1527 Issue Bonds(Published in the . Salina Evening Journal November o2 ® _, 1909 )
ORDINANCE N0. o
An ordinance providing .for�the issue of .bonds of the city .of Salina,
Kansas, in the sura of. $20,000.00 to compromise and refund certain
existing bonded indebtedness of said city in that amount.
whereas;. the city of Salina, Kansas, has outstanding certain bonded
indebtedness in the sum -of $201000.00 heretofore 'legally created and
which is a binding and valid obligation of.said_city, and which bonds
have. been issued and outstanding for more.than_two years prior to the
date of the passage of this. ordinance; ' and,
whereas, a compromise has been agreed' upon between said city and
the 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 Salodina: --
Section 1. That for the purpose of refunding said above mentioned
indebtedness in the sum of Twenty thousand ($20,000.00) dollars, accord-
ing to said compromise agreement, twee bonds of said city, in the sum of
Twenty thousand ($20,000.00) dollars, be issued, as hereinafter provided,
andet the, authority conferred.and in the manner provided by-Cttapter 50,
laws of Kansas for, -the year' 1879, as amended, being an act entitled "an
act: to enable counties, municipal corporations,. the boards of education
of any city;, and school, district, to refund their indebtedness."
Sec 2. Said new bonds so issued shall be of the denomination of
one thousand ($1,000.00) dollars each, numbered consecutively :.from one
to twenty, .inclusive, they shall be dated November 29, 1909, and shall
become due and payable twenty (20) years after the date thereof.
Sec. 3. Said bonds shall beer interest -at the rate of four and one-
half (4 1/2) .per cent per annum from date .payable semi-annually, on the
29th day. of May.and November in each year, and the several installments
of "interest shall be evidenced by coupons attached to said* bonds, and'
both prir_cipil and interest'shall_.be payable as it becomes due at the
Yiscal Agency of the State of .Ka.nsas, in the city of Topeka. n said, State-
Sec.
tate•Sec. 4, Said ,bonds shall be signed by the mayor and attested by.
the city clerk, under the- seal=:of said c.ity; .and said interest coupons
shall be- signed by said mayor and clerk.
Sec : 5,:.. -The Mayor, and --clerk of said City are hereby author ized .and"
directed, -as soon as:.practicable, to prepare and execute said bonds,
.therein :pledging the faith. and credit of L said city 'for the payment thereof,
and when said= bonds shall ha vc- been esxeduted., and registered' by the city
clerk4* county :clerk Lof Saline county, . Xansas, and the Auditor of State of
.the State of —Kansas, they .sha.11 be exchanged for said $24,0()0 of out-
standing bonded.indebtedness, _ .3n ,pursuane.e, to: the terms of said compromise •
See. 6 These= shall be. 1'evi.ed, annually, at the time of making the
levy: of other. taxes; by the ,i*yor and .co.uncil of said city., a . X suffi;
c i ent'._n amount to :payL the interest upon said, bonds L and the coupons as
they become due;, and .t o, create -a sinking. fund,: as provided for in said
Ghapt'er 5.0, laws, :o:f Kansas- 18"7"9::as amended,` for. the payment of the
--- �r?ncyal of said bonds, which shall be--co.11ected:as other:taxes•
Sec • 7. This ordinance 'shall .take effect and be in for. -0. froiii and.
after -its .publication. once i.n` the Salina. Evening Journal*-
Passed and approved November 151 .190.9.
Attest: :. ��✓Savor