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CHAPTER CCCXXX.

AN ORDINANCE PROVIDING FOR THE ISSUE OF NOTES FOR HIGHWAY PURPOSES.

[Approved June 6, 1891.]

It is ordained by the City Council of the City of Providence as follows:

SECTION 1. The city treasurer, acting under the direction of the joint standing committee on finance, is hereby authorized and directed to borrow from time to time and in such amounts as may be necessary, the sum of seven hundred thousand dollars, and to issue therefor the city's notes, bearing interest at a rate not exceeding six per cent. per annum, payable semi-annually, signed by him and countersigned by the mayor and the chairman of the committee on finance. The money thus obtained shall constitute a special appropriation, and shall be exclusively used and expended upon the highways of the City of Providence, under the direction of the city council of said city, as provided by the act passed at the January session of the general assembly, 1891.

In accordance with and under the authority of the foregoing ordinance, the city treasurer hired during the fiscal year ending September 30, 1891, the sum of $100,000.00, and issued therefor city notes numbered 17 E to 21 E inclusive; dated September 28, 1891, payable on demand, with interest at the rate of five per cent. per annum, payable semi-annually on June 15th and December 15th, in each year.

The loan authorized to be hired under chapter 658 of the Public Laws, passed at the May session, A. D. 1887, (see City Auditor's report for 1888, page 15,) has all been issued, viz.: $200,000.00.

The loan authorized to be hired under chapter 870 of the Public Laws, passed at the January session, A. D. 1890, (see City Auditor's report for 1891, page 20,) has all been issued, viz.: $300,000.00.

The following is a statement of the amounts expended under authority of the Special Highway Acts, viz.:

Chapter 658, passed May, 1887, Appropriation $200,000.00, ex

$195,889 58

pended

Chapter 870, passed January, 1890, Appropriation $300,000.00,

expended....

264,151 83

Amount carried forward..

$460,041 41

Amount brought forward...

Chapter 941, passed January, 1891, Appropriation $700,000.00,

expended...

Total expended.....

Total appropriations.

Total expenditures....

$460,041 41

92,681 39

$552,722 80

$1,200,000 00

552,722 80

Balance unexpended as per balance sheet...

Amount of loan issued under chapter 658 of the Public Laws..

$647,277 20

$200,000 00

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$600,000 00

Total Special Highway loan issued to September 30, 1891.....

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The notes issued under authority of chapters 658 and 870, outstanding, amount to $400,000, and are included in the Funded Debt, the sum of $40,000.00 being appropriated annually to meet the payment of the same. The notes issued under authority of chapter 941, outstanding, amount to $100,000.00, and are included in the Floating Debt, the city council not having provided by ordinance for any appropriation to meet the payment of the same.

DAVIS ESTATE LOAN DUE JULY 1, 1909, $75,000.00.

At the January session, A. D. 1890, the General Assembly, at the request of the city council, passed the following act authorizing the city of Providence to hire money to purchase the Thomas Davis estate:

CHAPTER 873.

AN ACT TO AUTHORIZE THE CITY OF PROVIDENCE TO PURCHASE THE THOMAS DAVIS ESTATE.

[Passed April 25, 1890.]

SECTION 1. The city of Providence is hereby authorized to purchase the Thomas Davis estate, so called, situated in the tenth ward of said city.

SEC. 2. Said city of Providence is hereby authorized to hire, not exceeding seventy-five thousand dollars for the purchase of said estate, and to issue its notes or bonds therefor payable at such time not later than April 1, A. D. 1910, and with interest at such rate as the city council of said city may direct. SEC. 3. This act shall take effect from and after its passage.

Under the authority conveyed by this act, the city council passed the following ordinances:

CHAPTER CCLVI.

AN ORDINANCE PROVIDING FOR THE ISSUE OF NOTES FOR THE PURCHASE OF THE THOMAS DAVIS ESTATE, UNDER CHAPTER 873, OF THE PUBLIC LAWS.

[Approved July 2, 1890.]

It is ordained by the City Council of the City of Providence as follows:

SECTION 1. The city treasurer, acting under the direction of the joint standing committee on finance, is hereby authorized and directed to borrow the sum of seventy-five thousand dollars, and to issue the city's notes, bearing interest at a rate not exceeding six per cent. per annum, payable semiannually, signed by him and countersigned by the mayor and the chairman of the committee on finance. The money thus obtained shall constitute a special appropriation, and shall be exclusively used and expended for the purchase of the Thomas Davis estate in the tenth ward, Providence.

SEC. 2. The city council shall annually appropriate five thousand dollars, together with the interest upon said loans, until the notes issued by authority hereof are paid.

