HomeMy WebLinkAboutORDINANCE NO. 240 BOND ELECTION - Signed
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IU:O.D.IARNAIlID ITA.CO., IT ,LOU..
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hereby created, both a.s to principal and ir:.tere at, shall ha.ve been fully paid, sa tis-
fied and discharged.
PASSED BY THE CQUNcmL, This 25th day of Novemb~;,J A. D. 1919.
APPROVED::November 25th, A. D. 1919.
( SEA L )-
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.~d
Mayer. ~
Att.st~ ~
C ty Clerk. '-.l
~ ORDINANCE NO. 240.
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"AN ORDINANCE DECLARING TIlE RESUT"T AND VALIDITY OF THE SPECIAL MUNCIPAL
FIRE DEP AR TMEN T COUPON BOND ELECTION HELD IN AND FOR THE CITY OF REXBURG, IN TIm:
COUNTY OF MADISON, S'l'ATE OF IDAHO, ON WEDNESDAY, TO-WIT: 'I'HE FIRST DAY OF IDC'lUBEB:;.,
A. D., 1919, UPON THE PROPOSITION OF ISSUING $12,000. MUNICIPAD FIRE DEPARTME1~T
COUPON BONDS; DECLARING DUE ADVERTlSEI\EEN'I' AND SALE OF SAID BONDS OF AND BY SAID CITY
10 FERRIS & HARIGROVE, OF SPOKANE, WASHING TON, AS THE HIGHES1' AND BEST EIDDERS 1'BERE-
FOR,j AND PROVIDING FOR THE ISSUANCE, EXECUTION AND DELIVERY OF SAID BONDS TO SAID
PURCHASERS; PRESCRIBING TBE FORM OF BONDS AND PROVIDING FOR THE LEVY OF A DIRECT
ANNUAL AD VALOREM TAX SUFFICIENT '10 PAY THE IN TERES '1' ON SAID BONDS PROMPTLY WHEN AND
AS TEE SAME FALLS DUE AND AI,SO ro :"1IC:;~R4.RGE 'l'HE PRH1CIPAL THEF.EOF AT MAWRI TY; DIRECTij.
nlG THE CI'IY mEASURER '10 PAY THE PRINCIPAL AND IN TERES l' DUE ON SAID BONDS A l' THE
BANKI1"G HOUSE OF Kom~1'ZE BR01'J:i"BmS, IN THE CITY AND STATE OF NEW YORK; DECJ-lARING AN
EMERGENCY WHEFEBY 1'HtS ORDINANCE SHALL TAKE }~FFECT AND BE IN FORCE FROM AND' AF'IER IS'S
PASSAGE, APPROVAL AND DUE PUBLICATION; AND PROVIDHlG THAT THE SAME SHALL THEREAFTER
BE IRREPEALABLE UNTIL THE INDEBTED1'ESS REPRESEN2ED BY THE SAID BONDS, BOTH AS TO PRl;
NCIPAL AND INmREST, SHALL HAVE BEEN FUI.LY PAID, SATISFIED AND DISCHARGED; AND RE-
PEALING SECTIONS, and 6 O]f ORDINANCE NO. 230, AND ALL OTHER ORDINANCES, RESOLUTIONS,
AND ORDERS, OR PAR l'S THEREOF, IN CONFLICt' HEREWI 'I'll; II
WHEREAS, in accordance with Ordinance No. 230, of said City. passed and
approved August 29th, 1919, and thereafter duly published, a special municipa.l cou-
pDn bond election was called and ordered to ve held in and for said City of Rexburg,
Idaho. on Wednesday, to-wit: the First day of October, A. D. 1919, for the purpose
of voting upon the question of issuing and selling the coupon bonds of sadd oity in
the som of .12,000. for the purpose of providing funds for the establishment, equip-
ment, and'maintenanoe of a fire department, and for the purchase of suitable and nec-
essary apparatua and bUUldings for the use thereof, in and for said city; and
WHEREAS, the oity clerk has caused due and sufficient evidence of the law-
ful publication of Baid Ordinance No. 230, and the election notice, to be. furnished
to the' City Council, and the said Council has caused the same to be filed of record
a8 a part of the proceedings of said citYj and
WHEREAS, in furhher pursuance of e ~d Ordinance No. 230, notice of sale of
said bonds was published for the time and in the manner required: by law, and in Dur-
suance of said notice of sale, said bonds were duly sold to Ferris & Hardgrove of
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SEC TION. 1.
