The Detroit times., 1910-11-07

notify the parties TO whom the bonds
have been awarded, that tho same are
parties the bonds according 10 their ac-
cepted bids for the same, charging
them with the premium. II any Is m
Guided In the, proposals. and the IN
terest accrued on the bonds at the
date OF delivery and further comply
with this chapter by recording sara
bonds and signing the blank as afore-
ell. at It's next following session. the
full particulars OF the delivery OF the
bonds. which report, together Win the
Tsnor, St the GontfSier r.feered
the Committee on Ways and Means.
who shall compare the report OF
the Treasurer with that OF the Con-
troller. and report 10 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 office for payment. to first exam
inc his coupon book TO ascertain IL the
bond from which such coupon IL cut
has been regularly issued, and the pro,
ceeds thereof have been regularly paid
into the treasury. and II the payment or
such interest Is due. And " such oe
found TO be the fact he shall transmit
said coupons. with the certihcate OF
their correctness, TO the city Control
Ter. Ii shall be the duty OF the Con-
troller upon the receipt OF said cou-
pons and certificate OF the Treas
pairing them with record bonds In ms
office, and previous payment OF COZ
pons. and II found correct. issue MS
warrant on the Treasurer In payment
OF the same. whereupon he shall cuusc
said coupons to be firmly pasted IN
book prepared for such purpose,
ruled. with spaces for each coupon
under a complete record OF the bond
from which said coupon Is cut 10.
gether with the date OF payment ana
. he 20 he - IN vi
Is made. so that the said book VIII at
all times properly and plainly display
the complete record OF the bond. ana AL
payments OF interest ny the original
coupon. date OF each payment. and the
name OF the party TO nom paid, ana
TO which book or books the Controller
shall make reference before the payment
OF airy such coupon. on demand OF 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-
quired TO pay a reasonable compensa-
ton TO cover expenses OF such exchange;
the bonds so issued shall be of the same
denomination or multipies thereof. bear
the same rate OF interest and be payable
at the same time both as 60 interest and
principal, as the coupon bonds for which
they were exchanged. such coupon bonds
when so exchanged shall be Cancelled by
the Controller and Treasurer and their
certificates OF such cancellation be on.
bonds fled in the manner provided for
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
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
and principal OF registered bonds
shall when due, be paid only 20
the order Of the person, corpora
ton or firm who appears by such books
to he the owner thereof; such registered
bonds may be transferred OH such books.
for which purpose there shall be printed
forms on the back OF said bonds. togeth-
er with directions TO be followed in the
execution OF such transfers. by the own
or in person or by person duly author
lied TO do so by power OF attorney duly
executed or by the presentation OF duly
authenticated letters OF administration +:
In such case the power OF attorney or
letters OF administration shall he filed
and carefully preserved I'm 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 a
registry for that purpose but no bonds
so issued in exchenge 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 a bond returned for
cancellation shall be issued until tho
same shall have been registered as here
In provided.
Sec .. All acts and parts or acts In
conflict herewith are hereby repealed.