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Ordinance No. 0108
CITY0FMEDINAOfiDINANCENOAilODIiIANCEprovidingforthesubmissionofapropositionbothequalifiedelectorsofthecityataspecialelectiontobeheldthereinonTuesdayApril251961authorizingtheissuanceofgeneralobligationbondsofthecityintheprincipalsumofFifteenThousandDollars1500000forthepurposeofconstructinaminimumJeneralsystemofgravelledwaltraysforsafeaccesstoschoolandparkareasWHEREASthestreetsofthecityaregenerallywithoutshoulaersandthesurfacingisnarrowsuchthattheyhavebecomehazardousfromincreasingautomobiletraffictocontinuedpedestriantravelandWHEREASasecondelementaryschoolwillbecompletedwithinIedinainthefallofthisyearplacingallelementaryschoolchildrenwithinthreequartersofamileofschoolathichdistancetheymayberequiredtowalknowthereforTHECITYCOUNCILOFTHECITYOFirEDIIIADOOXDAilqASFOLLOWSSection1DeclarationofDUbllOinterestandemergenoVItisherebyfoundanddeclaredthatthewelfareoftheresidentsofabecityrequiresthattheelectorsofthecitybepermittedboconsidertheauthorizationoftheissuanceofbondsforthepurposesheroinefretdescribedanditisherebyfoundanddeclaredthatanemergencyexistsforthereasonthatifwalkingfacilitiesaretobeprovidedintimefortheopeningoffschoolinthefallof1961bondsmustbeissuedandsoldintimeforthesummerconstructionseasonSection2SaleofbondsforschooloarwalkwaysForthepurposeofprevailingfundsfortheconstructionofminimumeneralsystemofgravelledwalkingpathswithintherightofwayofselectedcentralstreetsforsafeaccesstoschoolandparkareasthecityifauthorizedsotodoshallissueandsellitsgeneralobligationbondsintheprincipalsumofFifteenThousandDollarsylS00000TheproceedsofthesaleofsuchbondsaretobeusedwithotherfundsavailableforthepurposeandtheworistobedoneatsuchtimeortimesastheCouncilmaydeemadvisableIfthefundssoprovidedproveinsufficienttocompletealloftheimprovementsherecontemplatedthenthecouncilmayelecttocompleteaportionthereofaccordingtoitsdeterminationofthegreaterpublicneedandbenefitSaidbondsshallbesoldinsuchamountsandatsuchatimeortimesasdeemednecessarybytheCityCouncilandaspermittedbylawshallbearinterestataratenottoexceedsi6rjpercentperannumandshallmatureinfrom2to20yearsfromdateofissueinsuchamountsaswillasnearlyaspracticabletogetherwithinterestonsaidbondsbemetbyequalannualtaxleviesforthepaymentoftheprincipalthereofandinterestthereonothprincipalofandinterestonsaidbondsshallbepayablebyannualtaxleviestobemadeuponalltaxablepropertywithintheCitywithoutlimitationastorateoramountTheexactdateformtermsandmatsratiosofsaidbondsshallbeashereafterfixedbyordinanceyoftheCityCouncilSection3ClerktocerttlfyorooositlonforbanorheCityClerlIsherebyauthorizedanddirectedtocertifythingCountyAuditorthefollowinspropositionforcialeloctloatribebaldInthecityonfesdayAprilantitheAuditorislerebyrequestedtofindtheexistenceofanemergencyandtocallandconductsaidspecialelectioncatuchdate PAOPOSiiICiS2HOCLPdIWALFWAY3BODSShalltheCityofFedinaUashlnftonissueItsCcanlobligationbondsintheprlncipqlsumofFifteenlhousandDollars1500000suchbondstobepayablebothorinclpalandinterestoutofannualtaxleviestobDmadewithoutlimitationastorateonamounttobeaninteresttpaenotoexceedsix6perCentdateofissueforthepurposeofprovldlnfundstoconstructaminimumSeneralsystemofravelledwalkuayswithintherightofwayofselectedstreetsBOiD3YESBOIDSNOSectlon4ColeReferenCeconsidenelofspecialeffectAllsectionshereofshallbeSectionEffectivedateThlsordinanceshallbeeerieeffectiveonthe6UhdayofManch1961PSSZDbytheCityCouncilonthe2thdayofPebnuany1961towhichdatetherejularmeetingofFebruary131961habeencontinuedandsiuedinauthenticatlonthezeofonthedateofispassagelayorADorovedastoforTFE37