The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-02-17

VI II = !
terms ana ditons which shass bs8
see fortii III sud deed * trust bill
mortgage. y
r. First That the city shall have inc
right 10 continue to control and oper:
iates The said water works system so}
long as there shall be no default Sin
the pasmentt 81 the interest and prihs
Ijcipal Of said bonds or any Of them as
EXPRESSED on the face thereof, 4
Second. That in$the event there
shall be default in the payment of 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 ITO sell the water works and
water system at public aue.
ton at the front door Of the
Courthouse Of Marion county, West
Virginia. to the highest bidder there.
for, upon the terms, stipulations and,
conditions following. toswit. one.
third OF the purchase price, or SO.
much thereof as will be sufficient to
pay of all Of said bonds aud interest,
and other charges; that are lien:
upon said water works system, In
cash and the remainder In equal in.
Iistallments Of one and two years from
date, the purchaser executing his
two written obligations payable to-
said trustee, with good personal sc.
cnrity, to be approved by said trus--
tee and payable asSaforesaid; and as.
a further security the trustee shall
retain lien upon said water works
system in said deed, to the purchaser,
and that before proceeding 10 sell
said water works as aforesaid, the
Trustee shall enter into a good and
suflicient bond conditioned accord
ling TO law in the penalty Of at least
one hundred thousand dollars, $780,
900 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 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
4 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, and 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. 4 VI.
!: The said commission Of two pei
cent. on the purchase price to, be nj
lowed said trustee as aforesaid shall
} be a payment in full Of all services
rendered by said trustee in making
3 salesand collecting and disbursing thu
4 proceeds thereof, and any surplus re
I naming he shall pay to the said Cit!
! Of Fairmont. or such official Of sale
city as may be authorized by Com
! mon Council 10 receive the same.
Sec. 3. That there shall be provided
/ out OF the revenues and earnings 0
the water works system annually |
a sinking fund to be used exclusivel.
for the purpose Of redeeming salt
bonds, and paying their accrued in
terest sufficient to pay off and dis
! charge all, Of them within thirty go
years, and that there shall be a charg
or rate assessed upon the consumer
of water from said water system TIL
yearly aggregate of all which will b.
sufficient to pay all other charges ur
on said water system, and the inter
est on said bonds, and necessary run
. ming expenses, and create an annua
sinking fund of at least six THOUSAND
J, dollars; which sinking fund as it !
i annually created, shall be by TIL
Z Common Council Immediately invested
!, in good and safe securities, at rat
ofinterest equal to at least that whicl
!, the said bonds are drawing. And h
!, part OF said sinking fund shall b
I taken, borrowed or used by any ott
I err department of the city, but shal
: be kept SO invested at said rate Of II
I terest until such time usfsaid bond
! or any part Of them becomes payable
or are directed to. be paid by til
= Common Council.
4 Sec. 4. But all questions COZ
Injected with the issue and sale g