1925 (#764-787) - Laserfiche WebLink

Home Browse Search

following the proposition voted upon. If any voter at said special election shall have stamped a cross (X) in the voting square at the right of the word YES following the proposition voted upon, his or her bal- lot shall be counted in favor' of the issuance of the bonds men- tioned in the proposition, and if he or she shall, have stamped a cross (X) in the voting square at the right of the word NO following the proposition voted upon, his or her ballot shall be counted against the issuance of the bonds mentioned in the pro~osition. If two-thirds or more of a21 the voters voting at such special election shall have voted Y~S and in favor of the proposition submitted, then the issuance of the bonds mentione~ in the proposition shall be authorized and shall be issued and sold by the City ~ Santa Aha for the objects and purposes and in the sun of the principal of the indebtedness to be incurred therefor, as set forth in Resolution No. 1484, described in this Ordinance, and stated on the ballot. Section ~. The bonds of the City of Santa Ana in the s~n of $1,206,000.00 for the completion of the municipal water works of the City of Santa Aha, if authorized at the s~ecial election herein called and ordered to be held, shall be sold by the Board of Trustees of the City of Santa Aha as tSey may deter- mine, but for not less than their par value and acc~ed inter- est on the date of the delivery of such bonds, and the proceeds of the bonds shall be placed in the municipal treasury of the City of Santa Ana to the credit of the Water Works Comple%io~ Fund, and shall be applied exclusively to the purposes and ob- jects ~entioned in this ordinance, and for whic~ the same was voted. The bonds which may be issued for the objects and pmrposes for which the indebtedness is proposed to be incurred shall be payabl~ substantially in the following manner: A part to be determined by the Board of Trustees of the City of Santa Aha, which shall be not ]ess than one-fortf~k part of the whole amount of such indebted~ess shall be paid each and every year on a day and ~ate, and at a place to be fixed by said Board of Trustees, and designated in such bonds, together with interest on all sums unpaid at such date at a rate not exceeding the maximum rate in this 0rdinance fixed and recited, and which interest shall be payable semi-annually. The bonds shall be issued in such denominations as the Board of Trustees may determine, except that no bond shall be of a less denomination than $100.00 nor of a greater den6mi- nation than $1000.00, and shall be payable on the day and at the place so fixed and designated in such bonds.