The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1907-08-30
Ordinance No 50.

An ordinance authorizing the issue of
refunding bonds to the amount of forty
five thousand dollars (S45, 0O0) Of the
village of Paw Paw, Michigan:
Whereas, the village of Paw Paw is In
debted in the sum OF forty-ive thousand
dollars, evidenced by its legally issued
bonds, which said bonds are now due or
payable at the option OF the village of
Paw Paw; and
Whereas, the village OF Paw Paw de-
sires to extend the time of payment Of
said Indebtedness; therefore
The village of Paw Paw ordains:
Section /. That the president and
clerk of the village of Paw Paw are
hereby authorized and directed to have
prepared and to execute under the seal
of the village of Paw Paw refunding
bonds TO the amount of forty five thou
sand dollars for the purpose of extend
ing the time OF pay ment of it's entire
bonded Indebtedness. Said issue of
bonds shall consist OF forty five bonds of
one thousand dollars Isl 900 each, dated
the 10th day of August, 1907, two thou
sand dollars (S2,0O0) thereof becoming
due on the 10Th day of August in each
of the Years 1908 to 1922 both inclusive,
and three thousand dollars (S3O0O)
thereof becoming due on the 10th day
of August In each of the years 1923 to
1927, both inclusive, which said bonds
shall bear interest, evidenced by cou-
pops, at the rate of five per centum per
aunum. payable annually, and both prin-
cipal and interest OF said bonds shall be
made payable al the First National bank
In the city of Chicago, state of Illinois.
Section 2. The said bonds herein au-
thorlZed shall be IN substantially the
following form:
UNITED STATES OF AMERICA, STATE OF
MICHIGAN, VILLAGE OF Paw PAW, RE-
FUNDING BOND, PAYABLE FROM THE RE.
FUNDING BOND FUND. $1,000. No
Know all men by these presents, that
the village of Paw Paw, in the county Of
Van Buren, and state of Michigan, ac-
knowledges to owe, and for value re-
ceived hereby promises to pay to bearer
one thousabd dollars Isl 900 lawful
money Of the United States of America
on the 10th day of August, 10, with
interest thereon from The date hereof at
the rate Of five per centum per annum,
payable annually on presentation and
surrender of the annexed interest cou-
pons as they severally become due.
Both principal and interest of this
bond are hereby made payable at the
First National bank in the city of Chi
cago, state of Illinois, and for the prompt
payment of this bond and the interest
thereon, the full faith, credit and re-
sources Of the village of Paw Paw are
hereby irrevocably. pledged.
This bond is one of series Of like
tenor, issued for the purpose of refund
ing the bonded Indebtedness of the vii
lage of Paw Paw under the authority of
an act OF the legislature of the state of
Michigan entitled "An act to authorize
the village of Paw Paw in the county of
Van Buren, to issue bonds for the pur-
pose of borrowing money with which 10
refund certain outstanding Indebtedness
and issue bonds therefor" approved May
18th, 1907.
And it is hereby certified and recited
that all ac!s conditions and things re-
CURED TO be done precedent to and in
the issuing OF this bond have been done,
happened and been performed in regular
and due form as required by law; that
the Indebtedness refunded into this bond
was and is valid, binding and subsist-
Ing obligation of the village of Paw Paw,
and that the total Indebtedness of the
village of Paw Paw, including this bond,
does not exceed the statutory or consti.
tutional limitations
In testimony whereof, the village coun-
Gil of the village of Paw Paw, Michigan,
have caused this bond to be signed by
the president, attested by the clerk, with
the corporate seal hereto affixed, and the
interest coupons hereto attached to be
executed with the fac simile signature
of said officers this 18th day Of August,
1907.