Ordinance No. 178
An ordinance authorizing and directing the establishing of sewer and drainage districts in the City of Troy, Kansas, and the construction of same, and providing for the manner of payment for the cost of same.
Be it ordained by the Mayor and Councilmen of the City of Troy, Kansas:
Sec. I.
The Mayor and Council of said City are hereby authorized, empowered and directed to proceed according to law to build and construct a complete sewer and drainage system in the City of Troy, as a condition precedent to paving said city and installing other improvements.
Sec. II.
The Mayor and Council, deeming it for the best interests of the City, be and are hereby constituted as one sewer and drainage district, and the same shall be constructed at the expense of the entire City.
Sec. III.
The Mayor and Council are hereby authorized, empowered and directed to let and approve contracts for installing same and provide for the payment of the cost thereof by installment instead of levying the entire tax for such costs at one time, and for such installments said improvements bonds of the City, payable in installments of equal amount each year, none of which bonds, or any of the installments thereof, shall run longer than ten (10) years, to bear interest at a rate not exceeding six (6) percent per annum, and the credit of the City issuing such bonds shall be pledged for the payment thereof; and the Mayor and Council may sell the same at not less than par value and pay the proceeds thereof to the contractor, or such person as the City may employ to construct such improvements; but such bonds shall not be issued in an amount in excess of the actual cost of the improvement, except interest on the installments to the maturity thereof; and said bonds shall be in such denominations as the Mayor and Council shall deem proper.
Sec. IV.
Such bonds and the interest thereon shall be paid out of a fund to be raised by the levy of a tax upon all the taxable real estate in such City at the assessed valuation thereof, for general revenue purposes, exclusive of improvements.
Sec. V.
This ordinance shall take effect and be in full force from and after its publication in the official City paper.
Passed and approved March 18, 1920.
(Seal)
N. L. Macomber
Mayor
Attest:
Grace B. Finley
City Clerk