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Ordinance 373 - Special Election - Water BondsORDINANCE NO. 373. AN ORDINANCE providing for the Folding of special election upon the question of whether or not the indebtedness of the City of Kalispell, Montana, shall be increased by the issuance of Water Bonds to the amount of Five Thousand Dollars ($5,000.00) to be used for the purpose of re-imbursing the property owners for, assess- ments paid and the purchase of all out -standing bonds in Special Improvement Districts No's 156-182 and 196 which were created for the purpose of extending the water mains. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF KALISPELL, MONTANA: Section 1. That whereas the City Council of the City of Kalispell, Montana, have agreed to submit to the qualified elec- tors who are resident taxpayers of the City of Kalispell, the question of whether or not the indebtedness of the City of Kalispell, Montana, shall be increased by the issuance of Water bonds to the amount of Five Thousand Dollars ($5,000.00) to be used for the'purpose of re-imbursingrithe property owners for assessments paid and for the purchase of all outstanding bonds in Special Improvement District No's 156-182 and 196, which were created for the purpose of extending the water mains of the City of Kalispell, Montana. Section 2. That a special election be held in the City of Kalispell, Montana, on the second day of April,: 1923, for the purpose of ascertaining the will of the taxpayers to be affected thereby, and that authority may be given and power conferred upon the City Council of said City of Kalispell to increase the indebtedness of said city by the issuance of water bonds of'said City to the amount of Five Thousand Dollars ($5,000.00) for the purpose of re-imbursing the property owners for assessments paid and the purchase of all outstanding bonds in Special Improvement Districts No's 156-182 and 196 which were created for the purpose of extending the water mains 146 Section 3. That the time and place of holding said election shall be as follows: In the City of Kalispell, Montana, on the sedond day of April, 199.3, from eight o'clock A.M. to six o'clock P. M. of said day and the places for voting at such election shall be as follows: First Ward: The Sample Room of the National Hotels on Main Street. Second Ward: Council Chambers in the City Hall. Third Ward: Basement of the Court House. Section 4. That the amount and character of Water Bonds to be issued shall be Five Thousand ($5,000.00) Dollars. That both bonds shall be ten in number and bear numbers from one to ten/inclusive. That said bonds shall be designated Water Bonds and shall be of the denomination of Five Hundred ($500.00) Dollars each, and the Prin- cipal shall be payable in gold coin of the United States of America of the present standard of weight and fineness. Said bonds shall bear interest at the rate of five percent.(5%) per annum,,payable semi-annually, shall be dated the first day of. July, 1923, and shallb be redeemable and payable as follows: Two ThdUsand ($2,000.00) Dollars of said bonds numbered from one to four both inclusive, shall beredeemableand pyable.on and after the first day of July, 1926, and shall be paid on the first day of July, 1928. Three Thousand ($3,000.00) Dollars of.said bonds numbered from five to ten both inclusive shall be redeemable on and after the first day of July, 19280 and shall be paid on the first day 6f July, 1933. There shall be semi-annual interest coupons.attached to said bonds, interest payable semi-annually in lawful money of the United States of America. The bonds and coupons shall be in such form as the Council by ordinance directs. A tax to be fixed by ordinance, must be levied each year for the purpose of paying inteeest on the bonds and to create a sinking fund for their redemption. Whenever at any time after such bonds become redeemable, the sum in the sinking fund equals or exceeds One Thousand ($1,000.00) the City Treasurer must redeem such amount 4f the bonds as may be payable or redeemable according to law. 11 1 7147 1 Section 5. That the be of ordinary white be printed in the foil debtedness of the City allot to be used at such election shall , four by six inches in size, and shall z form:"Proposition to,increase the in - Kalispell, Montana, by the issuance of water bonds of the City to the amount of Five Thousand Dollars ($5,000.00) to be used f owners for assessments p bonds in Special Improve: created for the purpose of Kalispell, Montana. FONDS . BONDS . . The elector must mark a he intends to vote." the purpose of re-imbursing the property and for the purchase of all outstanding t Districts No's 156-182-196 which were extending the water mains df the City . . . . . . .Yes . . . . . . . .No s thus X opposite the answer for which Sectio* 6. That the ity Clerk be and is hereby authorized and directed to give notice or said election required by law, which notice shall be in the fo lowing form: NOTICE OF SPECIAL ELECTION. Notice is herebyagiv n that a special election shall be held in the City of Kalispell, Montana, from eight o'clock A. M. to six o'clock P. M. on the second day of April, 1923, for the purpose of submitting to the taxpayers of said City qualified to vote thereon, the question of whether or not the said City of Kalispell shall increase its indebtednssslby the issuance of Water Bonds to the amount of Five Thousand (05,000.00) Dollars, for the purpose of re-imbursing the property owners for $ssessments.paid and for the purchase of all outatndinE bonds in Special Improvement Districts No's 156-182-196 which were created for the purpose of extending the Water Mains of the Ci The character of and character of water bo ($5,000.00) Dollars; that bear numbers from one to be designated Water Bonds Hundred ($500.00) Dollars in gold coin of the Unite standard of weight and fi: the rate of five Percent. of Kalispell, Montana. bonds is Water Bonds. That the amount s to be issued shall be Five Thousand aid bonds shall be ten in number and n both inclusive;that said bonds shall nd shall ,be of the denomination of Five and the principal shall be payable !States of America of the present ss; said bonds shall bear interest at ) per annum, payable semi-annually, Shall be dated the first day of Ju ly, 1923, and shall be re- deemable and payable as follows: Two Thousand ($2,000.00) Dollars of said bonds numbered from one to four inclusive,'shall be redeemable and pyable on and after the first day of July, 1926, and shall be paid on the first day of July, 1928. Three Thousand ($3,000.00)Dollare of the.said bonds ' numbered from five to ten both inclusive shall be redeemable on and after the first day of July, 1928,and shall be paid on the first day of July, 1933. There shall be semi-annual interest coupons attached, interest payable semi-annually in lawful money of the United States of "meriaa. Bonds and coupons shall be in such form as the City Council by ordinance directs. A tax to be fixed by ordinance must be levied each ,year for the purpose of paying interest on the bonds and to create a sinking fund for their== demption. Whenever at any time, after Buch.bonds become redeemable, the sum in the sinking fund equals or exceeds the sum of One Thousand_($1.,000.00) Dollars, the City Treasurer must redeem such amount of the bonds as may then be pyable for redeemable , AC0044Ling to law. That the places for voting at such election in said. City shall be as follows: First Ward: The Sample Room of the National Hotel on Main. Street. Second Ward: Council Chambers of the City Hall. Third Ward: Basement of the Court House. . Section 7. That the City Clerk be and is, hereby authorized and directed to take all necessary steps and proceedings reqdred by law for the ]Holding of said election. Section 8. That all ordinances and parts of ordinances in conflict herewith are hereby repealed. Passed by the Council this 5th day of March, 1923. Approved by the Mayor this 5th day of March, 1923. (signed) A. E. BOORMAN. Mayor. Attest:(signed) A. G. SWANEY, City Clerk. 147 State of Montana ( County bf Flathe$d) City of Kalispell ( ' I Kalispell, Montana, March, 1923, I post 373 in my office an of five days therea true copy of the or SS. A. G. SWANEY, Clerk of the Citv of .o hereby certify that on the 6th day of a copy of the foregoing ordinance No. that same remained posted for a period er, and that the foregoing record is a nance as passed by the Council. ed this 12th day of March, 1923. City Clerk.