The Owosso times. (Owosso, Mich.) 1897-1926, 1909-10-22
Resolution.

Providing for the issue OF new bonds OF the
/ City OF Uwosso. Michigan, in the sum OF
10000 for the purpose Of extending the time
OF payment OF former bonds OF said City in like
amount failing due.
l. Whereas the City of Owosso In Shiawas
| see County, state OF Michigan has an out
| standing Indebtedness In the sum Of $40, 90
evidenced Dy bonds In That amount falling due,
and
u Whereas 1t is deemed necessary by the
Council OF said City to extend the time OF pay
menI OF SAID indebtedness and
g. Whereas the owner OF said former bonds
has consented W an extention OF the time of
payment OF said Indebtedness provided in
this resolution, now therefore,
4. Be 1t Resolved by the Common Council of
the City VI OwOsso III Shiawassee County and
State OF michigan, that Tor the purpose OF
extending the time OF payment OF the lndebt-
edness eyldenced by said bonds mentioned In
In piaco OF said former bonds the new bonds
OF said Clty, In the sum or fifteen Jnousan nd
Hi5,OOO.vO) dollars as hereinafter provided.
D. Said issue shall consist OF fifteen bon OF
DENOMINATION OF sl,OJO.OO each, numbered
cOnsecutlvely IN the oruer OF tdeIr maturity
from one " nfLeen, dated October Ist, IyuN ana
becoming due auo payaOIe Oclooer lsG 1924
ohall bear interest from date ~ Inc rate OF
nve per cent per annum payable semi. annually
ON the hrst day oil AprIi ana october In eacn
year and the several lnstaIiInenLs OF interest
snail De EVIDENCED by coupons attached W sa ii
Donus anu Doth prInclpai aud Interest snail DC
payaole at the MorcnanLs NavIonaI Bank OF
New YORK City.
said Donas shall be DESIGNATED Refunding
Bonds, ne signed By the Mayor or saiu OiJy anu
counterslgneu Dy the City UlerK or sAla ClLy
anu nave arfixeu thereto the corporate seal uI
TIE sau Clty ana SAID interest cour OnS shall
Dear toe Autographed signatures OF the City
Cierx.
BE II further resolved that the Mayor and
City Clerk De and Lnuy are nere0y authorized
ana directed To prepare ana execute SAID new
oonds therein pieuging Tue fam, credit,
revenue and Property or The said city for the
payment vi Dotn principai and interest ut
maturity aud Wnon oxecu ved To DO delivered 10
the PURCHASER IN place VI said former Ounus.
BE it further re solved Jnas for the as sur.
ance OF Said purchaser and Any aad all future
owners or noiuers OF said aew bonds it oe and
10 hereby certlnou, recitod auu declared that
the inuoDteuness evidenced Dy SAID former
bonds so refunucu % saiu new Do.ds auLnO~.
lied oy This Resolution Is al ex.sGius, Valid and
Oinuing obligation VI said civy, .LnAL said
former Oonu5 VIA De Cancelled ooncurrontly
with The uelivory VI Said lew DondS . not
" incicaSe the lndeDLodness VI saiu City, InAt
all az Us an conulLlun5 aud LnInKs, roQuireu TO
Do done. proceuenL ~ dnd IN zoe lncurrence vi
saia indebtedness anu the issulng VI said
bonds nave Oeou done, nappeneu anu per-
iormeo III regular AUD uue Ivrui req ed Oy
the constitution anu Jaws VI the state VI
lnlchlHau anu .naL sad Indebtedness does not
exceed ANY CONSTITUTIONAL Or statutory illntta-
ton.
d. hat the bonds herein anu hereby author.
izod shall W In SUBSTANTIALLY tne following
torn to witt
state VI Michigan,
County OF SniawdSSee,
lily vi OxOssO.