The Detroit times., 1910-10-27

notify the parties TO whom the bonds
have been awarded. that the same are
parties the bonds according to their &C.
cepted bids for the same. charging
them with the premium. II any is IN
eluded In the proposais' ana the IN IN
date OF delivery. and further comply
with this chapter by recording said
bonds and signing the blank as afore-
ell, at its next following session. the
full particulars OF the delivery OF the
bonds. which report. together win 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 OF the same. when "
shall have found them to be correct. IL
shall be the duty OF the city treas,
at his office for payment. TO trst exam
ine his coupon book to ascertain II 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 II the payment OF
such interest Is due. And n such De
found to be the fact, he shall transmit
their correctness. TO the City Control
ler. IL shall be the duty OF the Con-
troller upon the receipt OF said cou-
pons and certificate OF the rreaS- ran
pairing them with record bonds In MIS-
office, and previous payment OF COZ
pons, and II 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,
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
o he ~ h.. rfx RI uvh
Is made. SO that the said book will at
all times properly and plainly display
the complete record OF the bond. and All
payments OF interest by the original
name of the. party to 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 coupon bonds
heretofore or hereafter issued. there
shall be issued I'm lieu thereof registered
bonds OF said city; the owner and holder
asking for exchange OF bonds may be re-
quired TO pay reasonable compensa-
tion TO cover expenses OF such exchange;
the bonds so issued shall be OF the same
denomination or muitipies 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 en-
bonds filed 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 to
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-
er with directions to be followed In the
execution OF, such transfers. by the own
er In person OF 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 h'ed
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 TO 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
same shall have been registered as here
In provided.
Sec 2. All acts and parts or acts In
conflict herewith are hereby repealed.