The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1902-07-18
ORDINANCE NO. ~.

An ordinance 20 extend the time OF payment OF
the outstanding Electric Lght Bonds,
$4,000. and % provide for the issue 81 new
bonds and for the levy OF taxes to pay the
same.
Whereas. there are now outstanding six bonds
OF this village, duly Issued under authority OF
law. for the purpose OF securing means 10 con-
struct, equip and maintain Electric Lighting
Works, dated August l. is9s for 81 600. each. due
the hrst day of August In each OF the years
iso2-9o7 inclusive respectively, with interest at
the rate OF four and one-half per cent per an.
mum, payable semi-annually on the nrsf days oil
February and August, with interest coupons
annexed, the proceeds OF which have been used
FOR said purpose. and.
Whereas, Il is necessary 20 extend the time Of
payment Of the indebtedness owing upon said
bonds, so that the same shall be payable $1,000,
on each OF the FIRST days OF August In the years
1921 20 1926 Inclusive: and,
the Michigan Trust Company Of Grand Rapids.
Michigan, and that Company Is willing 10 eN-
tend the time OF payment Of said Indebtedness
take IN lieu thereof six new bonds 81 600. each,
payable as Aforesaid. with Interest at the rate
Of four and one-half per cent per annum,
Therefore; The Village OF Yale Ordainsi ,.
OF the Village for 81 600 each, dated August !.
1907, payable as aforesaid, with Interest as
Aforesaid ior tne pqIpose above n saIe s, n the
Village are authorized and directed % execute
said new bonds and affix the corporate seal
thereto, with proper interest coupons. and 70
section ,. The Treasurer IN authorized aud
directed 90 deliver said bonds 20 the Michigan
Trust Company, ON the sure nder 20 him OF the
outstanding bonds 10 be cancelled aud he shall
forthwith cancel the same.
Section g. 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 as the
outstanding bonds with the additional agree
ment that they are issued Ia lieu OF the bonds
surrendered.
Section s. Said new bonds when issued shall
be valid and legal obligations Of the Village.
and Tor the payment 81 the same with interest.
the faith OF the Village and all taxable property
therein are lrrevOcably pledged,
section q The "Gcncral Lighting FUND
created and established by the ordinance passed
b. the Common Council III 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 rs may be neces.
sary In each year % pay Interest aud principal
ON said new bonds. shall be transferred from
the general fund % the credit OF said General
Lighting Fund.
Section 7. There shall hereafter be levied and
assessed upon all the taxable property In said
Village la each year, until said new bonds and
Interest thereon shall be fully paid, n sum sui.
nclent o. pay, and 90 provide an interest and
sinking fund 30 pay, the principal and Interest
OF the bonds when due.
Dated July :. A. ID, 1902; ..-,....,,,,.
wM. A. cAvANAGH, President
Clerk.