The Yale expositor., 1902-07-25
ORDINANCE NO. ~.

An ordinance 10 extend the tlme OF payment OF
the outstanding Electric Light Bonds,
$4,000, and 20 provide for the issue 81 new
bonds aud for the levy OF taxes To pay the
Same.
Whereas. there are now outstanding six bonds
Of this village. daily issued under authority OF
law, for the purpose OF securing means 10 con-
struct, equip and maintain Electric Lighting
Works, dated August 1. isas for 81 600. each. due
the flrst day Oi August In each OF the years
isO2-iaOI inclusive respectively, with interest nc
the rate of four and One-half per cent per an.
mum, payable semi-annually on the nrSt days OF
February and August, with Interest coupons
annexed. the proceeds OF which have been used
for said purpose, and,
Whereas, IL Il necessary 90 extend the time OF
payment ~ the indebtedness owing upon said
bonds. so that the same shall be payable 81 600.
ON each Of the FIRST days OF August In the years
1921 20 1876 inclusive: and.
Whereas, said bonds are held and owned by
the Michigan Trust Company OF Grand Rapids,
Michigan, and that Company Is willing 70 eN.
tend the time OF payment Of said Indebtedness
aS Aforesaid. aud 90 surrender said bonds and
take Ia lieu thereof six new bonds ~ 600. each
payable as aforesaid. with interest at the rate
of four aud one.halt per cent per annum,
Therefore. The Village of Yale Ordainsi
section I. There shall he issued six new bonds
OF the Village for $1,000 each, dated August l.,
1902. payable as Aforesaid, with interest a.
aforesaid for the purpose above stated.
Section ?. The President and Clerk Of the
Village are authorized aud directed 90 execute
said new bonds and afiix the corporate seal
thereto, with proper interest coupons, and TO
deliver the same ~ the Treasurer Of the Village.
section 3. The treasurer ~ authorized auu
directed 10 deliver said bonds 90 the Michigan
Trust Company. on the sure nder % him Of the
outstanding bonds % be cancelled aud he shall
forthwith cancel the same.
section Z. The said new bonds shall be In
substantially the same form rs the outstanding
bonds. with proper dates. and shall contain the
same recitals, stlpulations and conditions rs the
outstanding bonds. with the additional agree
ment that they are issued In lieu OF the bonds
surrendered
section s. Said new bonds when issued shall
be valid and legal obligations OF the Village.
aud for the payment Of the same with interest,
the faith Of the Village aud all taxable property
therein are irreyocahly pledged,
section q. The General Lighting Fund y
created and established by the ordinance passed
by the Common Council OF said Village on the
9Th day of september ts9s, shall be continued
and maintained so long as said new bonds,
principal and interest. or any part thereof, re.
mains unpaid. said new bonds shall be paid
out Of said fund. aud 80 much as may be neces-
sary In each year 10 pay interest aud principal
on said new bonds, shall be transferred from
the general fund 20 the credit Of said General
Lighting Fund.
Section T. There shall hereafter be levied and
assessed upon all the taxable property Ia said
Village In each year until said new bonds and
Interest thereon shall be fully paid. sum SUI /.
ncient 90 pay, aud 90 provide an Interest and
sinking fund 10 pay, the principal and Interest
Of the bonds when due.
Dated July 7, A. ID. 1907; -, ,....,.,,,.
WIN. A. CAvANAGH, President.
Clerk.