The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-02-16

y ~ mr. n + : q
systsm. both Eithin ana Without the3
limits sof the said city anda
including tic land known us
Cabin Hill farm non the follovins L
terms and condI tons Ell shall BEL
set forth In said deed ~ trnst Ms orSl;
First That the city shall have the
right To continue to control and opersl
ate the said water works system 81 |
long as there shall be mo default I'm
the payment ot the interest and prin.
cipal Of said bonds Or any OF Bthemas
expressed on the face thereof.
1G 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 I thereon, the trustee shall
when requested inwriting BY ANY
holder or holders Of said bonds pro-
Iceed 10 sell the water works and
water system at public, auc.
lion att the front door Of the
Courthouse Of Marion county, West
Virginia, to the highest bidder there?
for upon the terms, stipulations 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 lien
upon said water works system, in,
cash, and the, remainder in equal in
stallments of one and two years from
date,I the purchaser executing his
two written obligations payable ito
said trustee with good personal Sc
curity, to be approved by said trus-.
tee and payable as aforesaid; and Sas
a further security the trustee shall
iretainga 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 a good and
sufficient bond conditioned accord.
| ing to law in the penalty Of at least
one hundred thousand dollars, $780,.
00O) 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 q notice Of that
fact In atheist two newspapers in
circulation in said city, for at Least
four weeks, and shall likewise posi-
a copy thereof at the front dor Of the
Courthouse ofSMarion county, for s
like period of time, stating the time
I place and terms of sale, prior TO thu
day set therefor. And that afte
making said sale, as aforesaid, salt
trustee shall first apply the proceed
{ thereof to the payment Of costs ant
: expenses Of sale including a commits
sion Of two per cent! on the ,purchas
:. price to the trustee, and second, h
shall use the remainder Of said pre-
( ceeds as far as Is .necessary to- tn
payment Of said outstanding bonds
together with the accrued interes
!, thereon. Il t y y s, ~ &
5 The said commission OF two pc
cent on the purchase price to be a
> lowed said trustee as aforesaid sha
: be a paymentin full of all service
B rendered by said trustee in maxim
sale and collecting ana disbursing tn
: proceeds thereof, and any surplus r
naming he shall pay to the said Cit
Il of Fairmont, or such official Of sal
city as may be authorized by Con
a mon Council 10 receive the same. "
Sec. 3. That there shall be provide
out OF the revenues and earnings
i the water works system annually s
J, sinking fund to be used exclusive
: for the purpose Of redeeming sa
r. bonds, and paying their accrued !
i terest sufficient to pay OF and d
= charge all OF them within thirty (3t
= years. and that there shall be aschart
y or rate assessed upon the consume
= OF water from said water system q
q yearly aggregate Of all which wills
suflicient.to pay all other charges u
Y on said water system, and the int
E est on said bonds, and necessary r,i
AZ ming expenses, and create an annn
sinking fund Of at least six thousal
4 dollars; which sinking fund as it
3 annually created, shall be by 7
! Common Council Immediately invest
in good and safe securities. at a zra
otinterest equal 70 at least. that viii
: tie said bonds are drawing. And
- Ilnrt of said sinking fund shall 5a
- tal,en borrowed or used hy any al