SEC. 3. The joint committee on finance is hereby authorized to purchase the Thomas Davis estate, so called, at a price not exceeding the sum of seventy-five thousand dollars. The deed and title for said land shall be approved by the city solicitor.

CHAPTER CCCXVII.

AN ORDINANCE IN AMENDMENT OF CHAPTER CCLVI. OF THE ORDINANCES, ENTITLED "AN ORDINANCE FOR THE PURCHASE OF THE THOMAS DAVIS ESTATE, UNDER CHAPTER 873 OF THE PUBLIC LAWS."

[Approved May 2, 1891.]

It is ordained by the City Council of the City of Providence as follows:

SECTION 1. Section 1 of chapter CCLVI. of the ordinances, entitled "An ordinance for the purchase of the Thomas Davis estate, under chapter 873 of the public laws," is hereby amended to read as follows, viz. :

SECTION 1. The city treasurer, acting under the direction of the joint standing committee on finance, is hereby authorized and directed to borrow the sum of seventy-five thousand dollars, and to issue the city's notes or bonds therefor, payable not later than April 1, A. D. 1910, bearing interest at a rate not exceeding six per centum per annum, payable semi-annually, signed by him and countersigned by the mayor and the chairman of the committee on finance. The money thus obtained shall constitute a special appropriation, and shall be exclusively used and expended for the purchase of the Thomas Davis estate in the tenth ward, Providence.

Under the authority of the foregoing ordinances, the joint standing committee on finance purchased the estate of Thomas Davis, for the sum of seventy-five thousand dollars, for which city of Providence notes were issued for a like sum, which loan was paid July 14, 1891, with the proceeds of bonds issued in accordance with the terms of the following ordinances, viz. :

CHAPTER CCCXXIX.

AN ORDINANCE PROVIDING FOR THE ISSUE OF BONDS UNDER CHAPTER 873 OF THE PUBLIC LAWS, PASSED JANUARY SESSION, 1890.

[Approved June 6, 1891.]

It is ordained by the City Council of the City of Providence as follows:

SECTION 1. The city treasurer, acting under the direction of the joint committee on finance, is hereby authorized and directed to borrow the sum of seventy-five thousand dollars, and to issue therefor the city's bonds, payable at the office of said city treasurer, or at the National City Bank of New York, on the first day of July, A. D. 1909, with interest at the rate of four per centum per annum, payable semi-annually on the first days of January and July in each year; both principal and interest of said bonds shall be payable in

gold coin of the United States. Said bonds shall be signed by the mayor, countersigned by the city treasurer and registered by the city clerk, and convertible into registered bonds, payable at the office of the city treasurer at the option of the holder. The interest warrants or coupons shall be signed by the city treasurer only. The money thus obtained shall constitute a special appropriation, and shall be exclusively used and expended for payment of the city's note numbered 1795, dated May 22, 1891, issued for the purchase of the Thomas Davis estate in the tenth ward, Providence, as provided by chapter 873 of the public laws passed at the January session of the general assembly, A. D. 1890.

SEC. 2. The city council shall annually appropriate five thousand dollars, together with the interest upon said loans, until the bonds issued by authority hereof are paid.

SEC. 3. Any premiums obtained by the city treasurer in the issuing of said bonds shall be paid to the commissioners of sinking funds for the redemption thereof.

CHAPTER CCCXXXI.

AN ORDINANCE IN AMENDMENT OF AN ORDINANCE, ENTITLED "AN ORDINANCE PROVIDING FOR THE ISSUE OF BONDS UNDER CHAPTER 873 OF THE PUBLIC LAWS PASSED AT THE JANUARY SESSION, 1890."

[Approved June 17, 1891.]

It is ordained by the City Council of the City of Providence as follows:

SECTION 1. Section 2 of an ordinance entitled "An ordinance providing for the issue of bonds under chapter 873 of the public laws passed at the January session, 1890," is hereby amended so as to read as follows:

"SEC. 2. The city council shall annually appropriate three thousand dollars, together with the interest upon said loans, until the bonds issued by authority hereof are paid."

In accordance with the foregoing, the city treasurer advertised in Boston, New York and Providence newspapers for proposals for four per cent. bonds. The bid of Brewster, Cobb & Estabrook and Blake Brothers & Co., for the full amount of the loan at $101.67 for each $100.00 thereof, was accepted. The premium on this loan, amounting to $1,252.50, has been paid to the Commissioners of Sinking Funds, to be held with the sinking fund for the payment of this loan due July 1, 1909.

The following is the form of the coupon bonds issued for this loan:

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