Ordinance 0226ORDINANCE N0.226.
An Ordinance providing for the funding of all outstanding
indebtedness of The City of Edmonds, Snohomish County, Washington,
evidenced by Warrants issued against the current expense fund of
said City between the first day of April 1910, commencing with
Warrant Fo-661, and the Third day of May 1911, together with all
interest which will have accrued thereon at the date of the Bonds
herein provided for, excepting therefrom Warrant No.945, issued
September 8th,1910, in the principal sum of $16,361.47, and to
issue the Bonds of.said City, and make Sale thereof, -and with the
proceeds to retire and cancel all such Warrants; providing for a
special election to be held in said City at which shall be submitted
to the qualified electors thereof the proposition of:such funding
of said Warrants.
The City Council of the City of Edmonds do ordain as follows:
SECTION 1: That the City Council of the City of Edmonds shall
be and they are hereby authorized to issue Bonds of said City in
the principal sum of $16,381.47 and to make sale thereof in the
manner provided by law, and to borrow money thereon with which to
fund all outstanding indebtedness of said City evidenced by War-
rants issued against the current expense fund of said City between
the first day of April 1910, commencing with Warrant ho.661, and
the 3rd day of May 1911, together with all interest which will have
accrued thereon at the date of the issue of said Bonds, excepting
therefrom Warrant No.945, issued September 8th, 1910.
SECTION: 2: The City Council shall issue the coupon Bonds of
said City, payable out of the current expense fundof said city in
denominations of not less than one hundred, nor more than one
thousand dollars each, bearing the date of their issue, payable
twenty years from the date thereof; provided, however, that the said
City reserves the -right to pay any or all of said Bonds at any time
after ten years after their date, bearing interest thereon at the
rate of not to exceed six percentum per annum, payable semi-annu-
ally, with interest coupons attached, both principal and interest
125
payable at the Fiscal Agency of the State of Washington in the City
of New York; provided, however, that any purchaser of said Bonds
may have the right to have the same payable in this State by a re-
quest in writing directed to the Treasurer and Clerk of said City,
and by them kept on file as evidence of such change, and which re-
quest shall bind all subsequent holders thereof. Each Bond and
coupon shall be signed by the Mayor and attested by the Clerk, and
the seal of The City of Edmonds affixed thereto. Said Bonds shall
not be sold for less than par. Each Bond shall have printed thereon
a copy of the Act of the Legislature of the, State of Washington,
entitled,"An Act to authorize cities and towns to borrow money for
municipal purposes and to issue negotiable Bonds therefor," approved
March 7th, 1891, together with a copy of this Ordinance. There
shall also be printed thereon a statement signed by the Mayor and
Clerk showing the result of the election hereinafter provided for,
as also, a statement showing the assessed valuation of the taxable
property of said City, and which shall show and state that the Bonds
herein authorized to be issued constitutes all the general indebted-
ness of said City, and that no other Bonds have been issued by said
City, except special street improvement Bonds. A register shall be
kept by the Clerk of all Bonds issued under authority of this ordi-
nance, which shall show the number of such bond, the date of issue,
amount, interest, to whom sold and delivered, and when and where
payable. Said Bonds shall be numbered consecutuvely from one up-
wards.
SECTION 3: There shall be levied each year upon the taxable
property of the City, in addition to the tax for other purposes
of said City, a tax sufficient to pay the interest accruing there-
on, and before ten years prior to the maturity of the principal
of said Bonds, an ar_rual sinking fund tax sufficient for the pay-
ment of said Bonds at maturity shall be levied against said pro-
perty, which taxes shall become due and payable as other taxes.
Provided, however that the City of Edmonds reserves the right,
after ten years, io authorize and direct the Treasurer of said City
to call any or all of said Bonds at any time, at its option, and,
when,aaid call shall be made for any bond -issued by virtue hereof,
all interest there*on shall cease from the date of such call.
SECTIOU 4: That a special election is hereby called and pro
vided for to be held in said City on the 25th day of May 1911, at�
which the proposition of funding said Warrant indebtedness shall
be submitted to the qualified electors of said City in the manner
hereinafter provided.
SECTION 5: The City Clerk shall prepare ballots for such
special election which shall present to said electors said pro-
position, as follows:
"Shall the City of Edmonds fund all outstanding indebtedness fi
as evidenced by all warrants issued against the current expense
fund of said City, between the first day of April 1910, commenc-
ing with Warrant No.661, and the 3rd day of May 1911, together
with all interest accrued and to accrue thereon, excepting there-
from Warrant No.945 issued September Sth, 1910, by the issuance
of the Bonds of said City, as provided by Ordinance No.226?"
Under the above proposition printed upon the ballot shall
be printed the words 'BONDS - YES" and "BONDS -NO". The voter
wishing to vote in the affirmative shall prepare his ballot in
accordance with his wishes by striking out the words -"BONDS -NO",,
and if the voter wishes to vote in the negative he shall strike
out the words "BONDS- YES", so that the remaining portion of sai(I
ballot shall express his vote on said question. _
axt
SECTION 5: If three -fifths of the electors voting at said �/6' - To
election shall vote in the affirmative on said question, all in-
valid warrants included within said proposal, if ary there be,
shall be fully validated, and the Council shall include all of
said Warrants in said funding proposition.
SECTIO14 6: The polling places for the several wards of said
City for said special election, together with the names of the
judges and -inspectors thereof, shall be as follows:
126
First Yard,. at the City Hall, the inspector for which shall
B.F.Wasser, and the judges M.E.Hyner and F.L.Brown; Second ward
at J.%.Otto's building on George ;greet, the inspector 'for which
shall be A. Warren at& the judges D.C.Campbell and J.T.MeAllister;
Third ?Yard at Graded School House on George Street, the inspector
for which shall be J.E.Hathaway, and the judges thereof, John Yost
and A.K.Anderson.
SECTION 7: This Ordinance shall take effect and be in force
by virtue of its passage and approval, and five days after its
publication in accordance with the law.
Passed the Council and approved by me this 3rd day of May 1911.
ATTEST; Zophar Howell, 3rd,City Clerk. Thomas Hall, Mayor.
I hereby certify that the above and foregoing is a true and
correct copy of Ordinance 10.226 B of the City of onds, Wash.
Zophar Howell, ty Clerk.
W