The Detroit times., 1911-02-01


W anu amount OF each bond. its rate
"a OF interest, when anu where TIE
~ same as payable. and the person.
~ persons. Ilrm or corporation 10
~ whom AZ Is issued W men the pro-
20 ceeds OF the sale OF any bonds
~ snuff nave been pHfd INTO the city
~ treasury, the principal thereon
~ shall be credited TO the funds for
~ which the bonds were issued, and
~ be applied exclusively for the pur-
"a pose Tor which said bonds are con-
10 stituted, and the premiums ana
10 accrued interest receive II any,
u shall be credited 10 the sinking
- fund. When any issue OF bonds
" Is duly authorized by law the Con-
~ trofier shall advertise and sell
said bonds In such manner as the
u Common Council may direct. and
~ when the Common Council shall
- have authorized the gale OF said
10 bonds the Controller shall prepare
~ such an amount OF the issue only
as may be ordered sold; IL shall
- be his duty In the preparation
~ OF said bonds TO cause TO be writ
so ten or printed upon the bond. on
81 the outside fold OF the same. so
~ that the same may always be IN
~ plain sight. the following words,
~ TO be signed by the Treasurer OF
80 the City. and the bonds not 10
10 De valid without his signature
~ This bond has been made and is
~ sued In compliance with law; mas
by been duly registered in the books
~ or this office, and the procesds
III OF the same, together with all the
~ premiums on sale and interest ac-
% cruing before delivery. have been
~ paid into this office.
70 Detroit '''.+...,.,..... lS....'.
~ ..'...-. .-s..s .......
" City Treasurer"
SS After having caused said bonds
W TO be duly executed and recorded
~ In the books OF his office. with
ot all the particulars as reqntreihy
~ the charter. he shall transmit the
w same, with the name OF the pur-
% chaser. number date. time and
% denomination OF bonds, TO the City
10 Treasurer. taking his receipt for
~ the same, and shall also report
Us the entire transaction 10 the COM
W mon Council at its next succeed
10 ing session. 1t shall be the duty
II OF the City Treasurer, on receipt
OF said bonds, TO Immediately no.,
rs tify the parties to whom the
- bonds have been awarded, that
% the same are ready for delivery,
~ and deliver 20 said parties the
bonds according 10 their accepted
10 Dds Tor the same, charging them
~ with the premium. II any is In
~ Guided in the proposals, and the
~ interest accrued on the bonds at
~ the date OF delivery. and further
rs comply with this chapter by re-
"a cording said bonds and signing
20 the blank as aforesaid, and report
20 TO the Common Council. at It's
~ next following session, the suil
~ particulars OF the delivery OF the
~ bonds, which report. together With
so the report of the Controller. here
~ to1ore mentioned, shall be refer
81 req TO the Committee on Ways
50 and Means, who shall compare
81 the report OF the Treasurer with
50 that of the Controller. and report
SO 10 the Council upon the correct
81 ness or the same. when it shall
30 have found them TO be correct.
~ IL shall be the duty OF the City
W Treasurer, whenever coupons are
u presented at his office for pay
" ment, to first examine his coupon
70 book TO ascertain II the bond from
~ which such coupon Is cut has
70 been regularly issued. and the
70 proceeds thereof have been regu-
" larry paid into the treasury, and
vs. IT the payment OF such interest is
" due. And II such be found to be
30 the fact, he shall transmit sail
y coupons. with the certificate Of
= their correctness. tethe City Con-
% troller. il shall be the duty OF
- the Controller upon the receipt OF
- said coupons and certificate OF tho
20 treasurer. to examine the same
% comparing them with records OF
- bonds In his office. and previous
~ payment OF coupons, and IL found
~ correct, Issue his warrant on the
~ treasurer In payment OF the same,
~ whereupon he shall cause said
~ coupons to be firmly pasted I'm n
"a book prepared for such purpose,
30 which book shall be so prepared
30 and ruled, with spaces for each
81 coupon under a complete record
IS OF the bond from which said cou-
5S pom Is cut. together with the
lc date OF payment and the name
81 or the party TO whom payment Is
y made; so that the said book will
- az all times properly and plainly
~ display the complete record OF the
% bond. and all payments OF inter-
70 est by the original coupon, date
q of each payment. and the name
- OF the party TO whom paid and
~ to which book or books the Con-
so troller shall make reference be-
81 fore the payment OF any such
- coupon. On demand OF the owner
SO and holder of any coupon bonds
81 heretofore or hereafter issued
80 there shall be issued In lieu thcre-
So OF registered bonds OF said city:
~ the owner and holder asking for
SO exchange OF bonds may he re-
81 CURED to pay reasonable COM
~ pensation TO cover expenses OF
81 such exchange. the bonds so is
~ sued shall be OF the same denom-
p3 ination or multiples thereof. bear
~ the same rate or interest and be
% payable at the same time. both
20 az to interest ard principal, as
Us We're exchanged; such coupon
~ bonds when so exchanged shall be
90 Cancelled by the Controller and
Dl Treasurer and their certificates OF
Dz such cancellation be endorsed on
D3 the new bonds and the old bonds
% hled In the manner provided for
% bonds redeemed. Provided how
10 ever, that the Common Council
Oa may by ordinance change the
US manner and system OF register
a. q a III ~.eIK H..
10 deeming and cancelling said
II bonds. A book shall be kent i'm
IL each OF the offices OF the Con-
IL troller and Treasurer. In which
- shall DC entered the date. number,
10 series, denomination and owner OF
l6 all registered bonds, and the
"a number and series OF the coupon
Us bonds for which EXCHANGED, III
~ any; the interest and principal Of
20 registered bonds shall when due.
~ be paid only to the order of the
~ person, corporation or firm who
% appears by such books 10 be the
y owner thereof; such registered
70 bonds may be transferred on
% there shall be printed forms on
% the back Of said bonds. together
20 with directions 10 be followed in
SO the execution OF such transfers.
81 by the owner In person or by a
SO power OF attorney duly executed
80 or byNthe presentation OF duly
20 authenticated letters OF admins
30 tration; In such case the power
81 OF attorney or letters OF admin
3S istration shall be filed and care
80 fully preserved In the office OF the
40 Controller The exchange and
Al registering OF bonds required by
az this act shall be transacted by
43 the Mayor and Controller. and
~ the Controller shall keep reg
10 istry for that purpose; but no
rs bonds SO issued I'm exchange for
AZ other bonds shall be OF smnIler
as denomination that one thousand
40 dollars unless and to the extent
so that the bonds offered for ex.