Show AN ORDINANCE j f providing for the issuing and disposing of muni cipal bonds provo city a municipal corporation being free from debts and obligations of every nature is in need of a system of waterworks water works to more effectually provide for mhd health and convenience of its inhabit 1 i tanta and jhb of property land 1 the money in the treasury of city is insufficient and tha current revenue to meet the expenditures necessary for the construction of aid system of I 1 and it ia deemed for the best good of provo city and its inhabitants to borrow the necessary bueto establish said system of waterworks water works and for taht purpose to issue a of one hundred and twenty five bonds of the denomination of one thousand dollars each pursuant to an act of the legislative assembly of tle territory of utah entitled an act providing for the incorporation of cities ap proved march 1888 therefore SEC 1 be it ordained by the city council of provo city that for the purposes ies above expressed said cor horation po ration ahall issue a Berie one hundred and twenty tive litho graphed coupon bonds of the denom of thousand dollars eacho the principal payable at the office of the city treasurer of provo city iff U S gold coin twenty years after the date thereof redeemable how J ever at the option at said oily at any time after ten years from thel date of thair issue said bonds to bear date of oct with later est from the date thereof at the rate of seven per cent per annum anil i payable semiannually semi annually thereafter on the first days of april and october in each year at the first national of provo in provo city or its sac ees sors or at the chemical national bank of new york in new york city or its successors at the option of the holder on presentation and surrender of the coupons as they be come due in lawful money of the united states and said bonds eh alx he exempt from axa tion by said t city yeo 2 said bonds shall be num i bared from one 1 to one hundred and twenty five naive and they shall be duly registered in num i order in a book kept purpose by tha city shall be signed by the mayor and treasurer of said city and before th e issuance of any of them tha corporate seal thereunto be affixed duly attested by the recorder of said oily tho faith and credit oi provo city is hereby pledged for the payment of paid bonds and the interest tac ruing therein aa herein provided SEC 3 coupons for the interest shall be attached to each bond so that they may be removed without in jury or mutilation to the bond be consecutively numbered from one 1 to forty 40 both inclusive and bear the same number aa tha bond to which they are attached also the proper dates of payment earned therein and the interest expressed in said bond SEC 4 said bonds ahall be sold only upon the order of the city council and in such lots and on auch as shall be designated by baid council the seal of the corporation ahall not be impressed upon aid bonds until the time of sale thereof and then the presence of the mayor treasurer and committee on T 4 hr 01 aia jicy jr ruo order of belling and bald bonds may be modified or changed hv order of the cilcy council sac 6 whenever the city conn cil shall have arranged to make a loan and issue said bonds or any part of them said shall direct the treasurer 0 eaid city to advertise for the bale of the bonds to be issued as aforesaid by can aing a notice ot said aale to be published for a period of at least fifteen day in I 1 two daiev newspapers published in salt lake chiy such notices shall specify the amount of bond abold the rate of interest thor place day and boar oi ea leand that bids will be received blead treasurer for the o richin fifteen days aroa the expiration of gaid in papers alt the time and place named in said noti ees the said treasurer together with the committee on Fi Banco of s id city council shall open by said treasurer and they r award the aard I 1 till I 1 bonds or abo portion offered borate Jo rate ti be bidder or bidders I 1 thore fur aroy ailed that said treas aurer committee shall haye the right in behalf of said city to reject any and all bids and provided further that they may in their discretion refuse to make any award of aard bonds unless sufficient security ahall be furnished by tho said bidder or bidders for the compliance with the terms of his or their bid sacs for the purpose of providing for the payment of the interest on said as thesa meshall become due the sum of eight thousand seven hundred and jiri BO much thereof as may be necessary is hereby from the general fund of provo city annually to be drawn on the warrant of the bec order semiannually semi annually to meet such interest on the first days of april and october of each every year 7 at the of tan the issuance of eaid bonds there dball be set apart andis hereby appropriated out or the general fund of the city annually the sum of twelve thousand and five hundred dollars tobe drawn on the warrant of alie recorder to pay the principal p said bonds as the same shall fal due or be called tor as provided in this ordinance said amount shall be i held and placed by the treasurer in a fund to be known as tho redemption fund of said bonds provided that the provisions of this section shall not be construed to prohibit the city council from making other provisions for the redemption of any or all of said bonds after the expiration of ten years sio 8 whenever after the expiration pi ration of ten years from the date of issuance of any bonds tinder this ordinance thye is available as provided in the preceding the sum of twelve thousand and five hundred dollars or more it shall be the duty of the treasurer to advertise as in the manner of adver the sale of said bonds which advertisement ahal state the amount of money in the said redemption fond and the number of bonds numbering them in the order of their isi is i finance commencing ab the highest number then outstanding which said sum is set apart to pay and discharge and the date when they will be paid i and if numbered in auch advertisement shall not be presented for payment and cancella tion at the expiration of tho debt mentioned in the publication then such fund shall remain m the treasury to discharge such bonds whenever presented but they shall draw no interest after the ex pi ration of suan any such bonds shall be paid they be presented to the recorder who shall endorse thereon the amount due and shall write across the face of said bonds the date of its surrender and the came of the person derieg the same the treasurer shall ten days after the sale of any bonds file with the recorder a veri fied statement showing therein the number date rate of interest amount of and when and to whom payable and the said recorder shall keep a record ef all bonds issued and disposed of by the treasurer showing the same facts as shown by the record kept by the treasurer also when presented for redemption the amount 1 due and surrendering passed september 29 A I 1 1891 mayor of provo city attest J M city 07 UTAH J UTAH cowry BS j J M recorder gabd for prove city county and territory of telah here 1 by certify that the komg isa fall true and correct copy of t ance providing for toe issuing and disposing dispo aing of municipal bonds by the city council of proto citti A D 1891 r in chave here i tho Seal af brovo day all 11 91 a |