The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-02-22


RAE AlHMoNT WEST vlReiNlsN NJ
terms and conditions which shall be
set forth IN ssid deedgot trust q
Inortgag
First That the city shall have the
right to continue ocontrol and oper
atest The said water work. Rsm
long - there shalt BE no default in
The payment the Interest and prlns
|cipalS d said bonds or any q them q
expressedio on The face thereof:
Second. That in: the event there
shall be default In the payment5o Of the
Interest or principal OF said bonds or
any Of them, within the time or times
expressed thereon, the trustee shall
when requested In writing by any
holder or holders OF said bonds pro
coed TO sell the water works and
water system at public auc:
ton at the front door Of the
Courthouse Of Marion county, West
Virginia, to the highest bidder there:
for, upon the terms, stipulations and
conditions following, to-wit; one.
third of the purchase price, or SO
much thereof as will be sufficient to
pay Off all Of said bonds and interest,
and other charges, that arc a lien
upon said water works system, in
cash, and the remainder in equal in.
E stallments of one. and two years from
!. date, the purchaser executing his
two written obligations payable to
said trustee, with good personal Sc.
n curity, to be approved by said trus-
d tee and payable as aforesaid and as.
a n further security the trustee shall
ii retain a lien upon said water works
e. system in said deed, to the purchaser,
n and that before proceeding to sell
n said water works as aforesaid, the
d trustee shall enter lntosa good and
sufficient bond conditioned accord.
Ii ing toalaw in the penalty Of at least
le one hundred thousand dollars, ts10os
II. 000l and5as much more as the council
D. shall deem sufficient, to cover the
Is amount of money that may come into
Is his hands: But before proceeding tc
ID make such sale as aforesaid, the
or trustee shall publish u notice Of thai
fact in at least two newspapers II
10 circulation in said city, for at leas5
II. four weeks, and shall likewise pos
q a copy thereof at the front dor of thu
Courthouse of Marion county, for
10 like period of time, stating the time
nd place and terms of sale, prior to tn,
-. day set therefor. And that afte
III making said sale, as aforesaid, sal
trustee shall first apply the proceed
he thereof TO the payment Of costs an
do expenses of sale including a commti
.hv sion of two per cent. on the purchas
RIM price to the trustee, and second, b
lie shall use The remainder of said pr
nd ceeds as far as is necessary to til
Nv payment of said outstanding bond
together with the accrued intere
rks thereon.
the The said commission OF two p
and cent. on the purchase price to be ;
Log lowed said trustee as aforesaid shs
ing be a payment in full Of all seryic
y rendered by said trustee in MAXI
,A sale and collecting and disbursing I
q proceeds thereof, and any surplus
a manning he shall pay TO the said CT
a OF Fairmont, or such official of 81
ID city as may be authorized by&Co
* mon Council to receive the same.
. Sec. 9. That there shall be provid
q out OF the revenues and earnings,
q the water works system annually
o sinking fund TO be used exclusive
o for the purpose Of redeeming 81
o bonds, and paying their accrued
Q terest sufficient to pay OF and {
o charge all of them within thirty {
q years. and that there shall be a cha
% or rate assessed upon the ccnsum
Q OF water from said water system
yearly aggregate Of all which will
% sufficient to pay all other charges
10 on said water system, and the in
o. est on said bonds, and necessary !
ming expenses, and create an anr
0sinkiugstu fund Of at least six thous
a. dollars; which sinking fund ash
onnu,1Iv ecrented. shall he by
Common Council Immediately inves
x m good and safe securities, at a
Of interest equal 10 at least that vi
the, said bonds arejdrawing. AND
Xpart Of said sinking fund shall
OB1aken. borrowed or used by any
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