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That th,e Special Municipal Fire Department Coupon Bond Election held II
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S~okane Washington, trA lawful purchasers thereof, at a price in excess of t}~ par value
of said bonds, together with all accrued interest thereon at the date of delivery.
NOW, THEREFORE, in consideration of the premises:
BE IT ORDIUNED BY THE MAYOR AND COUNCIIJ OF THE CI1'Y OF REXBURG, IN THE COUNTY
OF MADISON, IN THE STATE OF IDAHO:
in and for the City of Rexburg, in the County of Madison. in the State of Idaho, on Wed-
nesday. to-wit:
The First day of October, A. D. 1919, be and the eame is hereby deter-
mined and declared to have been duly called, noticed and held in strict accordance w.ith
law.
SEC TION 2.
That the result of said election has been duly certified and returns
thereof duly made to and canvassed by the Mayor and Council, and said oanv.ss shows that
on the question submitted, th~re were 423 ballots in all cast, of which 316 ballots were
"In favor of the issuance of
$12,000. Fire Department Bonds, " and 99 ballots were
"Against the issuance of said Fire Department Bonds", and 8 ballots were bpoiled, and that
a rr~jority of more than two-thirds of all ballots cast at said election was "In favor of
issui!1gt:onds to the amount of Twelve Thousand Dollars (.12,000.) fl for the purpose as
stated in Ordinance No. 230.
SECTION 3. That it be and is hereby certified. recited and warranted that at
said election, a majority exceeding two-thirds of all of the qualified electors who are
taxpayers of said City present and voting at said election voted in favor of !ssu1ng
'12,000.. Municipal Fire Department Coupon Bonds, and that the City Treasurer, under the
general supervision of the Mayor and Council of said City, is hereby duly authorized and
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empowered to issue and sell the municipal coupon bonds of said city, of the character, to
the amount. and for the purpo.se aforesaid.
SECTION 4. That in accordance with Ordinance No. 230, passed and approved
August 29th, A. D. 1919, notice of proposal to issue and sell $12,000. MUnici~al Fire De-
partment Coupon Bonds of and by the City of Rexburg, Idaho, and inviting bids therefor, was
duly published once each week for a period of five (5) consecutive calendar weeks in the
"Rexburg ~ournal", a weekly newspaper printed, published and of general circulation in the
City of Rexburg. tn& first publication being in the September 12th; A. D. 1919, issue, and
the last publication bei;~ in the October 10th. A. D. 1919. issue, and evidence of such
publishing has been furnished to the Ma~or and Council of said City. in the form of pub-
lisher's affidavit.
SECTION 5. That the municipal coupons bonds hereinbefore and hereinafter man-
tioned have. ~ursuant to the advertised notice of sale aforesaid, by the City Treasurer,
under the general supervision of the Mayor and Council, been duly awarded and sold. bear-
ing six (6) ger cent intertst, to Ferris & Hard~rove, of Spokane, W~shington, who were the
highest and best "oidcJ.ers therefor, at a. price in excess of the ps..r value thereof, together
with all accrued interest to date of delivery; and it is hereby determined and declared
that said bonds could not be sold at par if made redeemable prior to the dates of absolute
maturity thereof.
SEC1'ION 6. That for the !.)urpose .of providing funds for the establillhment, equip-
ment, and maintenance of a. d!ire department, and for the purchase of suitable and necessary
appar.atu8 and buildings for t,he use thei-eof, in and for said city. the fol1owir:.g bondS
aha11 be executed, namely:
Municipal Fire Department Coupon Bonds of the Ci ty of Rexburg, in the county
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GIO.O..AFlNAFlDITA.CO.,IT,LOU'1
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of Madison, in: the state of Idaho, in an amount aggregating the pr incipal sum of $12,000
comprieedof 12 bonds, numbered consecutively from 1 to +2, both numbers inclusive,
of the denomination of t1,OOO. each, d&ted October I, A.D 1919, absolvtely due and pay-
able serially in numerical order, in equal annualarnounts of $1,000. October 1st in
each of the years 1930 to 1938, inclusive, and $3,000. on October 1st. in tbe year 1939
bearing interest from their date until paid, at tbe ra.te of six ( 6) per centum per annu~
pa.ya.b1e semi-a.nnually on the first days of January and July, respectively, in each year,
oommencing July 1st, 1920, both principal thereof and interest thereon payable at the
office of the City treasurer.' or at the Banking House ofK6untze Brothers, in the city
and state of New York, U.S.A., at the option of the holder.
