest on said sum
from the date hereof until paid at
the rate of five and one-half per-
centum per annum, payable semi
annually on the first days of April
and October, respectively, in each
year, as evidenced by and upon the
presentation and surrender of the