The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-02-13

terms anu co1d toflsl ~ icli hail he
.set forth III satsii decd of trust ps
mort gages
n First That tfe ctt shall hay sthet
right ITO continue TO control aud opersa
ate the said water works teni so
long DIS there shal be no default AM
sthss ia ment$ % the Interest and fprinsI
cipal of said bonds or any OF them as
expressed on the face thereof.
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 ut public auc,
tlon at the front door Of n tho
Courthouse Sof 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 80
much thereof Us 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 to
said trustee. with good personal Sc.
curity, to be approved by said trus.
tee and payable as aforesaid; and rs
a further security the. trustee shall
retain lien upon said water works
system In said deed. to the purchaser,
and that before proceeding to sell
said water works as aforesaid, tho
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,.
J oO0) 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 d notice Of that
y 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
s Courthouse Of Marion county, for a
. like period of time, stating the time,
i Iplace and terms Of sale, prior to the
! day set therefor. And that after
/ making said sale, as aforesaid, said
j, trustee shall first apply the proceeds
E thereof to the payment of costs. and
5 expenses of sale including commits
! sion Of two per cent. on the purchase
Il price to the trustee, and second, he
}, shall use the remainder Of said pro
d ceeds as far as is necessary to the
y payment OF said outstanding bonds
d together with the accrued interest
S thereon.
e The said commission OF two pei
d cent. on the purchase price to be al
& lowed said trustee as aforesaid shal
6 be a payment in full of all service!
: rendered by said trustee in making
sale and collecting and disbursing thu
) proceeds thereof, and any surplus re
} manning he shall pay to the said Cit,
OF; Fairmont, or such official OF sal,
D city as may be authorized, by Com
, mon Council to receive the same.
D Sec 9. That there shall be provide
D out Of the revenues and earnings Q
, the water works system annually
, sinking fund to be used eXclusivel
p for the purpose Of redeeming sal
4 bonds, and paying their accrued II
D terest sufficient 10 pay off and di
d charge all OF them within thirty $50
D years, and that there shall bea charg
4 or rate assessed upon the consumer
y Of water from said water system tn
Z yearly aggregate Of all which will L
y sufficient to pay all other charges Vi
4 on said water system, and the int
y est on said bonds, and necessary rul
D ming expenses, aud create an annu
D sinking fund Of at least six thousar
D dollars: which sinking fund as it
b annually created, SHALL be by Il
A. Common Council Immediately investc
n N good and safe securities, at ra
a Of interest equal to at least that whit
q the said bonds are drawing. And !
. part of said sinking fund shall
x taken, borrowed or used by any OF
x er department of the city, but sht
x be kept soinvested at said rate of
< terest until such time as said bon
x or any part of them becomes payab
x or are directed TO be paid by t
Y Common Council. 5IF
< Sec. 1. But all questions &C
x nected with the issue and sale
X said bonds on the terms and con