The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1912-05-08

Jne laws OF the Obate OF henJucky
governing cities of the fourth class,
and all moneys arising from the
sale of bonds herein provided for
shall be kept by the City Treasur-
er as a separate fund 70 be known
as the Street Improvement
Fund.-" and the bonds shall be
paid out of the amount realized
upon said assessments to be made
and apportioned upon the proper
ties abutting upon said streets and
parts of streets, as above, and
said assessments, secured, paid
and collected as provided for like
cases by the laws of the State of
Kentucky governing cities of the
, fourth class.
Sec. Z. All moneys received
from the assessments in this ordi-
nance, provided to be made, shall
be apportioned and paid out upon
the order of the Board of Council
, upon the City Treasurer and for
the payment of the interest and
redemption of the bonds which
J may be issued for the improve
ment herein provided and for no
other purpose.
, Sec. 8. The cost of said i'm
provement assessed against any
: piece Of ground or owners thereof,
shall not exceed one-half of the
, value of such grounds after the
| Improvement is made, excluding
the value of all buildings and other
improvements upon the property
so improved.
Sec. 9. Said bonds shall be in
substance. form and effect as fol-
{ lows, except as to the consecutive
number to cover said fractional
parts of five hundred dollars, pro-
vided in section 5 of this ordi.
f nance, and the date of maturity OF
the FIVE sets of ends and the five
f sets, to mature as hereinbefol
provided.
f No. ..!....
State of Kentucky, City of Mt
:, Sterling: Know all men by these
! presents:
That the City of Mt. Sterling
] in the State of Kentucky, prom
0 Uses to pay the bearer the sum Of
: Five Hundred ($5OO.0O) Dollars OF
!, the. day of ,19...
at the Mt. Sterling National Bank
e Mt. Sterling, Kentucky, with in
Y terest thereon at the rate of si1
e per cent. per annum from the DAFT
j thereof until the payment of sale
e principal sum, upon presentation
r and surrender of the proper cou
: pons hereto annexed at said Mt
: Sterling National Bank, of Mt
: Sterling, Kentucky, for the pay
}. ment for which sum and interest
n the faith and credit of the city il
: hereby held firmly bound to make
: but only out of the sum realized
e upon the apportionment agains
n the property and lots abuttin'
d streets to be improved, under ant
It pursuant to ordinance of the Boar,
It of Council for the City of Mt
: Sterling, Kentucky, adopted oil
e the. day of ............, 1912
Y after the said sums have been col
It lected and paid to the Treasure
u of the said city neither said sun
It or interest shall be payable or re
Y deemable on the faith and credit o
II the said city, nor shall said prin
e cipal sum or interest be deemed
II debt against the city, but shall b
+ payable out of and secured by
lien on the assessments to be mad
J. and apportioned by said cit.
Y against said lots and parts of lot
It or lands abutting upon streets an,
# parts of streets in said ordinanc
% ordered to be paved and curbed
n The principal sum of this BON
e shall be payable at maturity upol
= presentation and surrender of tn
IS same at said Mt. Sterling Nationa
y Bank. Mt. Sterling. Kentucky.
J. This bond is one of a series O