1463 Issue Sewer Improvment Bonds(:Published in the Salina Eevning Journal December , 1908.)
ORDINANCE NO.
An ordinance providing for the issue of sewer improvement bonds of the
City of Salina, Kansas, in the sum of seven thousand (7,400) dollars.
Whereas, the mayor and council of the city of Salina have caused
to be built and constructed certain sewers in said city, as provided by
1442 and 1448, the contract price of which is seven thousand
(7,000) dollars; therefore]
Be it ordained by the Mayor and Councilmen of the City of Salina: --
Section 1. That the cost of said sewers shall be payable in seven
(7) annual installments, instead of levying the entire tax for such cost
at one time, the first installment to be paid with the taxes of 1909,
and one installment with the taxes of each succeeding year until the ^
whole are paid, and that for such installments there shall bo issued
sewer, improvement bonds. of the city of Salina in the total suns of seven
thousand (7,000) dollars, as herein provided.
Sec. 2. Said issue of bonds shall consist of seven (7) bonds of
the denomination of one thousand (1,000) dollars each; they shall be
dated January 1, 1909, and shall be due and payable as follows: one
bond for $1,000.00, on January 1, 1910, and one bond for $1,000.00 on
January 1, in each year thereafter, for six (6) years.
Sec. 3. Said bonds shall bear interpst at the rate of five (5) per
cent per annum from their date, payable semi-annually on the first
days of January and July in each year, the first semi-annual interest
installment falling due July 1, 1909, and the several installments of
interest shall be evidenced by coupons attached to said bonds, and
both principal and interest shall be payable at the Fiscal Agency of
the State of Kansas, in Topeka, Kansas.
Sec. 4. Said bonds shall be signed by the mayor and countersigned
by the clerk of said city, and shall have affixed thereto the corporate
seal of said city, and said interest coupons shall be signed by the
said clerk., ! 'j
Sec. 5. The mayor and clerk of said city are hereby authorized
and directed, as soon as practicable, to prepare and execute said bonds,
therein pledging the credit of said city for the payment thereof, and
when executed the said 'bonds shall be delivered to the contractor or
contractors constructing such sewers in payment thereof, or, the mayor
and council may sell said bonds at not less than their par value and
out -of the proceeds thereof pay such contractor or contractors; Provided,
that if said bonds are delivered to said contractor or contractors, that
s?zch contractor 6r contractors shall repay to said city all money or
moneys heretofore advanced by said city on such sewer construction.
Sec. 6. This ordinance shall take effect and be in force from and
after its publication once in the Salina R-fening Journal.
Passed and approved A -e. _-;�j 5 , 190
Mayor.
Attc;s
Ci ,�Clerk .