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Section 7.
That ea.ch of said bans, and each of the interest coupons
attached thereto, shall be in substantially the following forms, to-wit:
(Form of Bond)
UNITED STA1ES OF AMERICA
S'I~ TE OF IDAHO
COUN TY: 0 F MADI SON
Jlunicipal Fire De}nrtrnent Coupon Bond
OF THE
CITY OF P.~XBURG
No.
t1,OOO.
KNOW AI.L MEN' BY THESE PRESEN1'S 'I'hat the city of Rexburg in the county of
Madison, in the State of Idaho, acknowledges it~e1f to owe, and for value received,
hereby promises to Jl.y to the bearer the princi pal sum of One Thousand Dollars on October
1, A.D. 19_, together with interest on said sum from the date hereof until paid at
the rate of six-per centum per annum, payable semi-annually on the first days of January
and July, respectively, in each year, beginningJuly 1, A.D 1920, and on said First
day of October, as evidenced by and upon the presentation and surrender of the intere~t
coupons hereto attached, as they severallJr become due; a.nd both the said interest on
and principal of this bond are hereby made payable in gold coin of the United S1~~e8
of America of, or equal to, tI~ present standard of weight and fineneas at the office
of the City Treaeurer in Rexburg, Idaho, or at the Banking Houee of Kountze Brothers, in
the Ci ty and State of New York, U. .I. A., at the option of the holder; and for pron:pt
payment of said principal and interest at maturity, the full faith, credit, resources
and all the taxable property of said city are hereby irrevocably pledged.
This bond is issued by said city for tI~ purpose of provldir~ funds for
the establishment, equipment, and nair-tenance of 8. fire department, and for the Tlurchaae
of suitable and necessary apparatus and buildings for the use thereof, in and for said
city, pursuant to a vote of the qualified electors who are taxpayers of said city present
and voting upon the question at a speial election lawfully called and duly held there-
in for the purpose, prior to the issuance of thi s bond, at which bond election a maj-
orityexceeding two-thirds of the qualif.ied electors who were taxpayers of said city
present and voting thereat voted in favor of the issuance of this bond and in acc-
ordance with an ordinanoe duly adopted by the mayor and counoil of said oity and
effeotive prior to the issuanoe of this bond; and under, by virtur of, and in all
respect in full and striot oomplianoe with the oonstitution of the state of ~daho,
the provisions of ohapter 1,9 of part 1, of the oompiled laws of said state, and
all legislative enaotments amendatory thereof and supplementary thereto.
And it is hereby oertified, reoited and warranted that said oity
il now and has been for many years past, a body politio and oorporate, duly organized,
existing and operating ae a city under and by virtue of the constitution and laws of k
the said state of idaho, and is now and has been always, under the control of a duly
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organized oouncil as the duly constituted corporate authority thereof; that all things
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acts, and conditione required by the constitution add laws of the state of ~dabo to
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o~o. D. BARNARD ITA.eo., IT. LOU"
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jsst forth, and to exeoute the eame for and on behalf of said oity, as and in the manner
:\aforesaid; and after their execution and before bonds are delivered to the purchasers
\thereof, they shall be registered by the city clerk, in a public record book kept for ,.
I\thatthat purpose in his office, which shall show that sa.id bonds were issued by said
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I!City, the amount of each bond, its number, date of issua.nce, time and place of payment,
Ilrats of interest, number of interest ooupons attaohsd, nams and postoffios addrsss of
Ithe purchasers and proner description thereof for future identification; and when said
l~onds shall have been so e&ecuted and registered as aforesaid, their legality shall not
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re open to contest by said city, or by any person or corporation for or on its behalf
Ilfor any reason whatsoever.
Section 9. That the interest falling due on said bonds on July I, A,(D. 1990
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leball be and the same is hereby ordered appropriated and paid by the city treasurer from
!the. general or expense fund of said city, and to reimburse said fund for the amount so
~o,rowed from it, and also to pay the interest accruing on said bonds subsequent to
IrU1Y I, A.D. 1920, promptly when and as the same falls due and to constitute and maintain
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sinking fund sufficient to discharge the principal thereof at maturity, there shall
e and by this ordinanoe there is hereby levied upon all of the taxable property in said
ity, in addition to all other taxes, the following direct annual ad valorem taxes, to-
it.
