The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-01-07
COUNCIL,
MEETING
tconeluded From Second Paee9

o. { Y r 81
Concluded From Second Page,
the said City of Fairmont. arising au,
OF the construction OF the reservoir
and filter plant owned by the said city
and located on Log Cabin Hill. near
the corporation limits of the said city.
and for all material used in connec-
ton with said water works plant. and
all labor performed thereon. including
all fixtures. pipes, pipe lines, sewers
and pumps in connection herewith.
both within and without said corpora
ton limits, as we'll as all expenses in
CURED in repairing. charging and
completing the present system OF
water works. owned and operated by
the said city. Provided, that no such
claims. demands or evidences of debts
against the said city. shall be paid
out of the said proceeds, unless the
same shall have been authorized and
directed TO be paid by the Common
Council of the said City of Fairmont.
5. The said Common Council OF
the said City of Fairmont, shall pro-
vide, out of the revenues or income
from the said water works for the
payment of the interest and the prin-
cipal of the said bonds within the
time expressed on the face thereof;
and as a security for, and guarantee
of. the payment of the said interest
and principal, said Common Council
is hereby authorized and empowered
to execute a mortgage or deed of
trust on the said water works, and
water system of the said City of Fair
mont. Said mortgage, or deed of
trust, shall grant and convey unto
the trustee therein named, all of the
right, title and interest, of every kind
and description, held, owned and pos
in and to all of said water works,
and said water system, both within
and without the said corporation
limits and including the land known
as Log Cabin Hill farm; but said
city shall have the right to continue
to control and operate said water
works and water system, so long as
there shall be no default in the pay,
ment of the interest and principa! OF
said bonds. or any of them, as ex
pressed on the face thereof. In the
event that there shall be default in
principal of said bonds. or any OF
them. the said trustee shall, when re
quested in writing, by any holder OF
holders of any of said bonds, pro
coed to sell said water works and wa
ter system at public auction, at the
front door of the Court House of said
Marion county, West Virginia, to the
highest bidder therefor. upon such
terms, stipulations and conditions and
after such notice as may be prescrib,
ed by the Common Council of the
said City OF Fait1nont, and set forth
in said deed OF trust or mortgage,
aforesaid: and the proceeds of said
sale shall be applied. as far as may
be necessary. to pay said bonds and
the interest thereon, according to the
tenor and effect thereof; and any sur.
| Plus remaining shall be paid to said
city.
6. Bonds authorized to be issued
under this Act shall not be sold or
negotiated for less than par value
and shall be exempt from taxation
for municipal purposes, which fact
shall appear upon the face thereof
as a part of the contract with the pur-
chaser. Said council shall have the
-.
mode of selling or disposing of said
| bonds.
I. Whenever the said corporate au,
thority shall provide by ordinance,
for the issuing of the bonds authoriz,
ed by this Act, and for the purpose
mentioned herein, said ordinance
shall not become operative. and shall
not have force and effect until il
shall have been published in at least