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

pose OF paying the principal and in.
tcrcst of said bonds, the Board of
Trustees of said City shall. ut tho
time of fixing the general tax levy.
and in the manner for Snch general
fax levy provided, levy and collect
annually each year, until said bonds
are paid, or until there shall be n
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, n tax suf
ficient to pity 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 levy. Said
tax shall be in addition to all 9th
or taxes levied for municipal BUR
poses and shall be collected at the
sam" time and In the same manner
as other municipal taxes arc collect.
cd, and be used for no other pur-
pose than the payment of said
bonds and accruing interest.
SECTION XIII. That if the pro.
position of mourning the bonded in.
dabtcdness provided for in tho third
proposition hereinabove mentioned
so submitted ut such election. re-
ceives the requisite number of votes.
to-wit, two-thirdS of the votes Of
tho qualified voters voting at such
election. bonds Of said City in the
amount of Four Thousand five hun
dred Dollars ($i,5O0.O0) shall be is
sued and sold for the purpose of ac.
qnlrinG, constructing and completing
said municipal Improvement men,
toned in said third proposition. Soia
bonds shall bear interest at a rate
not exceeding six per centum (6Go)
per annum, payable semi-annually
and the principal and interest there.
OF shall be payable in law full 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 dato TO be
hereafter fixed in said bonds, until
tho 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 nav
ments in each year being made at
the date of the payment of the an.
nual instaHment of the principal of
such indebtedness az aforesaid: said
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.
limitations or denomination "a the
hoard of Trustees Of said CITY shall
determine in accordance with law:
said bonds shall he signed by the
president of tho Board of Trustees
Of said CITY. ana also by the Treas.
urer Of said City. and shall be
countcrsigned by the CITY Clerk Of
said CITY. Tho coupons of said
bonds shall be numbered consccu.
lively and signed by the Treasurer.
SECTION NV. That for the
purpose of paving tho principal and
interest Of said bonds the BOARD Of
Trustees Of said City shall. at the
time Of fixing tho general tax levy.
and in the manner for such general
tax levy provided. levy and collect
annually each wear, until said bonds
are paid. or until there shall be n
sum in the treasury Of said CITY SGT
apart for that purpose, to meet all
sums coming due for principal ana
interest on such bonds, n tax suf.
ficient TO pay the annual interest
on such bonds, and also such part Of
the principal thereof as shall be-
come due before tho time for fixing
the next general tax levy. Said tar
shall be in addition to al 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 no other purpose
than tho payment of said bonds and
ac"rning interest.
SECTION XIV. Tint If the pro.
position Of incurrinq tho bonded in.
dehtednass provided for in the
fourth proposition horcinabovo man
TONED so submitted at such slec-
ten. receives the requisite number
Of votes. to-wit, two-thirds Of the
votes of the qualified voters vot.
inc at such election, bonds Of soid
ftv in the amount Of Threo thon.
said five hundred Dollars (s3.5O0 0O)
shall be issued and sold for the pur-
pose OF acquiring. constructing and
completing said municipal improve
mant mentioned in said fourth pro-
nosition. Said bonds shall bear in
terest ut rate not exceeding six
per centum (6T,) per annum, pay
able scmi-annuallv and tho nrin-
cipal and interest thereof shall he
navablo in lawful money Of the
United States Of America. One
tenth part Of tho principal Of said
bonds shall be paid each year at
tho office Of tho City Treasurer Of
the CITY OF Fl Centro, in said Citv.
in tho County Of Imperial, State Of
California, on n date 70 be hereaf-
ter fixed in said bonds, until the
whole principal has boon paid; that
tho interest on said bonds shall he
paid semi.anrually ut the same
place. one Of such semi annual pay.
ments in zach year being mndc az
tho date Of the payment Of the an
nual insta'lmnnt nf the PRINCIPAL 81
svch indebtedness 20 aforesaid: said
indebtedness shall be evidenced by
bonds and proper coupons attached