The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-10-27

notify the parties to whom the bonds
have been awarded. that the same are
parties the bonds according to their ac-
cepted bids Cor the same. CHARGING
them with the premium. IL any Is IN
eladed In the proposals. anu the IN ihs
date OF delivery, and further comply
with this chapter by recording said
bonds and signing the blank as aiore
said. and report 10 the Common Coun-
ell. at its next following session. the
full particulars OF the delivery OF the
bonds, which report. together Win ene
mentioned. shall be referred TO
the Committee on Ways and Means,
who shall compare the report OF
the Treasurer with that of the Con-
troller. and report TO the Council upon
the correctness OF the same, when "
shall have found them TO be correct. IL
shall be the duty of the city Treas.
urer, whenever coupons are presented
at his ONCE for payment. TO nrst exam
Inc his coupon book to ascertain III the
bond from which such coupon Is GU.
ceeds thereof have been regularly paiu
into the treasury and W the payment OF
such interest Is due. And n such De
found to be the fact, he shall transmit
said coupons. with the certificate OF
their correctness, to the city control
Ter. II shall be the duty OF the Con
pons and certificate OF the Treas
urer TO examine the same, COM
pairing them with record bonds In MS
pons. and II found correct. issue his
warrant on the Treasurer In payment
OF the same. whercupon he shall cause
said coupons TO be nrmiy pasted enos ~
which book shall be so prepared and
ruled, with spaces for each coupon
under complete record OF the bono
from-which said coupon Is cut, TO-
gether with the date OF payment ana
the name OF the party to whom payment
IL made, that the said book VIII at
all times properly and plainly display
the complete record OF the bond. and all
payments OF interest by the original
coupon. date of each payment. and the
name OF the party 10 whom paid. and
to which book or books the Controller
shall make reference before the payment
OF any such coupon. On demand OF the
owner and holder Of any soSp9n bonds ponds
shall be issued I'm lieu thereof registered
bonds OF said city: the owner and holder
asking for exchange OF bonds may be re-
uuired to pay reasonable compensa-
ton to cover expenses OF such exchange:
the bonds so issued shall be Of the same
denomination or multipes thereof. bear
at the same time. both as to interest and
principal. the coupon bonds for which
they were exchanged: such coupon bonds
when 80 exchanged shall be Cancelled by
the Controller and Treasurer and their
certificates Of such cancellation be en-
dorsed on the new bonds and the old
DOnus Hieu IN the manner pToNlueu LOT
bonds redeemed. Provided. however.
that the Common Council may by ordi-
nance change the manner and system o.
/ registering, re-registering, exchanging.
redeeming and cancelling said bonds. A
book shall be kept In each OF the offices
OF the Controller and Treasurer In which
shall be entered the date. number. series,
denomination and owner OF all regis
tered bonds, and the number and series
OF the coupon bonds for which
exchanged. IL any; the interest
and principal Of registered bonds
the order of the person, corpora
ton or firm who appears by such books
To be the owner thereof: such registered
bonds may be transferred on such books.
for which purpose there shall be printed
forms on the back Of said bonds togeth-
execution OF such transfers. by the own
er In person OF by person duly author
lied TO do 80 by power of attorney duly
executed or by the presentation of duly
authenticated letters OF administration:
in such case the power OF attorney or
and carefully preserved In the office of
the Controller. The exchange and regis
terfng OF bonds required by this act shall
be transacted by the Mayor and the Con-
troler. and the Controller shall keep n
registry for that purpose: but no bonds
so issued In exchange for other bonds
| shall be OF smaller denomination than
one thousand dollars unless and TO the
extent that the bonds offered for ex-
change are themselves OF smaller de-
nomination than one thousand dollars
No bonds In lieu OF bond returned for
cancellation shall be issued until the
same shall have been registered as here
| in provided
Sec. 2. All acts and parts OF acts In
conflict herewith are hereby repealed.