The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1911-04-05

III prOVlueu.
SEC. 5. Within thirty day S
after the advertisement for sale of
Street Improvement Bonds, as
provided herein, 'the Mayor of the
CITY is hereby empowered and di-
rected to issue bonds of this City
in such sum as the Council may
order, not exceeding however, the
contract price for said work with
interest due herein provided and
all expenses attending the compile
ton and usual of said bonds,
which may be redeemed bv the
City as follows:
One-6fth thereof at the end of
two years from their date; one
fifth thereof at the end of four
years from t cir date; One-tifth
thereof at the end of six years
from their date; one-ffth thereof a,
the end of eight years from theii
date: one-6fth thereof at the end
of ten years from their date; and
said bonds shall bear interest from
date thereof until paid at the rate
of six per cent. per annum, paNa-
BILE semi-annually, and the same
and all interest thereon shall be
payable at the Mt. Sterlino
National Bank, Mt. Sterling, Ken
lucky.
Said bonds when issued shall be
signed by the Mayor and the City
Clerk of the Council with the mu-
ricipal seal attached; and shall be
sold and disposed of by the Mayor
City Clerk and Treasurer then in
office for the most advantageous
price, in no event, however, to be
less than par with accrued inter-
est at the time of sale.
The bonds shall be in the form
and substance as hereinafter pre-
scribed and numbered consecu-
lively from number one to the
number required, and shall be in
the denomination of One Hundred
(S100) Dollars each except that
one may be for smaller amount
than said sum to cover any re-
naming fractional part of One
Hundred (Sl00) Dollars, said work
may cost with appropriate inter-
est coupons attached. They shall
all bear interest and date the day
that the work was accepted by the
City Council and until negotiated
shall be left in the custody
of the Treasurer who shall be liza
bile for the safe keeping thereof
on his official bond.
Said bonds shall not be issued
upon the faith and credit of the
City of Mt. Sterling for the pay
ment thereof, but the faith and
credit of the City shall be pledged
for the payment of the sum realized
upon the appOrtionment against
the property for the cost of the
paving and curbing of said streets
as in this ordinance provided, only
after the same shall have been col
lected and paid to the Treasurer,
as in this ordinance provided and
said bonds shall be payable and re-
deemable not on the faith and
credit of the City but out of and
secured by lien for the assessments
to be made and apportiOned
against said lots and parts of lots
or lands fronting upon said streets
and parts of street intersections
and crossings so herein ordered to
be paved and curbed.
SEC. 6. All money paid, re-
ceived or collected upon the as
sessments against the lots as in
this ordinance provided, to be
made and interest on the deferred
annual payments, as provided In
said section No. of said Act ap-
proved March Oath, 1894, and
all money arising from the sale of
bonds herein provided for shall be
kept by the City Treasurer as a
separate fund to be known as
Street Improvement Fund and the