1597 Issue Improvement Bonds(Published in the Salina Evening Jo urnal 1911)
ORDINANCE No. /-ry7
An Ordinance providing for the issuance of General Improvement
Bonds of the city of Salina, Kansas, in the sum of $40,000.00,
to pay for the erection .@ah- construction and completion of a
city building in and fdr said city.
Whereas. in pursuance of Section 1379, General Statutes
of Kansas, 1909, and Ordinance No. 1559 of the city of Salina,
Kansas, passed and approved by the mayor and council of said
city on the 30th day of June, 1910, the mayor of said city was
authorized to and did call a special election in said city, on
the 2nd day of August, 1910, for the purpose of submitting to th;e
qualified electors of. said city. the proposition wh eth er or not
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said mayor and council should be authorized to issue bonds -of;'i
the city of Salina, Kansas, in the sum of Forty Thousand Dollars
for the purpose of erecting, constructing and completing a city
building for the city of Salina., and
Whereas, at such special election a majority of all the
votes cast thereat and on said proposition saw in .favor of author-
izing said mayor and c ouneil 'to issue said bonds, in said sum
and for said purpose: Now, therefore,
Be it ordained by , the Mayor and Councilmen of the city . of Saline;
a
Section 1: That for the purpose ofthe money with
which to er4ct, construct and complete a city hall or building in
and for the city of Salina, Kansas, and to furnish offices for the
various officers for baid city, there shall be issued, and are
hereby issued, General improvement Bonds of the city of ,5alina.
Kansas, in the sum of Forty Thousand ($40,000.00) Doll are, .as
hereinafter provided.
Sec. 2. Said issue of bonds shall consist of forty (40)
bonds of the denomination of one thousand ($1000.00) dollars
each., n umbered from ome (1) to forty (40) , inclusive•, they shall
be dated April let, 1911, and shall be d%w and parable twenty
years after their date, or on the lst day of April 1931.
Sec. 3. Said bo$do shall bear interest at the rate of four
and one-half (4•*) per cent, per annum from th ear date, payable
semi-annually, on the first days of April a0d October of each year,
the first semi-annual installment of interest falling due October
late 1911, and the several installments of interest shall be evi-
denced by coupons attached to said bondkand both principal and
interstr shall be payable at the Bi anal Agency of the State of
Kansas, in the city of Topeka, in said State.
Sec. 4. Said bond shall be signed by the mayor and attested
by the clerk of said city, and shall . h ave the c opporate seal of
the city affixed thereto, and said interest coupons shall be sign-
ed by said mayor and clerk.
Sec. 5. The mayor an d clerk of said city are hereby author-
ized and directed to prepare and execute, without unnecessary de-
lays the said bonds herein provided for, therein pledging the cre-
dit of the said city for the payment thereof, and that when exe-
cuted said bond,66hall be registered. with the city clerk of the
city of Salina, the co unty cl ask of Saline County, Kansas, and
with the auditor. of st &te of the Stat a of Kansas, as required by
law; and when said bonds are so executed b)tey shall be by the said
mayor and council sold, and out of the proceeds thereof the said
mayor and council shall, at such time or times and in such sum or
sums as the said mayor and council shall hereafter determine, pay
the coat and expense of erecting, constructing and completing said
city building aforesaid; provided, that said bonds shall not be
sold for less than their pair value, and the money devi red then -
from shall not be used for any other purpose except as in this
ordinance provided;
:Sec. 6. The mayor and council shall levy annually, upon
all the taxable property of said city, in addition to the levies
authorized for oth er purposes, a sun sufficient to pay the. inter-
est on said bonds issued under the provisions of this ordinance;
abd shall also, in the manner provided by law, levy taxes on all
taxable property within said city, in addition to all other taxes,
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to provide a x=ppmFpp fund for the redemption of said bonds at
their maturity.
See. 7. This ordinance shall take effect and be in force
from and after its publication once in the Salina Evening Journal.
Passed and approved February 27th, -1911. t
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Attest.
City Clerk.