Said bonds shall mature not later than twenty years from the date of their issuance,
and bear interest not exceeding six per centum per annum, payable annually or semiannually,
as the board shall elect; and such bonds, or any part thereof, shall be payable after
five years at option of the board. All such bonds shall be lithographed with suitable
devices to prevent counterfeiting, shall be in sums of fifty dollars or one hundred
dollars each, and shall be registered as issued, and numbered in a regular series
from one upward, be signed by the mayor and countersigned by the clerk, who shall
impress the municipal seal on each bond as it is issued; and every bond shall specify
on its face the purpose for which it was issued and the total amount authorized to
be issued, and each shall be made payable to a person by name, the purchaser, followed
by the words "or bearer." The mayor and board of aldermen shall levy annually a special
tax, to be used exclusively in paying the interest on said bonds and the bonds maturing
within one year, and providing a sinking fund for the redemption of the bonds issued.
(Ord. of 6-21-1919, § 4)
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