The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-02-10
sstsStastll IL sala decd oE trast

i1l
jsetIs forth n sand deed of tfast ot
smprtgage
r First ,rhat The city sslsslll hive !
iEiilsbt 6atinlle ~ cpatro afid
ate the sui ter work. tenn Sd
long there Shall he no default I'M
the paysnent 81 the liz tefest and prin4I
etpal; of2 said bonds or any ofithems as
expressed on the lace thereof
Second That I'm the event there
shall be default In the payment or 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 to sell $the water works and
water system at public auc,
ton at the front door Of L the
Courthouse Of Marion county, West
Virginia, to the highest bidder there.
for, upon the terms, stipulations and
conditions following, to-wit: one.
third Sof the purchase price, or SO,
much thereof as will be suflicient to
pay on 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 to
said trustee, with good personal Sc.
curlty, to5be 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 a good and
sufficient bond conditioned accord.
ing to law in the penalty Of at least
ono hundred thousand dollars, tS1O0,.
000) and as much more us the council
shall deem sufficient, to cover the
amount of money that may come into
his hands. But before proceeding 10
make such sale as aforesaid, the
trustee shall publish a notice of that
fact in atsleast two newspapers in
circulation In said city, for ut 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 tosthe
day set therefor And that after
7 making said sale, as aforesaid, said
trustee shall first apply the proceeds
thereof to THE payment OF costs and
expenses OF sale including a commits
i, sion of two per cent. on the purchase
price to the trustee, and second, he
, shall uso the remainder Of said pro
! cceds as far as is necessary to The
!, payment of said outstanding bonds
!, together with the accrued interes
! thereon. y. 4; ~ 4 H Y, w
y The said commission Of two pc
Is cent. on the purchase price to be al
/ lowed said trustee as aforesaid shal
be payment in fill 5of&all service
rendered by said trustee in makini
] sale and collecting and dlsbursing TIL
!, proceeds thereof, and any surplus re
p naming he shall pay to the said Cit
Of Fairmont, or such official of sal
1 city as may be authorized by Con
/ mon Council to receive the same. y
l Sec. 3.5That there shall be provide
4 out OF the revenues and earnings {
Ii the water works system annually
L sinking fund to- be used cxclusivel
i, for the purpose Of redeeming sal
i bonds, and paying their accrued Il
i. terest sufficient to pay off and dl
Is charge all Of them within thirty tSC
If years, and that there shall be a chare
q or rate assessed upon the consumer
It of water from said water system tll
IS yearly aggregate iof allgwhich will /
sufficient to pay all other charges III
on said water system, and the Int
i est on said bonds, and necessary ru
ming expenses, and create nannu
sinking fund of at least six thousan
i. dollars; which sinking fund as it 4
10 annually created, shall be by t
t. Common Council immediatelyinveste
IN good and safe securities, at ra
OF interest equal TO at least that whlt
N the said bonds are drawing. And j
ID par1 of said sinking tfund shall 4
\ taken, borrowed or used by any OF
Ii er department of the city, but sha
e. be lsept so invested at said rate of !
N terest until such time as said bont
Or or any part Of them becomes payabl
ID or$are directed to be paid by%tt
"a Common Council. X ~
ii Sec But all questions co
,e nectedS with the issue and sale, /
i. said bonds on&the terms and conc
rF ftipn @ Y a fnracof III j. ctnIi hf Hsuhr / ~