The Holly chieftain., 1909-06-11

1
dss sitter tho 6rs, publication of s.ch notice
and the bonds 90 called in upon their surren1e,
shall Be p.id by said Town and when paid. to
gether with the UNINSURED coupons. shall b.
destroyed.
Section S. Alter said Town shall have CEN.
plsted the constr,,etion Of such wa,er~orks the
same shall be operated and managed by said
Town and all water taxes, rents. and raies fer
wster furnished and used thsrefrom shall BE-
directly collected by s.id Town in such manner
Is shall be provided by ordnance and the pro-
cesds Of said taxes. rates. and rents. together
with ali income therefnon. including the plumb.
ing and tapping Of main. and laying and con.
Meeting supply pipes thsreto. shall be used to
hrsi defssy the running expenses Of such water
works and to keep the same in repair: second.
for extending the mains thereof and making i'm.
provements and additions to said system Of
wstsrworks whenever. in the opinion Of the
Board Of Trustees Of said Town. such extern
sions. improvements and additions shall be
necessary and expedient. and shall have been
ordered by n.iority vote Of al the members Of
the said Board Of Trustee.. and the balance Of
said income from said waterworks for paying
the running expenses. repairs. extensions. i'm
provemsnis and additions shall constitute
fund to pay the principal and interest Of said
bonds.
Section 6. Ths, there be and there is here.
by levied upon each and every dollar Of vaIus-
tion Of the taxable property within said town.
annually. in addition to al other taxes. tax suf.
hcient 10 pay the ssmi-annual interest on all Of
said bonds outstanding: and also after nine
years from the date Of said bonds such tax as
shall create yearly fund equal to twenty per
| cent OF the whole amount Of such bonds issued
tor the purpose Of extineuishing the principal
OF said bonds within fifteen years. from the date
Of said bonds. which fund shall be called the
redemption iund; and the taxing and collecting
officers Of said Town are hersby authorised and
| required to levy and cause to be extended and
collected such taxes annually as shall become
| necessary for the purposes aforesaid. due under
this ordinance. and such taxes shall be levied
and collected ~ other taxes and shalI be sp-
piled only to the payment Of said interest and
the principal Of said bonds respectively. and for
no other purpose whatsoever until the said in,
debtedness 30 contracted under this ordinance
both principal and interest. shall be fully paid.
satisfied and discharged: provided. however and
il is hereby 70 directed and ordered that the
earnings from the waterworks y, stem Of said
town over and above the cost Of operating,
maintaining and improving the same shall Be
placed in the bond fund hereby created and ap-
piled to tbs payment Of the interest and the
principal Of the bonds hereby authorized: and
provided also that in case Of the payment in any
one year into said bond fund Of any Of the reve-
nues Of the waterworks system Of said town. ap.
plicable to the paymen, Of the bonds herein pro-
vided for interest and principal a. Aforesaid. then
and in such event the tax levy hereinbefore pro-
vided for. may. for the next succeeding year. be
reduced 70 - to raise only such m amount u may
~ nHreaa.rv tn u,Aef III. mn ~s,ct hood.
when and As the same may accrue. together with
the sum herein provided for necessary to extin-
sush the principal Of said bonds 1t maturity.
And the sums hereinbefore provided for to meet
the interest on said bonds and discharge the
principal thereof when due. arc hereby sppropri.
ated for that purpose and said amount for each
year shall also be included in the anaual appro-
priation bills passed by the Board Of Trustees Of
said Town in each Of said years respectively.
Section 7. The Board Of Trustees Of said
Town shall. annually at the time and in the man
ner provided BY the law for levyins other Town
taxes il such action shall be necessary 10 eectu-
ale the provisions Of this ordnance. ratify and
carry out the provisions herein with reference to
the lsvying and collections Of taxes and shall re-
quire the officers Of and Tor said town to levy. ex-
tend and collect such taxes in the manner pro-
vided by law for the purpose Of creating fund
for the payment Of the interest and the principal
Of said bonds: and said taxes. when collected.
shall be kept for and applied onlyto the payment
d the interest and principal Of said bonds a.
hereinbsfore set FORTH
Section 8. After the construction Of said
waterworks. the tapping Of mains thereof Tor the
purposes Of attaching supply pipes thereto. and
the laying Of such supply pipes, digging Of
trenches therefor from the main to the sidewalk
- Al 1
shall be required. shall be done only by the EN-
Ployes Of the town engaged for that purpose; and
the proceeds thereof shall be treated a. income
from said water works and devoted to tho inter
est and redemption funds ~ hereinbeiors pro-
vided; and no contract shall b made with. or
permission given to any person or company. or
corporation. to tap said mains or lay said sup.
| ply pipes. or to run or operate said waterworks
otherwise than - herein provided. fs
Section 8. The amount that shall be received
from the issue and sale Of said bonds il hereby
appropriated for. and shall be spplied to the
construction Of waterworks Tor said Town Of
Holly and to no other purpose.
Section 10, That all ordinances and parts Of
ordinances In conflict with this ordnance insofar
| as such conflict exists be and the same hereby
are repealed.
Section II. This ordinance is hereby made
irrepealable until the Indebtedness herein pro-
sided for shall have been fully paid and dis.
charged.
Section IL. This ordinance shall take effect
and Be in force from and after the approval and
publication according to law.
Adopted and approved this 7,h day Of June
A. d. 1909.
JosEPHS S. McMURTRY. Mayor.
Attest:
Nn. V;J.I