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TAXES FOR MUNICIPAL FIRE DEPARnIENT COUPON BONDS
In the year 1920, a tax sufficient to produce the next sum of $1,440., for
interest.
In each of the years 1921 to 1928, both inclusive, a tax sufficient to produce
the net sum of $720., in each year, being for interest.
In eaoh of the years 1923 to 1929 to 1938, both inolusive, the following
taxes, to -wi t:
Amount for Amount for
Year Principal Interest To tal.
1929 11,000. $720. II , 72 0
1930 1,000. 660. 1,660.
1931 1,000. 600. 1,600.
1932 1,000. 540. 1,540.
1913 1,000. 480. 1,480.
1934 1,000. 420. 1,420.
1935 I, 000'. 360. 1,360.
1936 1,000. 300. 1,300.
1937 1,000. 240. 1,240.
1938 3,000/. 18~. 1,180.
.-and said taxes when colleoted shall, by the Treasurer of said City, be kept in a separate
fund to be kn6wn and designated as "Municipal Fire Department Coupon ~onds, dated
!O~toper 18t, A~D. 1919, inter~st and Sinking Fund.~ which shall ve irrevocably pledged to
and u8ed solely for the payment of the interest acoruing on and the principal of the
:~aid. fire department bonds hereby authorized when due, so long as any of said bonds,
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or the interest coupons'thereto appertaining remain outstanding and unpaid, but shall be
used for no other purpose whatever until the indebtedness so oontraoted under this ordin-
".nce, principal and interest, ehal1 have been fully paid, sa ti sfied and di scharged.
.~. seotion 10. That it 8ha1l be the duty of the mayor and council and they am
t:l:r c:::u::::s~::a:::i;: ::: :::ya::t i:h:~r:::::n:r::~::: :: t:a:.:::::: ::v:~ng of
~~.VYing of taxes and requiring the offioer8 of and for said city to levy, extend and
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,IOol1ect such taxes in the manner provided bylaw, for the purpose of creating a separate
f~'fund for the payment of the interest upon and the principal of said bonds, but nothing
.'1 herein oontained shall be so construed as to prevent said 01 ty from a-pplyin,Q: anv other J:1*
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exist and to happen and be done and performed precedent to and in the issuance 1
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this bond, in order to constitute the same the valid and binding obligation of s1id
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city, do exist and have happened and been done and performed in regular and due ~~rm
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and time; that the total indebtedness of said ci ty, including this bond, does no~i
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exceed any constitutional or statutory limitation; and that due pro;rision has be,~
made for the levy and collection of a direct annya1 valorem tax on all of the ta1rb1e
property in said city, in addition to all other taxes, sufficient to pay the int~~est
accruing hereon promptly when and as the same falls due and also to discharge th~1
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principal hereof at maturity. ~
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;N W~ TTNESS ~R~~f, the city of ~xburg, in the county of -Madison, il~
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the state of idaho, by its mayor and council, has caused this bond to be signed ~&
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mayorofr:liaid ci ty, at tested by the ci ty clerk, countersigned by the city treasurejr,
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and sealed with the corporate seal of said city; and each of the interest coupons
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attached hereto to be executed by the engraved facsimile signature of said oi tYj Ii
treasurer the "rst day of October, A..D. 1919. II
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Mayor Ii
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the
ATTEST:
en ty Olerk
Countersigned:
01 ty T1'"easurer
(Form of Coupon)
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No.
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On the
day of
A..D". 19_
The City of Rsxburg, in the county of Madison, in the state of Idaho,
for value received, promises to pay to the bearer hereof, the sum of
dollars in gold coinof the United States of America of, or equal to, the present
sta.ndard of 1[e ight and fineness, at the office of the Oi ty Treasurer in Rexburg in
R.xburg, Idaho or at the Banking House of Kountze Brothers, in the city and State of
New York, U.S~A., at the option of the holder, for interest then due on its munioipal
Fire Department Coupon Bond, dated October ist, 1919. No.
City Treasurer.
