The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1900-06-13

WHEREAS. The amount OF Bonds Of the
Borough Of Somerset already voted for and
negotiated for the putting In of sewerage
system for the said borough, has been found
insufficient for the putting In OF a complete
system OF sewerage.
Therefore, be ii ordained by the Town Coun-
ell Of the borough of somerset and IL is here
by ordained by the authority OF the same,
that in accordance with the provisions OF the
several Acts OF Assembly relating 10 the in
crease Of debt by municipal corporations, ad-
ditiOnal bonds Of the said borough OF SOmer-
set 10 the amount Of Eight Thousand Dollars
Che said amount with the existing indebted
ness Of the borough being within the seven
per cent Limitation fixed by law) shall be
issued and negotiated at not less than their
par value, ard In such manner a shall be
deemed most advantageous 20 the said bor-
Ongh and in accordance with the provisions OF
the law relating 10 the Increase OF municipal
Indebtedness for the purpose OF - wering Ger
tain streets that could not be Included in the
existing contract
The said ponds when l. sued shall be known
as Municipal Improvement Bonds, second
series, and shall bear Interest at the rate Of
Council may iirst offer them at a lower rate OF
Interest than nve per ccntum, IL in their
Judgment il would be to the interest OF the
borough to do so. And II 10 shall be found
that the said bonds can not be nego;iafed
with interest at five per centum or lower. then
said bonds may be issued At "A rate OF interest
The said bonds shall be issued In denomi-
nations OF not exceeding five hundred dol
lars. and the interest thereon shall be paya-
ble semi-anr Tally on the first day of prfl
and October Of each year, at the Office OF the
Treasnrerof the said borough OF Somerset
The said bonds shall have the proper seal OF
the boruugh affixed thereto, and together
with the interest coupons thereto attached,
shall be signed by the Burgess and be duly at
tested by the Secretary OF the Town COuucil
The said bonds shall he duly numbered and
shall be registered on the minute book Of the
Town Council In the name of the person or
persons to whom issued.
The ownership OF the said bonds shall only
be passed by "A proper assignment on the
backs thereof duly atteSted b. two witnesses.
notice of such transfer is to be given forth
with TO the Treasurer of said be rough.
The said bonds shall be made redeemable
md payable within twcnty-One years from
the date thereof and shall contain cl- use
giving the right Ia the said borough Of SOM
erset TO redeem them at any time aftera given
period.
Inc Town Council shalt each year levy a
tax In amount 10 pay the interest on the
OOnfs and 10 provide "a SINGING fund through
which the said bonds may be redeemed and
paid within the period set for their redemp-
ton. And, provided further. that no bonds
shall be issued under the provisions OF this
ordinance until after the assent OF the quali-
Increase of indebtedness shall have been Civ
en- in the manner provided by law.
Passed the sixth day OF June A. ID. 1900.
Att. ST = W. FREASE.
X. = Neytrs, Tres. Town Council.
Sec'y Town Council
Approved The seventh day OF June, A. d.
ISCO.
wM. II. wELFLEY,
Burgess.