1426 Issue Bonds(published in the Salina Evening Journal, / , 1908.)
ORDINANCE NO.
An ordinance providi for the issue of bonds of the City of Salina
Kansas, in the sum of $16,000.00, to compromise and refund
certain existing bonded indebtedness of said city in that
amount.
'Whereas, the City of Salina, Kansas, has certain bonded indebted
nese in the sum of $16,000.00, heretofore legally created, and which is
a binding and valid obligati_op_ of said city, and which bonds have all
been issued and outstanding more than two years; and,
'Whereas, a compromise has been agreed upon between said city and
the owner and holder of said bonds for refunding said indebtedness at a
reduced rate of interest; therefore,
Be it ordained by the Mayor and Councilmen of the City of Salina -
Section 1. That for the purpose of refunding said above men-
tioned indebtedness in the sum of Sixteen thousand ($16,000) Dollars,
according to said compromise agreement, new bonds of said city, in the
sum of Sixteen Thousand (16,000) dollars, be issued as hereinafter pro-
vided, under authority conferred and in the manner provided in ik an
act of the legislature of the State of Kansas, entitled: "An act to
enable counties, municipal corporations, the boards of education of any
city and school district to refund their indebtedness," which took,
effect Larch 10, 1879, as amended.
Sec. 2. Said bonds shall be of the denomination of
each, numbered consecutively from 1 to , inclusive, they shall be
dated July 1, 1908, and shall become due and payable_,_ -�)yeaxs
the
of ter f,date thereof.
Sec. 3. Said bonds shall bear interest at the rate of
%.) per cent per, annum from date, payable semi-annually, on the first days
of January and July in each year, and the several installments of inter-
est shall be evidenced by coupons attached to said bonds, and both prim-
cipal and interest shall be payable as they .shall become due at the
Fiscal e(gency of the State of Kansas, in the city of Topeka, Kansas.
Sec. 4. Said bonds shall be signed by the Mayor and attested by
the city clerk, under the seal of said city, and said interest coupons
shall be sued by said mayor and clerk.
Sec. 5L The mayor and clerk of said city are hereby authorized
and directed, as
soon as practicable,
toyf prepare
and
execute said bonds,
thereiKpledging
the faith and credit
of said city
for
the payment there-
of, and when said bonds. shall have been executed and registered by the
city clerk, the county clerk of Saline county, and the auditor of State
of the State of Kansas, they shall .be delivered to the owner and holder
of the said indebtedness in pursuaAce of the ter of said compromise.
Sec. 6. There shall be levied annually, at the time of making
the levy of other taxes, a tax sufficient in amount to pay the interest
upon said bonds and the coupons as they become due, and to create a
sinking fund, as provided for in said act of March 10, 1879) as amended,
for the payment of the principal of said bonds, which shall be collected
as other taxes and paid into the treasury as provided by law for other
taxes.
Sec. 7. This ordinance shall take effect and be in force from and
after .its publication once in the "Salina Evening Journal.
Passed and approved June 29, 1908.
Mayor.
Attes
City Ver