The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1898-09-14

WHEREAS. The citizens of the borough OF
somerset IN the county Of Somerset, and
state Of Pennsylvania, do labor under many
disadvantages owing TO the want OF a suita-
ole municipal building. and also on account
OF the lack OF a proper system OF public sew
erage in the said borough, and,
WHEREAs, Under the provisions Of the Act
Of Assembly relating TO borOughs. approved
April 3 Bot n. l. S9)l and its several supple
ments. the borough, under its corporate pow
ers. may supply such wants, and
WHEREAS The Acts OF Assembly, apprOv-
ed April a, 1874, tP- l. 65i and June. q ieSl.
fP. T. sizl and their several supplements con-
fer the authority upon the several 5OrOughs
within the Commonwealth or PeEnSy lvania
through their corporate officers 10 create an
indebtedness for any lawful purpose. mt ex-
eeediug IN amount seven per centum or the
amount Of the last preceding assessed valua-
tiOn Of the taxable property therein taxable
for county purposes,
THEREFOgE. BE IL ordained by the Burgess
and Town Council OF the borough OF SOmer-
set, and 10 Is hereby ordained by the aufhori-
" OF the same, that IN accordance with the
prcvisicns Of the said several Acts Of Assem-
bly,, that for the purpose OF erecting n Suita-
Bile municipal building In which NAV be
housed he IRE department OF the said bor-
Ouen- fhe o9roazh lookup and council
chasii.er, and also tor the purpose of putting
In such system Of public sewerage as the
needs OF rhe said bore ugh OF Somerset NAV
require. tae bonds OF the said borough OF
somerset 10 the amount cs 1wenty-four
thousand Dollars, 1.-THE same with the inbebt-
edness OF the said borough already existing
9eing within ne seven per cent limitation
az not less than their par value, and in such
manner as shall be deemed most advanta-
ge0us 70 the said borough aud in accordance
with the law relating To the Increase Of mu-
nicipal Indebtedness.
OF the proceeds OF the said bonds the sum
OF four thousand dollars. OF as much OF that
sam as may be needed. shall BE- applied 10 the
erection OF the municipal building and the
sum Of twenty thousand dollars. or As uuuch
thereof as may be needed, shall be used In the
.rasr.t
The said bonds when issued shall be known
as municipal improvement bonds and shall
bear Interest al the rate Of I've per centum
per annnm. but the Town CoancfI may first
oiier them at a lower rats OF Interest than 1--WE
per eentnm II in their Judgment IL would be
20 the interest OF the borough 10 do so, and
i amer due advertisement thereof u shall be
found that the said bonds can not be negntiat-
ed with interest at i've PER eentum or lower
then said bonds may be issued al a rate not
exceeulng SIX per centum per annum
The said bonds shall be issued in daaOmf-
nations OF not exceeding five hundred dollars
and the Interest thereon shall be payable
semi-annually on the first day Of prii and
Dctootf OF eaeh year. at The ofIice OF toe
Treasurer Of the said borough OF Somerset
The said bonds shall have the proper seal OF
the borough Affixed thereto, and together
with the interest c0npons Thereto aftaehed
shall be signed by the Burgess and be duly at
tested by the Secretary Of the Town Council.
The said bonds shall be duly numbered aud
registered in The minute book OF the Town
touneil. with the names OF the persons TO
whom Issued.
The ownership OF the said bonds shall only
oe passed by proper assignment on he backs
thereof duiy attested by two witnesses No
tee q such transfer 70 be given forthwith 10
the Treasurer OF said borough
The said bonds shall be made redeemable
and payable within twenty-one wears nom
the date thereof and shalt contain a clause
giving the right 10 the s,id borough OF Som
erset 20 redeem them az any time after Civ
en- period
The Town Council sha lay each year a tar
Saiheient IN amount 20 pay the Interest on the
bonds. and TO provide sinking fund through
which The said bonds may be redeemed and
ton.
And, provided further. that no bond shall
De issued under the provisions OF this ordi-
nance until after the assent OF the qualified
electors % the borough OF Somerset to this
proposed Increase Of Indebtedness shall have
oeen given In the manner pro .idesl for by law
Passed the nth day Of August. A. d 1855.
j. v. FREASE
Auest President Town Council
Secretary Town Council
Approved the sIst day os August, A. ID.
JOSIAH II. PTsET.
Burgess.