The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-02-09

gage therein mentioned. Il 43sSis
- -; -7 1900 Trust
Sec. 2. After said bonds have been
issued no more Of them shall be sold
than may be necessary to realize
sum sufficient for the payment of all
debts, dues. claims and demands re-
naming unpaid for the construct Ion rs
and Improvements Of said water
works. and water works system, and sssi
the expenses Of the same heretofor
made, and heretofore set Sout, which
shall not exceed in the aggregate the Ne
sum Of one hundred and eighty thou;sSS \
sand dollars, all of which shall be apsi9t
Piled and used wholly and entirely ri
for that purpose; none Of said bond
shall be sold for less than pal and
shall be exempt from taxation for X
municipal purposes. s .SSsles
Sec. 8. To secure and guarantees IN
the payment Of the interest and gprin-8
cipal of said bonds within, and at
such times as Is expressed therein.
the mayor and city clerk shall EJbe,
and they are hereby authorized and "
empowered to eXecuteHas first mort
gage or deed Of trust upon the said S.
water works and water works system a.
of the said city, conveying unto the
trustee unto such. time said bonds. IA
are paid off and redeemed Sbysss
the city, but shall not exceed the StermSs&
of 80 years, all Of the right, title
claim and interest of every kind and II
nature, held, owned and possessed by
the said city, in and to llEof gsaidst
, water works and said water works. !'3s
. system, both within and without the
corporate limits Of the said city, 5and3ss
including the land known as 4 Log
: Cabin Hill farm upon the following u
} terms and conditions which shall sbe5S
| set forth in said deed of trust or
> mortgage. II. ~
!. First. That; the city shall have the
: right 10 continue to control and soper..g
!. ate the said water works system So
J, long as there shall be no fdefault 5inG
1 the payment OF the interest and iprinl--s
J. cipal of said bonds or any Of them as
4 expressed on the face thereof. n
/. Second. That in the event there
i. shall be default in the payment Of the
It interest or principal of5said bonds OF;
e any of them. within the time or tines
E. expressed thereon, the trustee shall.
It when requested in writing by any
r. holder or holders Of said bonds! pro-
b. coed 10 sell the water workssand
a. water system at public auc77
n lion at the z front door ofEkssthe
ID Courthouse of Marion county,, est
N Virginia, to the highest bidder theree
d. for, upon the terms, stipnlations and
of conditions following, to:wit: one:
* third Of the purchase price, or $50
: much thereof as will be sufficient Ito
~ pay Off all OF said bonds and interest,
and other charges, that are a lien
IL. upon said water works system, in
CASH, anu llie IL
ho stallments Of one and two years from
date, the purchaser executing his
two written obligations payable $$Stol
~ said trustee. with good personal iSse
20 curity, to be approved by said Struss
'e tee and payable as aforesaid; and as
ns a further security the trustee shal
~ retain lien upon said water works
"e system in said deed, to the purchaser
"a. and that before proceeding TO sci
~, ,io said water works as aforesaid, thu
,n trustee shall enter into a good y AM
.'o sufficient bond conditioned accord
ing to law in the penalty of at Sleas
'ol, one hundred thousand dollars, 500
'ed oOO) and as much more as the council
or shall deem sufficient, to cover tn
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mas CONTINUED on Fifth Pase.) ssi Nc