HomeMy WebLinkAboutOrdinance 16- 456, Directs Issuance of Water Works Bonds
WHEREAS, the Oity Oounoil of the City of B02;eman, at 'a speotal:inaet.tr.l:j-,:...
held on Feb-ruary 28, 1916 t duly and regularly, paB,sed Counoil Resolutionllo.
uNentitled, "A Oounoil Resolution Providing for the Issuance of Water
Works Bonds, in the Sum of $235,000; '$1.60,000 of the P:rooeeds ther.-6f to
"'; . be Used in Redeeming the Present Outstanding We.te~Works Bonds and the
BalaI;loe in Ex:t;ending, Impro~ing and Enlarging the Present Water Works
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Ci) :R D. I N A l~ C.E NO. .4 5, 6 .
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An ORDINANCE DIRECTING THE ISSUANCE OF WATER WORKS
BOUDS O]'TEEOI~ OF BOZEJLA+f KOHWA, TO THE AMOUNT OF.,
$235,000; $100,000 qFTD paOe~Sr.nHEREOF TO BE US~D
: IN RE~&MING THE PRES:IUlT OU~8~ANDII9'1fATER WQRKS BONDS
AND THE BALANCE IN EXTU'DI,NG, '. XMPROVING .AND ENLARGING,'
THE, PRESEN:T .WATER WORKSSYSTQ.&!fDAQQUIR,ING AN AU.XILIARY
OB ADDITIOIUL WATER WORKS 'SYS'TEM' FROM BOZElMU CREEK FOR
TEE CiTY OF BOZ'~lI4Azq: AND PROVIDIUG FOR A WAX TO BE LEVlU
lifAOH YEAR FOR THE' PURPOSE OF PAYINGTfiE IUTEREST OU SUCH
BO;NDS AnD TO CREATE A SINKIUG FUI'lDFOR THEIR RED~TION'."
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S;retem and Aoquiring an'Aulliary or Additional Water.Works Sys:teftli'from
Boteman Creak for the 01 ty of Bozeman. and Providing for the Call'ing and
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Holding of a SpeoialEleotion for the Pur-pose of SubmittIng the Question
of Such Bond Issue to th~ Qualified Eleotors" , and
WHEREAS, ,the City CoUncil of said Oi ty in sai~1- GOUl'lcil Re,solut19P N:O.
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'695, ordered that a speoial ele9tlon ve held 'in the (Jlty of ,Bo zema11 ,
Montana, on the3rd dILy of'A.pril, 1916..and the City Clerk of said Oity
was authorized 'anddireoted to give notioe .thereof as' provided by la.w for
the purp,ose of submi ttlng to the taxpayers, of said, OJ. ty of Bozeman, 'as
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definedb1Sectione 46.8 and 469 of the Re~ised' Code.s of Montana of 1907,
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who were a180 possessed of the qualiflcati()ns of' electors in the sa.id..Gitt,
of :Bo.aman, the question of the said Gity of :Bozeman issuing water works
bonda upon the credit. of the8ai. City in the sum of .235,000, the pro-
oe.ds from the sale thereof to be used in redeeming the present outetanding
water works bonds e.nd the balance in extending, improvinganq. enlarging
the present water works system and aoquiring an auxiliary or additional
water works aystem.:from:eo.;$man Creek 'for the (H'ty of Bozeman; and
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466. '
WHEREAS, at the said speoial meeting of the sard Oity Counoil, held
on the 28th day of February, 1916, a registry agent was, appointed to register
the taxpayers of said 'Oity, qualified to vote at the said speoi~l election
to be held on the said 3rd day of Apx-iJ", l~16, 011 th~ question of the
issuance of the said water works bonds, who thereafter ga.ve due notioe of
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regis'tration and ,duly and regularly registered the. names of' the tax-
,payers qualified.to vote at -saiq.'speolal eleotion, in acoor4ance with'the
provisions of Ord1nano'e Bo. 140, of sald C1,ty, in eo far &s the same relates
to registration +or 'speoial, Oity eleotionsO;and
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WHEREAS. a special eleotion was Wy,noticed and held on the 3rd
'....ay of Aprtl, 19l6,.in said CltU of'ozeman"se provided in said Council
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aesolution No. 695 oalling the 8ame~"a11d', as provided by law for holdi,ng
