The Owosso times. (Owosso, Mich.) 1897-1926, 1910-07-29
Council Room. City Of owosso.

council Proceedings.
Council Room, City Of owosso,
July 2sth, 1910.
Special meeting OF the Council, Mayor Wal.
lace ID. Burke presiding.
Aldermen present at roll call, Reineke,
Wren, Clark, Brown, BRANDED, Conant, Palmer,
Washourn. Chavey; absent, Mcdonald.
The following call was read,
Owosso. Michigan. July 2sth, 1910.
To the Members OF the Council OF the City OF
Owosso:
There will be n special meeting OF the Coun.
Gil OF the City OF Owosso on Thursday, Julv
sstn. 1910 at I:sO o'clock In the Afternoon for
the qua pose OF authorizing the issue OF Twenty
Thou sand Dollars refunding bonds TO lake care
OF Twenty Thousand Dollars Water Works
bonds maturing August Let 1910. =
w. D BURKE, Mayor.
Aid @ nant presented the following report,
x ,l was on motion adopted, ayes Reineke.
Nre' Clark. Brown. BRANDED Conant, Palmer
Wa hourn Chavey, nays none
owosso, Mich, July 2sih 1910
To the Common Council OF the City OF Owosso
Cent? men:
Your committee on ways and means To whom
II was referred at a meeting OF May 2, 1910 To
egoubte bonds in the sum OF $50 900 to refund
wa works bonds falling due August /, 1910
DO respectfully report as follows:
We have arranged with'J. X. Casselmau, of
Battle Q eek, Michigan for q loan OF 500 0O) for
10 years at y per cent interest, TO be secured
by rsfunding bonds dateu August 1, 1910 1t Is
Impossible TO pre- pare such bon DIS by August /.
Mr.. Casselman Is willing 10 advance the money
ano take up the bonds TO be refunded and hold
them until the new bonds can be prepared and
execued He is unwilling TO assume any re.
sponsibtlity for the validity OF the PIE ent
ponds and wishes TO be assured the refunding
bonds Will be issued.
Warecommend that this arrangement be
ctnsumated and have prepared an ordinance
for that purpose, which we submit here with
Respectfully submitted,
f.. F. Conant
Geo. w. Clark,
John j. Brown,
Committee on WAYS and Means.
Aid. Conant presented the following ordi
nance and moveo that IL be read the first ar d |
second times ty Its TITLE which prevailed ana |
IL was so read. On motion the ordinance was |
read the third time in full and placed on its |
passage:
The City of Owosso Ordans
Section / In order to refund s2N 900 OF water
works bonds dated August !, 1890. due and pay.
able August |, 1910. which bonds are now out
standiug and valid and legal Obligations OF the
Q tv Of Owosso. there shaft be made and issued |
refundtng bonds OF said city TO the amount of |
300 be airing date August I, 1910. to be due
aLd payable August |, 1925, and to bear interest
at The rate OF four and one half per cent per
anpum, payable Seml-annualIy. according TO
the tenor OF interest coupons to be attached
thereto Such bonds shall be of substantially
the following form, tenor and effect:
UNITED STATES OF AMERICA.
STATE OF MICHIGAN
CITY OF OWOSSO
$1,000 No..
REFUNDING BINDS
For value received the City of Owosso a
corporation created and existlnk
lnder the laws Of the State q Michigan
itself indebted and promis es TO
pay to the bearer hereof ONE THOU SAND
Dol La KS on the first dav OF August IN the
'ear nineteen twenty FIVE, together with in.
crest thereon at the rate of four and one half
D centum per annum, said interest to be due
lnd payable on the first days OF February and
! august OF each and every year hereafter until
ald principal shall be fully paid on surrender
" the respective coupons therefor hereto at
ached. as they seyeraily become due and pay
be: both principal and interest to be paid at
he n at onsl Bank OF the Republic. Chicago
illinois; and to the punctusl and full payment
II the principal and ointerest hereof the
aid city hereby binds itself and irrevocably
hedges Its faith and credit
This bond is issued for the purpose of refund
ng and extending the time of payment of in
ebtedness of the city OF Owosso now due and
ayable and is payable out OF the general in
crest and sinking fund of said city On the
ssue and delivery of this bond a prior bond
hen outstanding, and being a valid and legal
OF the city, for the like principal
UNI, was cancelled and satisfied.
tatutory and constitutional provisions ap-
licable and was duly authorized by an ordi.
ance OF the Common Council OF said City duly
nd regularly adopted.
And IL is certified and recited that all acts.
onditions and things necessary to be done,
recedent to the issue hereof In order to make
his bond the valid and binding general obliga
on OF the City of Owosso, have Or en- done
erformed and happened in due course and
hat the ISSUE Of this bond is In compliance
I'm aud IS not contrary to any provision OF the
tatutes or constitution of the State OF Mich.
an applicable thereof, and that the total in
ebteoness OF said city. including this bond
oes rot exceed any constitutional OF statutory
In Witness Whereof said City of Owosso has
lused this bond to be executed in its corpor.
to name and under its corporate seal by it's
layor and City Clerk thereto duly authorized
nd has .oaused the several interest coupons
ttached hereto to be authenticated by the
lcsimile signatures Of its Mayor and City
Jerk; all as OF the first day of August in the
ear 1910
CITY OF OwOSSO