1067 Issue Improvement BondsAn Ordinance providing for the.issue of sewer improvement bonds of the
City of Salina, Kansas, in the s.um of $11,000.00..
WEEREAS., The Mayor and Council of said city have caused to .be
.built and constructed eertain sewers and drains in. said city;, the c ontract
price of which exceeds $11,000.00; therefore,
Be it ordained by the Mayor and Councilmen .of the City of Salina:
Se'ction.l. That the cost of said sewers -and drains shall be
payable in, fen installments, instead of,levrng the entire tax for such
cast at 'one time,: the .:first,. installment :to be, paid with;the taxes for
the year 1901, and one installment with the , taIxes of 'each .succeeding
year until the whole are paid,.and that for such installments there be
issued.improvement bonds::Rx of said city --in the sum of $11,000.00, as
hereinafter provided
Sec 2.' Said issue shall consist of ten (10) bonds of the de-
nomination of $1,000.00 each and ten (10) bonds of the denomination of
$100.00 each, shall be dated February 1, 1901,'and shall be due, and pay-
able fn ten (.10) equal annual installments,` on February 1, each year,
beginning with February 1, 1902.
Sec'. 3. Said bonds ahall bear interest .at the rate of fiire (5)
per cent per annum from their.date, payable semi-annually on the first
days of February and August in'each year, and the several installments of
interest shall be evidenced by coupons attached to said bonds, and both
principal and interest shall be payable as they become due at the Fiscal
Agency of the'State of Kansas,,in the City of New York, State of New York.
Sec. 4. Said bonds ahall be signed by the mayor and counter-
signed by the clerk, of said city'and have affixed thereto the corporate
seal of said city, and said interest coupons shall be: signed by said
clerk.
Sec. 5. The Mayor and Clerk of said city are hereby authorized
and directed, as.soon as practicable,.tp prepare and execute said bonds,
therein pledging the credit, of the city for the payment theeeof, and,
1
iA
J
when executed and . sold, the proceeds
therdof shall be paid
-to -the. con- .
tractor o . account of Ah6 construction
of
said sewer's and
drains and
for no other purpose.:-;
Seca 6 . That .•ordinance` rTo :
/®��
, passed and
rovedjt��,
�-4 be and the same is hereby
repealed.
. Sec .`7. That this ordinance
shall
take effect and
be in force
from and after- its publication once
in the
"Salina Daily Republican
-
Journal."
Passed and approved: March 291
1901,.
/w"/
Attests
y erk.