The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-02-18

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set forth IN said deed Of trust DID
mortgage,
First That the city shall have the
right to- continues to control and opers
ate the said va ter workss system so
long las there shall sbes no default IN
the payment Of the interest and prins
clpalI of said bondslor any Of them as
expressed on The face thereof.
Second: That in the event there
shall be default in the paymentiof tho
interest or principal Of said bonds or;l
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 10 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, supulations and
conditions following, to-wit: one;
third Of the purchase price. or so
much thereof as will be sufficient to
pay of all of said bonds and interest
and other charges, that are 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.
curity, to be approved by said trus.
tee and payable as aforesaid; and as
a further security the trustee shall
retain a lien upon 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.
ling to law in the penalty OF at least
one hundred thousand dollars, (s100..
000l and as much more 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 notice of3that
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 o
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, sale
trustee shall first apply the proceeds
!, thereof 10 the payment Of costs ant
expenses of sale including a commits
sion of.two per cent. on the purchase
| price 10 the trustee, and second, h,
/, shall use the remainder of said pro
| ceeds as far as is necessary to thu
! payment Of said outstanding bonds
! togetherIwitk the accrued interes
5 thereon. y
e The said commission Of two pc
] cent on the purchase price to be a
8 lowed said trustee as aforesaid shal
8 be a payment in full of all service
: rendered by said trustee in maxim
! sale and collecting and disbursing tn
!, proceeds thereof, and any surplus RI
naming he shall pay to the said Cit
) Of Fairmont, or such official of sal
! city as may he authorized by Con
) mon Council TO receive the same.
4 G Sec. 3. That there shall be provide
} out of the revenues and earnings {
the water works system annually
) sinking fund TO be used exclusivel
} for the purpose of redeeming sal
bonds, and paging their accrued Il
} terest sufficient to pay of and di
, charge all of them within thirty (3t
D years, and that there shall be a chare
, or rate assessed upon the consumes
D. OF water from said water system Il
3 yearly aggregate OF all which Will |
D sufficient to pay all other charges u
, on said water system. and the int
D est on said bonds, and necessary ru
, ming expenses. and create an annu
\ sinkinggfun of at least six thousa1
! dollars; which sinking fund as It
4 annually created, shall be by Il
I Common Councilimmediately investe
!, in good and safe securities, at a ra
! OF interest equal 10 at least that whit
4 the said bonds are drawing. And
y part oflsaid sinking fund shall 4
u taken, borrowed or used by any OF
n er department of the city, but sht
u be kept SO invested at said rate Of
u terest until such time as said bon
Y or any part Of them becomes payab
Y or are directed TO be paid by I
y Common Council.
~ Sec. But all questions &C