The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-12-08

in course Of erection, the said Uitv Oouno,t
agrees TO pay, or osuse to be paid TO said
pank tho sum OF 366. 900. the same to be held
es.;o ey Inc Dsnk as "construotion fund" for tho
5s 1s draTl upon only by the warrants 81 the
mayot IA iaTor OF the contractor or contract.
oes; rsssa sna a to be paid in part OF the amour.
cemnIe.son ~ no Pstu s 20 s9Gh contractor for the
ger OF said fund, II any shall remain after the
building be completed, to be subieot to the
Grder 51thso OF the City Council And It is hereby
tional Bank sud the City Council of Oolnmbis
that II the necessities Of the oi.y shall 40 re.
qaire, the City Council shall be at liberty to
amounts not exceeding $25 600 Of the icon.
structive found" Of $G6. coo, ss they. NAV ye.
quire, upon tho substitution Tor the amount or
amounts go drawn OF the obligation or obliga-
tions OF the city, to refund the same to The
bank bank from the taxes collected for the year
1873, without interest: and the said s'Thc Ca
roiina NAtiona! Bank or Columbia" agrees,
cept the conveyance OF tho City Hall building.
afd viii rent out and lease the same, from
time to time. and keep the same rented out
and leased, on such terms and for sunh pc.
eerests OF tho city. and will keep said building
a.,uequate'y insured, paying from the rents
thereot the expenses Of insurance.
-, ana the said bsnk further agrees to keep
rents OF said building properly invested, as .
SINKING fund, Tor the final redemption OF the
rl.. fSid bonds at maturity: Prootded ho,oeue,,
a5le to purchase any Of said bonds before
maturity, 1T value lees than the par vaine
thereof tho said bank shall be eouired to
purchase the same, and to cancel the bonds
y. Aud the said bank further agrees. rs
trustee, TO receive from the City Treasurer all
ana amounts which shall be paid to said bank on
the interest on the said bo1ds, and I'd apply
tho moneys 30 received to the payment Of the
interest coupons OF the said bonds as the
rna same sha'i; rom time to time, mature and be
sala bank further agreeing to receive from
Inc City treasurer as cash all coupons past
due OF said bonds which shall have been paid
to said Treasurer by taxpayers,
1. And tho ssid bank further agrees. that If
IN any year the amounts paid into the Bank
from tho receipts OF taxes levied to paw said
coupons shall exceed the amount requisite
for the payment Of all coupons then due, the
excess OF such moneys ahall, by the said
Dank, be passed to the said sinking fund and
invested Herewith; subject, however, to bo
s1corwsrds sna applied to meet any deficiency In
any succeeding year Of taxation to meet the
payment OF the coupone OF tile yoar in which
such deficiency shall occur.
o; And tho said bank further agrees to
MAKO 70 the City Council eemi-annuaIly, on
the fret day of October and April OF each
year. report OF the amounts received for
rent and the amount Aud condition OF the
sinking fund, and OF all amounts receiycd and
paid out for construction OF the new City
Hall, and OF al amounts received from the
collection OF taIos, and tho amounts paid ont
In interost couponP, together with all other
matters 30 may be necessary to Inform. the
City Council OF the condition OF the said funds.
And 1t ia hereby stipulated and agreed by
and between the parties to:this indenture.
that AL the covenants and agreements herein
contained shall be mutually binding aud en-
1orceabln IN law as covenant and agreement.
moving between the ssid City Council and the
said Carolina National Bank. '5v
In testimony whereof the uudersipne ed tho
Mayor and Aldermen Of tho said city. and as
such being membere OF the eaid City CouncI.
and to that end specially empowered to act as
committee OF the said City Council, do
hereunto net our hands and seals, and the
said the Carolina National Bank OF Columbia
doth hereto set the corporate O seal OF the said
corporation and the name OF it's Pre- sident
this 20th October, 1877. ~
JOHN ALEXANDER, Mayor, [1.s
G. M. WILDER, r.. al
G. J. CARROLL, fI,.si
". A. CARR, fI,Ja.i
A. COOPER, 'tn.-si
L. D. OHILDS, President. ',TI. Al
Witness: r. K. ScoTr,
W. B. GULIcE, Cashier.
On motion Alderman Loundes. Council ad-
)ourned. OHAS. BARNUM, City Clerk