special munioipal,elections; and
WHEREAS, at an ,adjo,u.r.ned _gular meeiing of the 0:1 t7Co1Ul9il of the
said C1 ty, held Oli 'the 7thdal'Ho:f4P:J:!4.~, 1916, the vote ate8,id speoial
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eleotion was 'duly arid rep.Ula~l;y oanv,a8sed and it waS ascertained and
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tifiluanoe of said watElr works "bond,.<and 132 votes were 08st against the
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issuance of said bond~, and there being a ,.ajority in favor of the issuanoe
of said bonds of 9~ votes, the\qllesttoBofthe issuance of suchwstar works
bonds was -deolared. oarried;,' &114
WRlREAS, at said',meetiDgof BQ.id ~1.ty 'G'ounofl . held on, Apr~l 7, 1916,l,
the said City CQ~cil aPP,ointe.d ~18, 1916, at seTen thirt.v o'clock J?M.,
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at the Council 'Cham~er in ,the Gt't7 ~1h.11diD.8' in the said Qi1;7 of
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Boseman", as the time when and the plaoe where the issue of $235.000 of
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";:-'1;62:' works bonds of saidQ.1.,t7 ,.quldbe offered fors81e at .public
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auction', and direoted the' Ci t;y C1e1'!Jtto give notice of such sale by adv:er-
tising in t,he, Weekly Courier, a weeklynews!>aper published in the said
, City of Bozeman, . and in the Finanei.,;:. a'.Nkiy newspaper ,published in
.1:lewYork Ot ty, for ~ 'per.iod ~f.' four ..e~k8 before:KIq 18, 1916.
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NOW THEREFORE, BE IT oRDAI.HEDBI fEE 01 TY OOUNCIL' OF
, TRBOITi..OFB<)llMkW, KONTANA: . "
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:That the, waterwor1@ bonds C)tthe.~1t~of aQaoman, S1i,~,
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of Kontana, to an amount not .to.XQ~~>.~5:00Qibe ia.ued upon the sale
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thereof ?y the City in pursuanoe"Gt"'8AAl;1,8ale ,for the purpose of re-
deem.1ng the present outstandi:ng.at~2l'workebonds in the sum of .1.00,000
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and' the balance to be used in e%tel11l111g, improving and enlarging the '.
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Section 1.
present water works system ~d aQqu,"r:irJ.g U .U11iary or ad,4:1t1cu:al
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water works system from BonmanOr.,~ for the ,g,1 tyo;f. Bozem~.
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Seotion 2.
That thellayor and 01 ty Clerk of the City ofioz,eman'
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are here\)y authorized and instruotedto sign and exeoute, after the sale '
thereof, the said Water Works :Bonde to an amount not to exoeed the'sUIll
of $235,000.
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The bonds issued by virtue of this Ordinanoe shall be
lm.own as "Water Works Bonds"; shal~ be dated July l, 19l6; shall be of
the denomination of One Thousand Dollars each and shall bear iItterest ~t
a rate not exceeding five per ~ent per annum;, interest payable semi-
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annually on the first days of January. and of July in each year. S~ld
bonds shallhave attaohed semt-annual oo~pon,notes for each installment
of interest, and the bonds and ooupons attached thereto shall, be slgnei
by the Mayor and City Clerk; provided a lithographic or an engraved 'fao-
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simile of the signatures of the Kayor ~nd City Clerk may be affixed tb
the coupons only, and it shall be so z:ecited in the bonds.
The said
bonds shall be oonseouti vely ntunbered, beginiling at number one.
