The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-02-21
terms ana cond itons whtctt shall he
lsek FORT in said deed & 81 q r,ist 3,

terms ana nditons which shan bei
ssetS forth In said deed !: 81 trnst oil
mort gage
First: That The city shall have the
right to continue To con rolS and Soper
ate the said water works system Sol
long as there shall be Snoa default ainsI
the payment Of the Interest and prlnE
|cipal Of said bonds or any OF them as
expressed on the face thereof. N
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 to sell the water works and
water system at public auc,
ton at the front door Of the
Courthouse ofs5Marlon county, West
Virginia. to the highest bidder there:
for, upon the terms, stlpulations 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,
land other, charges, that are q 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 MS
'Ia further security the trustee shall
retain a lien upon said watery works
system In said deed, to the purchaser,
and that before proceeding to sell
!. said water works as aforesaid, the
! trustee shall enter into q good and
] sufficient bond conditioned accord,
4 ing to law in the penalty Of at least
4 one hundred thousand dollars, $780,.
A O00) 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
i make such sale Eas aforesaid, tho
!, trustee shall publish notice of that
fact in at least two newspapers in
! circulation in said city, for at least
( Ifours weeks, and shall likewise post
q copy thereof at the front dor of the
\ Courthouse Of Marion county, for d
like period of time, stating the time
| place and terms Of sale, prior to the
!. day set therefor. And that after
j making said sale, as aforesaid, said
/ trustee shall first apply the proceeds
8 thereof to the payment Of costs ant
$ expenses OF sale including a commits
y sion Of two per cent. on the purchase
4 price to the trustee, and second, hi
J, shall use the remainder Of said pro
d ceeds as far as Is necessary to til,
i payment of said outstanding bonds
d together with the accrued interes
s thereon. isJ i,'
e The said commission of, two pc
d cent. on the purchase price to be al
g lowed said trustee as aforesaid shall
6 be n payment in, full of all service
= rendered by said trustee In maxim
sale and collecting and disbursing I'll
) proceeds thereof, and any surplus r.
naming he shall pay TO the said Cit
) of Fairmont, or such official Of sal
D city as may be authorized by Con
mon Council to receive the same.
D Sec. g., That there shall be provide
, out Of the revenues and earnings {
} the water works system annually
, sinking fund to be used exclusiyel
D for the purpose of redeeming sal
, bonds, and paying their accrued Il
} terest suticient.to pay of and ! ID
, charge all OF them within thirty &c
, years, and that there shall be chare
, or rate assessed upon the consumer
, OF water from said water system ii
} yearly aggregate of all which will /
, sufficient to pay. all other charges U
D on said water system; and the int
J est on said bonds, and necessary ru
, ming expenses, and create an annu
D sinking fund Of at least six thousan
b dollars; which sinking fund as 1T
n annually created. shall be by ii
4 Common Council Immediately inyeste
Z in good and safe securities, at ra
4 OF. interest equal to at least that whie
4 the said bonds are drawing. And 4
= part Of said sinking fund shall
u taken, borrowed or used by any OF
Y er department Of the city, but sha
- be kept so invested at said rate Of !
a terest until such time as said bon'
" or any part Of them becomes payabl
4 or are directed to be paid by Il
Y Common Council. {l7i5i
a Sec. q. But all questions co