Red Lodge daily news combined with Carbon County news., 1936-03-18

OF $4,000 REFUNDlNG BOND
oEp5aE oE TIE CITY ans,n;av oE RER Moh1Isl 59PsI
FOR LEvYING TAXES TO PA
.SS,' THE PRINCIPAL U AND lNTERES
4 THEREOF, co NFIRMlNG sal
!. aaaP6 REGfjas RPEcHaalNa e "a sa'D EMaRe !ssss
/ WHEREAS, the City of Red Lodge
in Carbon County, Montana, has here
tofore issued and has now outstanding
T. it's legal ana Yaltdly binding bond
:. described as follows:
!. $4,000 Water Bonds, dated MarcI
r /, 1922, due March !, 1912, optional
bearing SO interest, numbered 8 t.
!. 46 inc, denomination $1,000.00 ant
:. WHEREAS, all OF said above de-
J scribed bonds were duly and legally
issued and have been and are now the
!. Red Lodge, for the prompt payment
y Of the principal of and interest or
which the full faith and credit of said
City are, pledged, and none of said
" bonded indebtedness has ever been
adjudicated to be invalid and no
ened, or ever has been had, ques-
tioning in any manner the validity
of any of said indebtedness or the
power Of the said City Of Red Lodge
to incur the same ana issue DOnQS III
evidence thereof; and
WHEREAS, it is now possible for
the City of Req Lodge to issue and
sell Refunding Bonds to take up said
outstanding bonds, which Refunding
Bonds will bear interest at the rate
of 3% 20 per annun, thus erecting
very substantial saving to the CITY
of Red Lodge; and
WHEREAS, there is no money in
the Treasury of said City available
for payment of the principal Of said
bonds, and 1t Is accordingly desirable
and to the best interests of said City
to issue its 3A% Refunding Bonds to
pay said outstanding bonds; ana
WHEREAS, said outstanding bonds
all in the manner and form as by
law required:
NOW, THEREFORE,, Be 1t ana It
Is Hereby Resolved by the Council OF
the City of Red Lodge, Carbon Coun-
ty, Montana, as follows:
SECTION /. That for the purpose
of refunding $4,000 outstanding bonds
of the City of Red Lodge, .hereinabove
resolution, there are hereby author
izeG and there shall be issued the |
negotiable Refunding Bonds of the
City of Red Lodge, in the sum OF |
1000. dated March l. 1885, in the |
denomination Of $1,000 each, number
ing interest at the rate of 81 % per
payable September l, 1886,
and emi-annually thereafter on the
first days of March and September in
each year, and due serially in num-
ericaI order $4,000 on the first day of Of
to 1854, both inclusive, and $1,000 on
the first day of March, 1866. Both
principal and interest on said bonds
shall be payable in lawful money OF
the United States of America, at the
office Of the City Treasurer of the
City Of REQ Lodge, Montana
SECTION 2. That said Refunding
Bonds shall be signed by the Mayor
of the City Of Red Lodge and by the
city Treasurer thereof, and attested
BY the city Clerk, with the corporate
seal Of said city thereunto affixed,
bonds shall be signed by the Mayor
and Treasurer and attested by the
city Clerk, by their respective facsim-
le signatures, which officials, by the
execution of said bonds, shall ADOPT
is and for their own proper signatures
heir respective facsimile signatures
upon each of said coupons.
Section 8, That said bonds and
coupons and certificate of registration
shall be substantially the following
orIn:
(FORM OF BOND)
UNITED STATES OF AMERICA
STATE OF MONTANA
COUNTY OF CARBON
CITY OF RED LODGE
REFUNDING BOND
..........-.... $1,000.
KNOW ALL MEN BY THEsB
That the City of Red
lodge, in Carbon County, Montana,
J duly incorporated and existing, mu-
licipal corporation of the State Of
Montana, for value received acknowl-
'dges itself indebted and hereby
to pay to the bearer hereof
he sum of One Thousand Dollars
1,000) on the first day of March,
he date hereof until paid, at the rate
+ Three and Three-F'ourths Per Cent
3A%) per annun, payable Septem-
Ter J., 1886, and semi annually there
,fter on the first days of March ana q
September in each year, upon pres a
st coupons attached hereto as they i
everally mature. Both principal Of t
nd interest upon this bond are pay {
BILE in lawful money OF the Un1ted Z
ttates Of America, at the Office OF t
hs be- y age Treasurer 6r e. the fe Geg 5rSmO O
ayment Of this bond, both principal i
nd interest, as the same become
Ale, and for the levy of taxes suf-
cient therefor, the full faith and C
redit and resources of said City OF d
led Lodge are hereby irrevocably Q
ledged. lii
This bond is issued by the City Of lie
ted Lodge in conformity with and in Is
uII compliance with the Constitution
nd Statutes of the State of Montana t
Chapter 100 of the Ses- a
ion Laws of the Legislative Assem- p
ly Of the State of Montana, 1881, e
I'd I'd a.. a. auth 'aslthorized | by 3 resolution Of t
he City Council Of said City duly {
dopted, approved, recorded and pub t
shed for the purpose OF refundlng +
like par principal amount OF bonded Il
1debtedness of said City evidenced
y municipal coupon bonds OF saIu g
ssued and constituting a legal valid f
nd binding Indebtedness of said City, o
Ii as described in that certain reso- b
ltiorl pursuant to which these bonds r
1ere authorized. '..s>, '~'
And it is hereby certified and re-
tied and represented that all acts, Es
onditions and things required by the T
L Montana to be done precedent to o
nd in the issuance of this bond and s.
he issue of which it forms a part, a
nd precedent to and in the issue OF s.
be Indebtedness hereby refunded, / q
rere and have been properly done, !:
appened and been performed IN Que d
Inne, form and manner as by law re-
uired; that the Indebtedness hereby i
efunded was q valid, SubSisting anq o
sgaI obligation OF said City OF Reu +
iodge; and that the total inGebted- II
ess Of said City, including this bond, tt
I the incurrirg of the Indebtedness | ii
eIal1v refunded. Including said in | a