The Detroit times., 1910-11-05

notify the parties 10 whom the bonds
have been awarded. that the same are
parties the bonds according TO their ac-
cepted bids for the same. charging
them with the premium, N any - Ia
GUIDED In the proposals and the m IN.
date OF delivery. and further comply
with this chapter by recording said
bonds and signing the blank as atore-
said. and report 10 the Common Coun-
ell, at It's next following session, the
full particulars OF the delivery OF the
bonds. which report, together with 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-
trollcr. and report 10 the Council upon
the correctness OF the same. when u
shall have found them TO be correct II
shall be the duty OF the city Treas.
urer, whenever coupons are presented
q his Office for payment, 10 arst exam
me his coupon book to ascertain II 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 OF
such interest is due. And II such be
found TO be the fact. he shall transmit
said coupons. with the certificate OF
their correctness. 20 the city Control
Ter. IL shall be the duty OF the Con
troller upon the receipt OF said cou-
pons and certificate OF the Treas
urcr 10 examine the same. com
pairing them with record bonds In MS
office. and previous payment OF cou-
pons. and II found correct, issue M 5
warrant on the Treasurer IN payment
OF the same. whereupon he shall cause
said coupons 20 be firmly pasted IN
a 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 and
u 4 mo ~ he M 4 IN
Us 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 ny the orlginhl
coupon. date OF each payment and the
name OF the party 10 whom paid ana
10 which book or books the Controller
OF any such coupon On demand OF the
owner and holder OF any coupon bonds
heretofore or hereafter issued, there
shall he issued in lev thereof registered
bonds OF said city: the owner and holder
asking for exchange or bonds may be re-
quired to pay a reasonable compersa-
ton TO cover expenses OF such exchange;
the bonds so issued snail be OF the same
denomination or muittpies thereof bear
the same rate OF Interest and be payable
at the same time. both as To 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 filed in the manner provided for
bonds redeemed Provided. however.
that the Common Council may by ordt-
nance change the manner and system %
registering, re-registering, exchanging.
redeemlug. and cancelling said bonds. \
book shall he kept I'm 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 SER. series
exchanged. II any; the Interest
and principal Of registered bonds
shall. when due, be paid only 10
tho order Of the person, corpora
don or firm who appears by such books
10 he the owner thereof; such registered
for which purpose there shall be printed
forms on the back OF said bonds, togeth-
CT with directions 10 be followed in the
execution Of such transfers, by the own
or In person or by person duly author
lied 10 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
letters OF administration shall be fled
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 n
registry for that purpose but no bonds
90 Issued in exchange for other bonds
shall he OF smaller denomina ton than
one thousand dollars unless and 10 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
same shall have been registered as here
Sec 3 All acts and parts Of acts IN
conflict herewith are hereby repealed.