The Detroit times., 1911-02-01

81 same IA payable. ana the person.
- persons. urn or corporation 60
~ whom AZ is issued Mnen the pro-
Is eeeas OF the sale Of any ponds
10 shall have been paid into the CITY
10 treasury, the principal thereon
81 shall be credited 10 the FUNDS Tor
" which the bonds were issued. and
- be applied exclusively Tor the pur-
u pose Tor which said bonos are con.
~ stituted. ana the premiums and
% accrued interest received. ~ any,
shall be credited 10 the sinking
IS Iund. When any issue OF oonds
y IL duly authorized by law the Con-
10 troller shall advertise and sell
said bonds in such manner as the
- Common Council may direct, and
- when the Common Council shall
have authorized the gale OF said
10 bonds the Controller shall prepare
70 such an amount OF the issue ouly
"a as may be ordered sold. az shall
- he his duty in the preparation
~ or said bonds TO cause 10 be writ
so ten or printed upon the bond, on
III the outside fold OF the same. so
- mat tie same may always oesiu
~ plain sight the following wOrds,
- 20 be signed by the Treasurer ~
- the CITY, aid the bonds not 10
~ be valid without his signature
y This bond has been made and is
81 sued I'm compliance with law. mas
~ been duly registered In the books
20 OF this office. and-t the proceeds
VI or the same. together with all th~
~ premiums on sale and interest ac-
s3 cruinB before delivery, have been
~ paid into this office
10 Detroit .,............,. b..
20 '''',''''F.' -. -. 49,
81 city Treasurer"
~ After having caused said bonds
~ TO Ice duly executed and recorded
90 In the books OF his office, with
OF all the particulars az REQUIRED by
az tie chapter. he shall transmit the
OF same, with the name Of the pur
o. chaser number. date. time and
90 denomination OF bonds. TO the City
% Treasurer. taking his receipt fer
" the same. and shall also report
US the entire transaction 10 the Com
09 mon Council at It's next succeed
10 ing session. II shall be the duty
II of the City Treasurer. on receipt
IL or said bonds, TO Immediately no.
~ lily the parties to whom the
bonds have been awarded. tina.
10 the same are ready for delivery.
l6 and deliver TO said parties the
II bonds according TO their accepted
bids for the same. charging them
IL with the premium. IL any is .Iu-
20 Guided in the proposals, and the
u interest accrued on the bonds at
20 comply with this chapter by re-
"a cording said bonds and signir 4
20 the blank as aforesaid. and report
20 10 the Common Council. at its
e next Following session, the suil
% particulars OF the delivery OF the
20 bonds. which report. together With
30 the report OF the Controller. here
81 tofore mentioned shall be refer
" red TO the Committee on Ways
80 and Means. who shall compare
~ the report OF the Treasurer with
SO that of the Controller. and report
36 TO the Council upon the correct
50 ness OF the same. when IL shall
80 have found them to be correct.
80 II shall be the duty OF the City
40 Treasurer whenever coupons ale
~ presented at his office for pay
~ ment, TO first examine his coupon
~ book TO ascertain IL the bond from
- which such coupon is cut has
20 been regularly issued. and the
20 proceeds thereof have been regu-
"a larry paid into the treasury, and
TX III the payment OF such interes; Is
- due. And Ii such be found 10 be
20 the fact. he shall transmit said
81 coupons. with the certificate ~
.. their correctness to the City Con-
% the Controller upon the receipt or
90 said coupons and certificate OF tho
% Treasurer. To examine the same,
% comparing them with records OF
o. bonds In his Office. and previous
% payment OF coupons. and II found
90 correct, issue his warrant on the
81 Treasurer In payment OF the same,
62 whereupon he shall cause said
w coupons to be firmly pasted In "A
81 book prepared for such purpose.
% which book shall be so prepared
% and ruled, with spaces for each
% coupon under "a complete record
IS of the bond from which said cou-
.? pom IL cut, together with the
&c dat, OF payment and the name
~ OF the party 10 whom payment IL
q made, so that the said book will
% AT all times properly and plainly
q display the complete record OF the
- bond. and all payments of inter
l6 est by the original coupon date
Z. OF each payment, and the same
80 or the party to whom paid, and
30 TO which book or books the Con,
SO troller shall make reference be.
~ Tore the payment OF any suci
Sc coupon. on demand OF the Owner
81 and holder OF any coupon bond,
81 heretofore OF hereafter issued
go there shall be issued I'm lieu there
S6 OF registered bonds OF said city
81 the owner and holder asking fol
SO exchange of bonds may be re.
,? CURED TO pay a reasonable com.
30 pensation TO cover expenses oi
81 such exchange: the bonds so Is
~ sued shall be OF the same demon.
30 ination or multiples thereof bear
~ the same rate or interest and b,
% payable at the same time. botf
&c as To Interest ard principal, al
81 the coupon bonds fer which the,
9S were exchanged: such coupon
y? bonds when SO exchanged shall bs
90 cancelled by the Controller ans
~ such cancellation he endorsed or
Oh the new bonds and the old bond,
% Med In the manner provided Tot
% bonds redeemed. Provided. how
% ever. that the Common Counci
% may by ordinance change ia.
OF manner and system OF register.
OF Ing. re-registering, exchanging. re.
~ ueeming and canceliing seiC
II bonds book shall be kept n
~ each OF the offices OF the Con.
y troller and Treasurer, I'm which
shall be entered the date, number
10 series, denomination and owner o.
l6 all registered bonds. and In,
~ number and series OF the coupon
lS bonds FOR which exchanged. 4
10 any; toe Interest and PRINCIPAL a.
20 registered bonds shall, when due
u De paid only TO the order OF IN,
- person, corporation or nrm VIII,
Ky appears by such books 10 be tn,
- owner thereof. such rsgistere,
2e such books. for which purpos,
~ there shall be printed forms OF
90 the back OF said bonds, togethel
20 with directions 10 be followed n
80 the execution OF such transfers
III By the owner In person or by s
81 person authorized 10 do so by
50 power OF attorney duly executed
~ on by the presentation Of duly
80 authenticated letters of admins
S6 tration: In such case the power
81 OF attorney OF letters OF admin
81 istration shall be fTJd and care
90 fully preserved in the office OF III,
30 Controller The exchange an,
~ registering OF bonds required b,
" this act shall be transacted bj
~ the Mayor and Controller ant
~ the Controller shall keep n reg
40 lstry for that purpose: hut n,
46 bonds go issued In exchange fo
~ other bonds shall be OF smalle
4S denomination that one thousan,
10 dollars unless and To the extcn
90 that the bonds offered for ex