Section 8. That each of the bonds hereby authorized shall be signed by
the mayor of said city, attested by the city clerk, countersigned by the city treasurer
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and sealed with the corporate seal of said city, which seal shall be impressed thereon;
that each of the interest coupons to be attaohed to each of said bonds shall be ex-
exuted by the engraved faosimile signatur~ of said city treasurer, and the officers
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in this paragraph mentioned are hereby authorized, ordered and directed to oause said
bonde and coupons to be prepared SUbstantially in the forms, respectively, hereinabovee
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GEO.D.IIA"NARD ITA.eo.. IT,LOUI'
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ifu~~~that may be in ite treasury and available for that purposs to the payment of said
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tnterest or principal as the same respectively mature, and the levy or leviesherein provided
tor fO~ may thsreupon to the extent bs diminishsd, and upon the payment of the prinoipal
~f any of the bonds issued hereunder in said manner, or by the use of the sinking fund herein
trovidsd for.. the ts.xss for interest may to the extent of the interest on the bonds so
raid be diminished.
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Ii S:ection 11. That on the l,th days of June a.nd December, reapectively, in each
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tear,. commencing June l,th, A.D. 1920, so long as any of the interest ooupons appertaining to
~he bonds hereby authorized to be issued, remain outstanding and unpaid, the City Treasures
~hall and he is hereby authorized, ordered and direoted to remit by and through the purchaserS
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iiof said bonds out of any money in his handsbelong ing to said ci ty, in the form of cheok or
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l,raft payable in New York Ci ty, U. S. A., to Banking House of Kountze Brothers, in the
it and State of New York, a sum suffioient to pay the semi-annual interest accruing an said
OlondB on the first days of January and July, respectively, in eacJl:;;~year, and any and all
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Isorow charges made by said bank for handling said coupons; and on the l,th day of September,
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n eaoh of the years 1930 to 1939, inclusive, the said Treasurer shall and he is hereby
uthorized, ordered and directed out of the sinking fund oreated under the provisions of
~lhiS ordinanoe, to remit, by che ck or draft, payable in New York, to the sai d Banking House
Oif KountzeBrothers, a sum sufficient to pay the principal amount of said bonds falling due in
&aid years, together with accrued interest thereon to Ootober 1st, in eaoh of said years, and
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any and all escrow oharges made by said bank for handling the same.
Section 13. That the mayor, the oity clerk, and the oity treasurer, respeotively,
of said city, are hereby authorized, ordered and directed to furnish the aforesaid purchasers
of said bonds with such certificates, transcripts, ordinanoes or other documents as will
fully evidenoe the proceedings had relative to the issuanoe od said bonds, the regularity and
sUfficienoy thereof, and the aots of anyone, either or all of said officers in the premises
are hereby declared authorized, ratified, approved and confirmed.
Section 14. That it be and is hereby certified, recited and warranted that all
oonditions, acts and things necessary and essential to the validity of the bonds of said city
hereinabove mentioned and required by law to be done, have been fully done and performed.
Section 1,. That the provisions of this ordinance and of eaoh of the bonds and
interest ooupons issued pursuant thereto, shall oonstitute and the same ,~re hereby declared
to be a binding and irrevocable con tract between said ci ty and the purchasers of Baid bonds ard
the holder from time to time of each of aaid bonds and the interest coupons thereto alR>erta.in-
ing .
Section 16. That Sections, and 6, of Ordinance No. 230, passed and approved
Augus' 29th, 1919, and all other ordinances, resolutions and orders, or parts thereof, hereto,-
tor~dopted IN CONFLICT WITH THE PROVISIONS HEREOF, OR WHICH. WOULD IN ANY WAY PREVENT 1EE
passage and adoption of this ordinanoe at this meeting, be, and the same are, hereby repeale~
Section 17. That this ordinance being necessary for the iIT~ediate preservation
,pf the peaoe, health and saftey of the inhabitants of the city, and emergency is hereby
~d.clared and said ordinance shall take effect and be in force from and after its passage,
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!~pproval and due publication, and shall thereafter be irrepealable until the indebtedness
Inereby created, both as to principal and interest, shall have been fully paid, satisfied and
'&i8Charged.
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Ordinarlce Book, City of Rexburg, Rexburg, Idaho
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PASSED BY THE COUNCIL ThiB~ day of November, A. D. 1919,
APPROVED: November -Li., A.D. 1919.
(S E A L)
AtteCf~i /j., &~~~/ .
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