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

trustees Of said CITY shall. at tbc
time of fixing the general tax lew,
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
sam in the Treasury of said CITY set
apart for that purpose 10 meet all
sums coming due for principal and
interest on such bonds, Il tax suf.
iIriPht to pay the annual interest
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 lew. Said
TAX shall be in addition to all 9th,
er taxes levied for municipal pur-
poses and shall be collected at the
sam" time and in the same manner
as other municipal taxes are collect.
ed, and be used for 10 other pur-
pose than the payment Of said
bonds and accruing interest.
SECTION NH. That if The pro.
position Of ineufring the bonded in.
d"btcdncss provided for in the third
proposition 1ereinabove mentioned,
SO submitted at such election re-.
ceiVes the requisite number Of votes.
to"it, two.thirds of the votes Of
the qualified voters voting at such
election, bonds of said CITY in the
amount Of Four Thousand five hf1n-
dred Dollars ($4,5000O) shall be is
sued and sold for the purpose of ac-
curing, constructing and completing
said municipal improvement men,
toned IN said third proposition. Said
bonds shall bear interest at n rate
not exceeding six per centum (6Ta)
per annum, payable semi-annuallv
and the principal and interest there
OF shall be payable in lawful money
of the United States of America.
One-tenth part of the principal OF
SAID bonds shall be paid each wear
at the office of the City Treasurer
of the City of FL Centre, in said
City, in the County of Imperial.
State of California, on n date to he
hereafter fixed in said bonds. until
the whole principal has been paid:
that the inetrest on said bonds shall
be paid scmi-annually Mt the same
place, one Of such semi-annual paw.
ments III each year being made at
the date of the payment of the an
nual lnstallmcnt of the principal Of
such Indebtedness as aforesaid: soid
Indebtedness 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-
mlnations or denomination as the
Board of Trustees of said CITY shall
determine in accordance with law;
said bonds shall be signed by the
president of the Board of Trustees
Of said Citv, and also by the Treas.
rrer of said City. and shall be
countcrsigned by the CITY Clerk OF
said CITY. The coupons of said
bonds shall be numbered consecu
tivelv and signed by the Treasurer
SECTION XIV. That for tht
purpose of paving the principal anf
interest Of said bonds the Board ot
Trustees of said CITY shall. at +hC
time of fixing the general tax lew
and in the manner for such genera
tax levy provided, lew and collect
annually each year, until said bonds
are paid. or until there shall be =
sum in the treasury of said CITY sot
apart for that purpose, to meet all
sums coming due for principal and
interest on such bonds. Il tax suf.
ficient to pay the annual interest
on such bonds, and also such part of
the principal thereof rs shall be.
come due before the time for fixing
the next general tax levy. Said tax
shall be in addition to all other
taxes levied for municipal purposes
and shall be collected at the same
time and in the same manner as
other municipal taxes are collected,
and be used for TO other purpose
than the payment of said bonds and
accruing interest.
SECTION Ky. That is tho nro-
Dosition of mourning the bonded in
debtodnass provided for in the
fourth proposition horeinabove men
toned so submitted ut such cleo
tion, receives the requisite number
of votes, to-wit. two-thirds of tho
votes of the qualified voters vot-
ing at such election, bonds of said
CITY in the amount Of Three thou-
said five hundred Dollars ($3.5O0.0O)
shall be issued and sold for the pur-
pose of acquiring, constructing and
completing said municipal improve
mPnt mentioned in said fourth pro-
nosition. Said bonds shall hear in
tercst at rate not exceeding six
per centum (6fsl per annum, paw
able spmi-annliallv and the nrin-
cipal and interest thereof shall be
navahle in lawful money of the
United States of America. One
tenth part of the principal of said
bonds shall be paid each year at
the office of the City Treasurer of
the Citv of FL Centre. in said City.
in the County of Imperial, State of
California, on a date to be hereaf-
ter fixed in said bonds, until the
whole principal has been paid: that
the interest on said bonds shall be
paid semi-anpuallv at the same
place, one of such scmi-annual pay
ments in each year being made at
the dote of the payment of the an
nual installment of the principal of
such Indebtedness as aforesaid; said
Indebtedness shall be evidenced bv
bonds and proper coupons attached
thereto. separate coupons being at
tached to each bond for each semi