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

SHbii tAtCutc oOuu w w " Guy WIFI
good and sufficient surety, to be
approved by the Council for the
faithful performance of said con-
struction, and said contractor shall
within ten days after being mott
fed to do so by the Board of
Council begin work under said
contract; and shall complete the
same as provided for in said con-
tract and without delay, and when
the work as provided for in said
contract and in this ordinance is
completed in accordance with the
contract, the work shall be received
by the said Council upon a re-
ceipt of a certificate from the City
Engineer and street committee
stating that the work has been
done according to contract. And
said Council shall order payment
for the same to the contractor by
the usual of orders upon the City
Treasurer to pay same out of the
Street Improvement Fund as here
in provided.
| Sec. 5. Within thirty days
after the advertisement for sale of
Street Improvement Bonds as
provided herein, the Mayor of the
city is hereby empowered and d.
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 COM
pletion and usual of said bonds,
which may be redeemed by the
city as follows:
| One-fifth thereof at the end of
two years from their date.
| One-fifth thereof at the end of
four years from their date.
| One-fifth thereof at the end of
six years from their date.
One-fifth thereof at the end OF
eight years from their date.
| One-fifth thereof at the end Of
ten years from their date.
And said bonds shall bear in.
terest from date thereof until pai6
at the rate of six per cent. per an
mum, payable semi-annually, ano
: the same and all interest thereon
shall be payable at the Mt. Ster
ling National Bank, Mt. Sterling
Kentucky.
Said bonds when issued shall b.
signed by the Mayor and City
r Clerk of the Council with thu
municipal seal attached; and shall
= be sold and disposed of by thu
= Mayor, City Clerk and Treasurer
then in Office for the most advant
: ageous price, in no event, how
ever, to be less than par with &C
crued interest at the time of sale
The bonds shall be in the form
: and substance as hereinafter pre-
: scribed and numbered consecu
T lively from number one to tn,
J number required, and shall be il
, denomination of Five Hundred
Dollars (S5OO.00) each, except tina
FIVE may be for smaller amour
2 than said sum to cover any re
. manning fractional parts of fv,
, hundred dollars said work ma!
= cost with appropriate interes
/. coupons attached. They shall al
5 bear interest and date the day tina
: the work was accepted by the Cit,
D Council and until negotiated shall
! be left in the custody of tn
: Treasurer who shall be liable TO
, the safe keeping thereof on his of
. fetal bond.
Said bonds shall not be issued up
i on the faith and credit of the Cit.
of Mt. Sterling for the paymen
thereof, but the faith and credit o
the city shall be pledged for tn
] payment of the sum realized upol
the apportionment against tn
property for the cost of the paw
: ing and curbing of said streets a
in this ordinance provided. onl!
Il after the same shall have been col