Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-01-06

his prior lien bonds. income bonds, and
certificates of beneficial interest in the
stock OF the City Water Supply COM
pany with the Continental Trust com
pany of the city of New York receiving
its receipt for the same; said deposit
to be subject to the terms of
this agreement, and is made
for the purpose of enabling the second
party to be assured that it can raise
the money which may be required if
| necessary.
Second-If and when the second
| party shall conclude contract with
| the City of Ottumwa to supply water
for public purposes during a period of
twenty years or thereabout, from and
| after the expiration of the present
contract, which is in all respects salts
factory to a committee appointed by
4 meeting of the security holders the
said the City Water Supply company
\ held on January 80, 1901, namely
James j. Bergen, W. H. Slinglnlf and
Eric 3. Dahlgren, and it is ascertain
| ed by the board of directors Of the
party of the second part and the said
committee that the raising of a GER
| y
to make any improvements which
may be required on the property of
the second part, the party of the first
| part hereby consents, as holder of
prior-iien bonds, income bonds and
certificates of beneficial interest in the
stock of said company, that the pres
ent prior-lien mortgage may be dis
charged; that new mortgage for not
/ ali 4
thousand dollars may be placed upon
the property in place of the said prior
lien mortgage, the lien of said new
mortgage to be prior to that OF the in
come mortgage; that out of the said
two hundred and fifty thousand dol
lars, fifty-one thousand dollars of
bonds shall be deposited in trust for
the purpose of retiring at maturity
fifty-one thousand dollars of bonds OF
the Ottumwa waterworks, a corpora
tion formerly owning portion of said
property ana the balance of ninety
nine thousand dollars, to be used in
taking UP, par for par the present out
i standing wior-lien bonds, leaving a
residue sonds available for new
construction of not exceeding one hun
dred thousand dollars; that such
bonds should be issued and sold upon
such terms and in such way and man
ner as to the said board of directors
and the same committee may seem
best. The unanimous of the said COM
mittee is hereby made requisite for
the issue and the terms of sale of said
bonds.
Third-If and when the said board
of directors and the said committee
shall have determined to sell any of
said bonds, it is agreed that the said
board of directors and the said COM
i mittee may can upon the holders of
the said prior-lien bonds, not only for
the exchange of the present prior-lien
bonds for the new prior-lien bonds par
: for par, but the said board of directors
and said committee may exchange the
same with the continental Trust Co,
same with the Continental Trust Co.
par for par, and the Continental Trust
company of the city of New York is
hereby authorized and empowered tic
make such exchange of bonds deposit
ed with said trust company in behalf
of the undersigned.
Fourth-The said board of direc-
| tors, and the said committee, acting
| conformity, may do such other and fur.
Their things in the furtherance of the
plan for raising money as in no way
: contravenes the express provisions OF
this agreement; but this agreement is
/ to be interpreted with the utmost lat
itude to further the ends thereof.
Fifth-An original of this agreement
: has been deposited with the Cont
) mental Trust company of the City OF
New York signed by the President
I and secretary of the company and said
: committee, and any duplicate of this
agreement signed by a depositor Of
, bonds mentioned above and in sale
circular and deposited with said trus
! company shall have the same force
and effect as if the signer had execut
: ed the said original signed by the Off
; GERS of the company, and by said com
; mittee.
In witness whereof, the parties here
7 unto have caused this agreement t,