Imperial Valley press., 1935-10-25
LEGAL ADVERTISING

(S290,OO00O) Dollars, if the full
amount of Two Hundred Ninety
Thousand ($290,00000 Dollars shall
not be necessary for the purpose
herein mentioned,-shal be issued
and sold for the purpose of acquir-
| ing, constructing and completing
said municipal improvement. and
acquiring said rights Of way there
| for: provided that in event it shall
be unnecessary TO derive the full
sum of Two Hundred Ninety Thou
sand ($2900000O) Dollars, from the
sale of the bonds, by reason of
funds granted by the United States
Government, in its administration
Of relief funds, then the bonds thus
rendered unnecessary shall not be
used, and shall be cancelled as pro-
Vided by law. Said bonds so issued
shall bear interest at a rate not to
exceed six per cent per annum.
payable semi annually, and the
principal and interest thereof shall
be payable in lawful money of the
United States Of America. Not less
than one fortieth G/40) part of the
principal of said bonds so to be
issued and sold shall be paid each
year at the office of the City
Treasurer of the City of Ell Centro
in said City in the County of I'M
perial State of California. on a day
to be hereinafter fixed in said
bonds, until the whole principal
has been paid; and the interest of
said bonds shall be paid semi-an-
nually at the same place; one OF
such semi-annual payments in each
year being made at the date of the
payment of the annual installment
of the principal Of such indebted
ness as aforesaid Said indebted
ness shall be evidenced by bonds
and proper coupons attached there
to, separate coupons being attach
ed 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 de
nominations or denomination as
the City Council of said City shall
determine in accordance with law,
Said bonds shall be signed by the
Mayor and president of said City
Council, and also by the Treasurer
of said City, and shall be counter
signed by said City Clerk of said
City. The coupons of said bonds
shall be numbered consecutively
and shall be signed by the Treas
urer
SECTION VI: That for the pur-
pose of paying for the principal and
interest of said bonds, the City Coun-
Gil of said City shall, at the time of
fixing the general tax levy and in
the manner for such general tax
levy provided, levy and collect an
nually each year, until said bonds
are paid, or until there shall be
sum in the treasury of said City, set
apart for that purpose, sufficient to
meet all sums coming due for prin-
cipal and interest on such bonds, a
tax sufficient to pay the annual in
terest on such bonds, and also such
part of the principal thereof, as shall
become 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 no other purpose than
the payment of said bonds and ac-
crued interest.
SECTION VII: That the propos-
ed Indebtedness of Two Hundred
Ninety Thousand 1920, 100000 Dol
lars, together with all outstanding
indebtedness heretofore incurred by
said City for municipal improve
ments, and all indebtedness propoS-
ed by this ordinance to be incurred,
will not in the aggregate exceed fiji
teen per cent of the assessed value
of all real and personal property of
said City of FL Centro.
SECTION VIII: The polls of said
election shall be open at six o'clock
a. M of the day of said election and
shall be kept open until seven o'clock
p. m. of said day, when the polls
shall be closed; provided, however,
that if at the hour of closing there
are any other voters in the polling
place, or in line at the door who are
qualified to vote, and have not been
able to do so since appearing, the
polls shall be kept open a sufficient
time to enable them to vote.
! SECTION TX: That the ballots
to be used at said election shall be