The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1898-09-07

WHEREAS. The citizens OF the borough OF
Somerset, IN the county OF Somerset. and
state OF Pennsylvania, do labor under many
disadvantages owing 10 the want Of a spita-
bic 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 OOrOugh>. approved
April g. lS5l. tP. l.. SD and its several supple
mePts. the borough, under its corporate pow
ers. may supply such wants. and
WHEREAS The Acts OF Assembly. apprOv-
ed a pril -. 1874, Up. l. 81 and June = lSsi.
Up l. 81 and their several supplements con-
fer the authority upOu the several borOnghs
within the Commonwealth Of Peunsy ylvauia
through their corpOrate officers. TO create an
indebtedness for any lawful purpose. not ex-
ceeding In amount seven per centum OF the
amount OF the asst preceding ass ssed v'tiua-
tion OF the taxable property thereto taxable
for county purposes.
THEREFOKE. BE II ordained by the Burgess
and Town Council OF the borough of @Omcr-
81, and 10 is hereby ordained by the aufhOri-
Is OF the stme. that in accordance With the
provisions OF the said several Acts of Assem-
bly,, that TOR the purpose OF erecting a suita-
bie muuiciptl building In which may be
housed the Gre department OF the said bor-
Ough. the borough lookup and a council
chamber, and aiSO tor the purpose OF putting
In such "A system Of public sewerage as the
needs of the said borough OF Sonrrset may
require. the bonds OF the saii borough OF
Somerset 70 the amount OF Twenty-four
Thousand Dollars, 1.-THE same with the inDebt-
edness OF the said borough already existing
being within the seven per cent limitation
fixed by lawl shall be issued and negotiated
at not less than their par value, and IN such
manner as shall be deemed most advaBta-
geous TO the said borough and in accordance
with the law relating to the Increase OF mu-
nicipai indebtedness
OF the proceeds OF the said bonds the sam
OF four thousand dollars. or as much Of that
sum may be needed. shall BE- applied to fhe.
erection OF the muni -ipal buiiding. and the
sum OF twenty thOusa nd dollars. or as much
thereof as may BE- needed, shall be used In the
putting ln OF the system OF pubic sewerage
The said bonds when issued shall be known
bear interest at the rate OF flve Per centum
per annuIn. but the Town Council may first
offer them at lower rate OF Interest than five
per eentum Il In their Judgment IL would be
20 the interest OF the borough To do so, and
II after due advertisement thereof Il shall be
found that the said bonds can not be rs.gOtiaf-
ea Win interest al nve per eentum OF lower.
then said bonds may be issued at a rate not
excfecing SIX per centum per anRum
The said bonds shall be Issued In denoml-
nations OF not exceeding i've hundred dollars
ana the interest thereon shall be parable
sesni-annually on the first day Of April and
October OF each year. at the Office OF t,.e
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 coupons thereto attached,
sh1ii be signed BY the Burgess aud be duly at
tested by the Secretary Of the Town Council
The said bonds shall be duly numbered and
registered In the minute book Of the Town
touneil. with the aanes OF the persons TO
whom issued
The ownership OF the said bonds shall only
be passed BY a proper assignment on the backs
Thereof, duly atte~ted by Two witnesses No
tlce Of such transfer 10 be given forthwith to
the Treasurer % said borough
The said bonds shall be made rpieemable
and payable within twenty-one years frOm
the date thereof and shall contain a clause
giving the right 70 the sail bor,ugh OF som
eFset 70 redeem them at any time after a Civ
en- period.
The Town Council sha lay each year a tax
sufhcient IN amornt to pay the Interest on the
bonds. and % provide sinking fund through
which the said bonds may be redeemed aud
paid within the period set for their redemp-
lion
And, provided further. that no bond shall
be issued under the provisions OF this ordi-
nance until after the assent OF the qualified
electors 81 the borough OF somerset, 10 this
proposed Increase OF Indebtedness shall have
been given In the manner pro tded for by law.
Passed the nth day OF August. A. D. Is0s.
j. y FREASE.
Attest President Town COuncil.
r. F. NEYEHs.
Secretary Town Council
Approved the Slst day Of August. A. d.
JOSIAH a. PisRI.
Burgess.