The Owosso times. (Owosso, Mich.) 1897-1926, 1908-03-13
Common Council
Common Council Chamber.
OWOasO Mich March Ilth IQnQ


Owosso, Mich, March llth, 1903.
Council met in adjourned regular session
Mayor Dryden II. Lamb presiding.
Alderman present, Appleton, Rundell, Wren,
Rlgley, Conant, Brown, Lynch and Washburn.
Absent. Lamfrom and Townsend.
The Mayor reported contract with W. H.
Roose, agent; subject to the approval OF the
Council, providing for refunding certain bonded
Indebtedness OF the city. as follows:
This agreement. entered into this 10th day OF
March, 1908, by and between DR.. d. H. Lamb,
Mayor on behalf OF Special Committee, subject
to the approval OF the Council OF the City OF
Owosso. Michigan. party OF the first part, and
w; a. Roose Agent, party OF the second part,
WITNESSETH:
/. Said party OF the serond part hereby
agrees to purchase at par certain five per cent
bonds OF the City OF Owosso OF the par value
OF $50 10000, falling due.
2. In consideration thereof said city hereby
agrees TO extend the time OF payment OF said
Indebtedness evidenced by said former bonds,
by the issue OF new bonds Of said city In like
amount, in place of said former bonds. in such
a manner as merely to change. but not increase
the indebtedness OF the city.
3. Said new bonds shall consist OF an issue of
one hundred bonds of the denomination of $500
each, dated March Is, 1908, bear int erest from
date at the rate OF five per centum per annum
payable semi annually, the several installments
OF interests to be evidenced by coupons attach
ed to said bonds, both principal and interest to
be payable at the office OF the treasurer OF said
city. in Owosso, Michigan, the principal Of said
bonds TO become due and payable as follows:
ss5oo.OO on November list, 1912, and 50 500. 90
each year thereafter, on November LIST in each
calendar year, until all are paid.
4. Said party OF the second part agrees to
furnish the blank bonds for said new issue
ready for execution without expense to said
city.
5. Said party OF the first part shall furnish
SAID party OF the second part "a duly authenti.
Gated transcript OF the record OF proceedings of
the council OF said city relating to the issue of
said new bonds and such other data as he may
require, evldenciDg the regularity of such pro
ceedings to his satisfaction. and when said new
bonds nave been executed said city sh all deliv.
err same to the National Bank OF Commerce. in
Toledo, Jhio. in place of said former bonds,
which former bonds shall thereupon be duly
cancelled.
g. In witness whereof the parties hereto
have hereunto subscribed their names the day
and year first above written.
DRYDEN II. LAMB Mayor.
w. II. RoOsE Agent.
City Attorney Lyon being asked for his
opinion az to the legality OF said contract and
the authority for the issue OF bonds as therein,
provided. stated that in his opinion said con.
tract was legal, and that section 33l3of the
Compiled Laws OF 1897. being section 25 chap
ter 81. OF the Charter of said City, clearly auth.
0riZeu the issue of bonds for the purpose and
In the manner provided in said contract.
Aid. Rigley moved that the report of the May
or be accepted and the contract as presented be
approved, which prevailed, ayes Appleton,
ana WaShburn nays none.
Aid. Rigley presented the following resolu.
tion and moved that same be adopted, which
was seconded ano the resolution was adopted,
ayes Appleton, kundell, Wren, Brown, Rigley,
Conant, Lynch and Washburn, nays Q.
RESOLUTION.
Providing for the issue OF new bonds of the
city OF OwosSo, Michigan, in the sum OF $50 900,
for the purpose OF extending the time of pay
ment OF former bonds OF said city in a like
amount falling due.
WHEREAS the city OF Owosso. in Shiawas
see County. Michigan, has an outstanding In
debtedneSS in the sum OF $50. 90 90 evidenced
by bonds In that amount falling due: and
WHEREAS 1t is deemed necessary by the
Council of said city to extend the time of pay
ment of said indebtedness; and
WHEREAS the owner OF said former bonds
has consented to an extension OF the time OF
pay ment OF said Indebtedness. as provided in
this resolution; now, therefore
BE IT RESOLVED by the Council OF the
City OF Owosso, in Shiaw8ssee County Michi
gan, that for the purpose OF extending the
lime OF Payment OF the Indebtedness evidenced
Dy the bonds mentioned In the preamble to this |
resolution, there be issued, IN place OF said |
former bonds, the new bonds OF said CITY, in the |
sum OF $50 900 90, as hereinafter provided
Said Issue shall consist OF 100 bonds OF the |
OF $4,000 each numbered con-
In the order of their maturity from
to 100, inclusive, dated March 10, 1903. and be-
,ome due and payable follows: S25C0 90 on /
I, 1912, and 81 800 90 each year there.
after, on November lst In each calQndar year,
Until all are paid.
Said bonds shall bear interest from date at |
he rate OF i've per centum per annum, payable |