HomeMy WebLinkAbout0125NORDINANCE NO. 125 (New Series)
AN ORDINANCE PROVIDING FOR THE LEVY AND COLLECTION OF A TAX TO PAY
THE PRINCIPAL AND INTEREST OF THE CITY OF SAN LUIS OBISPO MPROVE-
IENT BONDS OF 1927.
WHEREAS the Council of the City of San Luis Obispo did
heretofore, to —wit, on the 26th day of September,: 1927, order the
issuance of $25,000.00 principal amount of City of San Luis Obispo
Improvement Bonds of 1927, being forty (40) in number of the denomin-
ation of $625.00 each, all dated October 1, 1927, maturing one bond
on October 1 in each of the years 1928 to 1967, said bonds, bearing
interest at the rate of 5 per cent per annum, payable semi— annually
on April 1 and October 1 of each year;, and
WHEREAS it is desirable to provide for the levy of a tax
to pay the principal and interest of said bonds, in accordance with
the provisions of the statute under which said bonds were authorized,
NOW THEREFORE
BE IT ORDAINED by the Council of the City of San Luis Obispo
as follows:
Section 1. The Council of the City of San Luis Obispo
shall, at the time for fixing the general.tax levy and in the manner
for such general tax levy provided, levy and collect annually each
year until said improvement bonds of 1927 are paid or until there
shall be a sum in the treasury of said city set apart for that pur-
pose to meet all sums coming due for principal and interest on such
bonds, a tax sufficient to pay the annual interest on such bonds and
also such part of the principal thereof as shall become due before the
time of fixing the next general tax levy. The taxes herein required
to be levied and collected shall be in addition to all other taxes
levied for municipal purposes and shall be collected at the time
— 1 —
and in the same manner as other municipal taxes are collected
and to, be used for no other purpose than the. payment of said
improvement bonds of 1927 and accruing interest.
Section 2. This ordinance shall be publishe.d.with .
the ayes and noes for two (2) days in the. "San Luis: Obispo Daily
Telegram ", a daily newspaper printed, published and circulated
in said City of San Luis Obispo, before its final passage, and
shall thereupon take effect and be in force from and after its
final passage and approval.
INTRODUCED AND PASSED TO PRINT this 28th. day of
November, 192.7, by the f ollowing vote.:
AYES: has Forbes, H.E ®Cox. John Chanek, L.F.5inahgimwr
NOES: Bone
ABSENT: L.J.Defosset
yor of the City. of
San Luis Obispo.
ATTEST:
City Clerk
Finally passed this day of 1927, by the
following vote:
Ayes •
Noes : .-c-o' �_
Absent: ,
Attest:
CITY K;r
M