The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-02-20
l|terms ana co 4 WINCH shail 81

terms aud oondito which shall BE
ssst forth II said deed of trust az
mort
Eitst THAT the city shall haY TIE;
right to con- inue 10 cont rol ana soper!i
ate the said water works system 80
long as there shall be no default I'M
the payment3 of the Interest and prlnSs
eipal Sof saldSbonds or any Of them as
EXPRESSED on the face thereof. IL
/, Second. That in the event + there
shall be default in the payment oil 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 anc;
ton at the front door OF the
Courthouse Of Marion county, West
Virginia, to the highest bidder there
for, upon the terms, stipuladons 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 are a lien
upon said water works system, in;
cash, and the remainder in equal In,
stallments of one and two years from
date, the purchaser executing his
two written obligations payable to
said trustee, with good personal. Sc.
curlty, to be approved by said trus-
tee and payable as aforesaid; and as
further security the trustee shall
retain llenupon said water works
system in said deed, to the purchaser,
and that before proceeding to sell
said water works as aforesaid, the
trustee shall enter into q good and
sufficient bond conditioned accord.
ing to law in the penalty Of at least
one hundred thousand dollars, (sl00,-
000) and as much moro as the council
shall deem sufficient, to cover the.
amount of money that may come into
his hands. But before proceeding to
make such sale as aforesaid, the
trustee shall publish a notice of that
fact in at least two newspapers in
circulation in said city, for at least
four weeks, and shall likewise post
a copy thereof at the front dor of the
Courthouse Of Marion county, for a
like period of time, stating the time,
place and terms of sale, prior to the
day set. therefor. And that after
making said sale, as aforesaid, said
trustee shall first apply the proceeds
thereof TO the payment OF costs and
expenses of sale including a commits.
sion OF two per cent. on the purchase
price TO the trustee, aud second, he
shall use the remainder Of said pro-
.ceeds as far as is necessary to the
payment of said outstanding bonds,
together with the accrued interest
thereon. ~
The said commission Of two per
cent. on the purchase price to be1al-
lowed said trustee as aforesaid shall
be a payment in full Of all services
rendered by said trustee in making
sale and collecting and disbursing the
proceeds thereof, and any surplus re.
naming he shall pay to the said City
of Fairmont, or such official Of said
city as may be authorized by Com
mon Council to receive the same.
Seed. That there shall be provided
out of the revenues and earnings Of
the water works system annually. a
sinking fund to be used exclusively
for the. purpose Of redeeming said
bonds, and paying their accrued In.
terest sufficient to pay OF and dis.
charge all of them within thirty (3O)
years, and that there shall be a charge
or rate assessed upon the consumers
of water from said water system the
yearly aggregate OF all which will be
sufficient TO pay all other charges up
on said water system, and THE inter
est on said bonds, and necessary run.
ming expenses, and create an annual
sinking fund of at least six Thousand
dollars; which sinking fund as It is
annually created, shall be by the
Common Council Immediately invested
in good and safe securities, at rate
of interest equal to at least that which
the said bonds are drawing. And no
part Of said sinking fund shall be
taken, borrowed or used by any 9TH
er&deparament of the city, but shall
be kept SO invested at said rate Of in
terest until such time as said bonds
or any part Of them becomes payable,
or are directed to be paid by the
Common Council. s
~ SEQ II d FIX Rnt ALI nlestSonE CON-