The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-02-11

~ s.. 81. 81 ~ = - H.. H. ~ n I.Ip ~
he + AlRtsonlT TEST utReIMIiSss, 5
terms and conditions Which shall be
forth sid deed d trust cf
4 Tirst. That q shall have theS
;right6to continue togco ana sopers
,a Ii.sl the SAID @ater oEks syst lem Sso
long as there shall he no default Anil
the payme ntE ot the INT crest and $prinS
;cipal Of said bond = or any OF them s
Expressed on the face thereof d ~
n Second. That IN the event there
shall be default IN the payment Of the.
interest Sor principal OF said bonds Or
janyiof them, within the time or times
expressed thereon. the trustee shall
when requested Sin writing by any
holder or holders of said sbondsspro-}
coed ~ to sell The water works and
water system at public auc.5
ton at the front door Of the
Courthouse Of Marion county West
Virginia. to the highest bidder there.
for, upon the terms, stipnlations 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 Ito
said trustee, with good personal Sc
curity, to- be approved by said $Itrus..
tee and payable as aforesaid: and as.
a further security the trustee shall
retain aGllenupon said water works
systemlin said deed, ito the purchaser,
and that before proceeding to sell
SAID. water works as aforesaid. the
trustee shall enter into a good and
Sufficient bond conditioned accord.
ing to law in the penalty of at least
one hundred thousand dollars, $780,.
000) and as much more as the council
shall deem sufficient, to cover the
amount of8money.jthat 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; b, said
trustee shall first apply the proceeds
thereof TO the payment Of costs and
.expe1ses5 of sale including commits.
sion Of two per cent. on the purchase
price TO the trustee, and second, he
shall use the remainder of said pro.
ceeds as far as Is necessary TO the
payment Of said outstanding bonds,
together witllsthey accrued 1 interest
thereon. Il.
The said commission OF two per
cent. on The purchase price to be- al;
lowed said trustee as aforesaid shall
be a payment in full Of all services
rendered by said trustee in making
sale and collecting and dlsbursing 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. II
Sec: 3. That there shall be provided
out OF the revenues and earnings soi
the water works system. annually q
sinking fund to be used exclusively
for the purpose OF redeeming said
bonds, and paying their accrued in
terest sufficient TO pay off and dis
charge all Of them within thirty yt3O)
years, md that there shall be: a charge
or rate assessed upon the consumers
| of water from said water system Sthe
yearly aggregate Of all which will be
sufficient to pay an other charges up
on said water system, and the inter
est on said bonds, and necessary run
ming exDenses, ami create an .annual
sinking fund of at least six Thousand
dollars which sinking fund as it il
annually created, shall be by tho
4 Common Council Immediately invested
" good and safe securities, at "a rate
Of Interest equal to at least that which
the said bonds are drawing. And nj
part OF said sinking fund shall be
4 ,tnEpn hnrrnwed or 'tIsed nv any 18th