The Yale expositor., 1902-07-11
ORDlNANCE NO. 2z.

An ordinance 10 eNteuu the time OF payment OF
the outstanding Electric Light Bonds,
$4,000, and 90 provide for the issue Of new
bonds aud Tor the levy OF taxes To pay the
Whereas. there are now outstanding six bonds
Of this village, duly issued under authority Of
law, for the purnOse OF securing means 10 con.
struct, equip Esd maintain Electric Lighting
Works, dated August I, isqs for 81 co. each, due
the hrst day ui August IN each OF the years
iu0litu1 inclusive respectively, with interest az
the rate OF iour and One-half per cent per an.
mum, payable seml-annually on the trst days Of
February aud August With Interest coupons
annexed, the proceeds Of which have been used
for said purpose, and,
payment Of the Indebtedness owing upon said
bonds. 80 that the same shall be payable 81 600,
on each OF the nrst days OF August la the years
1921 10 1916 Inclusive. aud,
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 81 said Indebtedness
as aforesaid, and 10 surrender said bonds and
take In lieu thereof six new bonds 81 600. each.
payable As aforesaid. with interest at the rate
of four and oue-half per cent per aunum,
Therefore, The Village OF Yale Ordainsl
Section 1. There shall be issued six new bonds
OF the Village for $1,000 each, dated August l.,
1902, payable rs Aforesaid, with Interest as
aforesaid for the purpose above stated.
Section .. The President and Clerk Of the
Village are authorized and directed 10 execute
said new bonds and aiilN the corporate seal
thereto, with proper interest coupons, and TO
deliver the same 10 the Treasurer Of the Village.
Section 3. The Treasurer Is authorized ana
directed 10 deliver said bonds 90 the Michigan
Trust Company, on the surrender 90 him OF the
outstanding bonds 10 be cancelled and he shall
forthwith cancel the same.
Section .. The said new bonds shall be In
substantially the same form rs the outstanding
bonds. with proper dates. and shall contain the
same rccitals, stpulationS and conditions as the
outstanding bonds, with the additional agree
ment that they are issued In lieu OF the bonds
surrendered.
Section 5. 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 irreyocably pledged.
Section G. The "General Lighting Fund
created and established by the ordinance passed
by the Common Council OF said Village on the
9Th day OF September is9s, 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. and so much as may be neces-
sary In each year 10 pay interest and principal
ON said new bonds shall be transferred from
the general fund 10 the credit of said General
Lighting Fund.
Section Z. There shall hereafter be levied and
assessed upon all the taxable property In said
Village In each year, until said new bonds and
Interest thereon shall be fully paid, sum sur
ficlent 90 pay, and 20 provide an interest and
sinking fund 10 pay, the principal and Interest
of the bonds when due.
Dated July !, A. d., 1907; $1,000.
wM A. CAVANAGH, President
Clerk.