The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-10-31

notify the parties to whom the bonds
have been awarded, that the same are
ready for delivery, and deliver TO said
parties the bonds according to their ac-
cepted bids for the same. charging
them with the premium, II any Is in
cluded in the proposals. and the in
terest accrued on the bonds at the
date OF delivery, and further comply
with this chapter by recording said
bonds and signing the blank as afore-
said, and report TO the Common Coun-
ell, at It's next following session, the
full particulars OF the delivery OF the
bonds which report, together with the the
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 or the same, when II
shall have found them TO be correct. IL
shall be the duty OF the city Treas
urer, whenever coupons are presented
at his office for payment, TO trst exam
Inc his coupon book to ascertain III the
bond from which such coupon is cut
has been regularly issued, and the pro-
ceeds thereof have been regularly PAID
into the treasury, and IL the payment OF
such interest Is due. And If such be
found 10 be the fact, he shall transmit
said coupons, with the certihcate or
their correctness, to the city Control
Ter: IL shall be the duty or the Con-
troller upon the receipt OF said cou-
pons and certificate OF the Treas
urer, to examine the same, com
pairing them with record bonds In his
office. and previous payment of co1-
pons, and n found correct. issue his
warrant on the Treasurer in payment
OF the same. whereupon he shall cause
said coupons TO be firmly pasted IN
book prepared for such purpose,
which book shall be so prepared and
ruled, with spaces for each coupon
under a complete record OF the bond
from which said coupon is cut. to-
gether with the date Of payment and
the name OF the party to whom payment
is made, so 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 TO whom paid. ana
TO which book or books the Controller
shall make reference before the payment
OF any such coupon. on demand or the
owner and holder OF any coupon bonds
heretofore or hereafter issued. there
shall be- issued in lieu thereof registered
bonds OF said city: the owner and holder
asking for exchange of bonds may be re-
CURED to pay reasonable compeusa-
ton 10 cover expenses OF such exchange
the bonds so Issued shall be of the same
denomination or multiples thereof. pea
the same rate OF interest and be payabit
at the same time. both as to interest 9n2
( principal. as the coupon bonds for Which
they were exchanged; sucAncQllfOh bonds
when so exchanged shah De Cancelled by
! the Controller and Treasurer and their
certificates OF such cancellation be en-
dorsed on the new bonds and the old
bonds, redeemed. Provided, however,
that the Common Council may by ordi-
nance change the manner and system Of
registering, re-registering, exchanging,
redeeming and cancelling said bonds. A
book shall be kept in each OF the offices
or the Controller and Treasurer. i'm 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
tion 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 or by person duly author
ICED TO do so by power OF attorney duly
executed or by the presentation OF duly
authenticated letters OF administration;
I'm such case the power OF attorney or
letters or administration shall be filed
and carefully preserved In the office OF
the Controller The exchange and regis
tering OF bonds required by this act shall
be transacted by the Mayor and the Con-
troller. and the Controller shall keep
registry Tor that purpose. but no bonds
so issued In exchange for other bonds
shall he OF smaller denomination than
one thousand dollars unless and 20 the
extent that the bonds offered for ex-
change are themselves OF smaller de-
nomination than one thousand dollars.
No bonds I'm lieu OF bond returned for
cancellation shall be issued until the
same shall have been registered as here
I'm provided.
Sec 2. All acts and parts Of acts in
conflict herewith are hereby repealed