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Seotion 3.
A tax of one mill on 'the dollar shall be levied each
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tear upon the taxable property in said City and the prooeeds thereof,
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together wi-~e net prooeeds derived, from the sale of water bY'$1cl'
Oity-, shall be used for the purpose of paying the interest on said bonds
so issued, and to create a Sinking fund for their redemption, until the
same afe paid illc fu~l and fedeemedS &<38~ by Onlina3~3 Mo.. ii.lj,
The City Treasurer shall pay in lawful money of the United States"
on the :tirst day': of January 'and ,the first da.y of July 'in eaoh year,tl1e"
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interest due on s~ch bonds upon the presentation at his office of the
'proper ooupons, whioh'shall show the amount due and the number of ' the
bonds to whioh they severally belong; but in case the holder or
of suoh bonds' shall give the Treasurer notice, in writing, that
they wish the bonds so held by them and the interest to be paid in New
York ,Oi ty, then ,suoh bonds "and ooupons shall be payable in liew~:OrkCity.-,
(at suoh b'ank aa shall be designated by the 81 ty Treasurer), and all
bonds and coupons so ,pa.id'shall be returned to. the City Council at the
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next monthlY meeting and said bondsan,d ooupons shall be canoelled in
the manner in ~hioh City-Warrants are now canoelled.
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Se-otton 4.
The.star Works Bonds, the. issuance of whIch is herein
provided for ,ahall be payable, in twenty years and redeemable at the
option ofth,e City of Bozeman at any time after ten years, and when
ever' at any time after ten yea.rs .from the date of issuance of sa.id
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456.
bonds" the sum in the sinking fund shall equal or exoeed One Thousand
. Dollars, the sa.id Treasurer shall oalise ...notioe to be publis'hed in one
newspaper in the City of Bozeman, that he will within thirty days
from the date of Buell not"ioe, redeem said amount of bonds , giving
the number thereof, ~nd oalling for said 'bonds in their numerioal
order.
A similar notioe shall be .gi ven by mail to suoh bank in the
Qity of New York" as the City Treasurer has designated as the bank at
which said bonds and interest t~ereon will be paid; and if at the ex-
piration of thirty daYf!, the-'holder or holders -of said bonds shall fail
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or negleot to present the ~ame.for 'payment, interest shall oease and
the Treasurer shall be ,ready at all times to redeem said bonds on pre-
'sentation.
Section 5.
That the said bonds shall be in such form as the
C1 ty Council of the Ci.ty of Bozeman shall hereafter by Ordinanoe,
prescribe..
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Seotion 6.'
That this Ordlnanoeshall take effeot and be in full
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.foroe from and. aft.er its passage, approval and publication.
Passed this 7th day of April, 1916.
Approved this 7th 'day of~prl1t 1916.
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John A. Luoe
Attest:
c. A. Spieth
City Clerk.
Hayor
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'; The. State of Montana,
County of Gallatin,
Oity of Bozeman.
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I, C. A. Spieth, Oity Clerk of the Oity of
B~leman, said County and State, do hereby oertify that the above and
foregoing is the orig,inal of Ordinance No. 456 of the Oi ty of Bozeman:;
that, said Ordinance was passed by theei ty Co'uncil of Bozeman, said
County and state, on the 7th day of 1l.prll, 1916, and approved by the' lIayor ;'. ~.
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that true ap.d correct copies of said Ordinance :No. 456 were posted, onl
eaoh tn the following named places:
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Old Courier Building, Republican-Courier Building, Kenyon-Noble
Lumber Co., and Oi~y Hall Bu+.letin Boards, and'that the same remained
posted for the time required bl law,for suoh publication.
IN WITNESS WEEREOF~. I have her~un-to set my .hand and affixed the
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Seal of the CIty of Eo.eman, 'Monta.J!1l", this 13th dey of April, A.D. ,l~16.
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c. A. Spieth"
01 ty Olerk'.
SEAL.
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