The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1919-10-03

the Usual and sale OF said bonds, ant
shall sell the same 10 the highest bid
der after due advertisement at a pric,
not less than par and accrued inter,
est. Said bonds shall be divided int
ten series, each series to be as near.
ly equal as possible, said series to b,
paid respectively In one, two, three
four, five, six, seven. eight, nine and
ten years after date Said bonds shat
be in tho denomination OF $4,000 each
shall bear interest at the rate of pei
cent per annum and be payable at the
Louisa National Bank. OF Louisa, Ky.
and shall be numbered from to 900
and shall be dated February /. 1920
and each bond shall have the proper
Interest coupons attached, and shall be
exempt from municipal taxation by
the city of Louisa.
The bonds will be signed by the
Mayor and countersigned by the City
Clerk, and shall bear the seal of the
city. attested by the City Clerk. The
interest coupons may be signed by
photographic signatures OF the Mayor
and the City Clerk. All moneys aris-
ing from the sale OF said bonds pro-
vided for herein shall be kept by the
| City Treasurer in a separate fund to
be known as the Street Improvement
Fund and the treasurer shall be re-
sponsible therefor on his official bond.
and shall pay out of the said funds all
orders which the city council shall di-
rect paid for any street Improvement
provided for herein. and shall keep all
money accruing or arising under the
provisions hereof In the same manner
and subject to all the regulations re-
garding other moneys OF the city, ex-
cept that he shall keep a separate ac-
count of the same. and credit all in
terest arising therefrom to said Street
Improvement Fund" and said City
Treasurer shall be responsible under
his official bond as City Treasurer for
the money accruing and received by
him hereunder and for the faithful
performance OF the duties herein re-
quired OF him.
All property fronting or abutting or
bordering upon said Improvement, paw
ing-with the incidental guttering,
drainage and sewerage connected with
such paving, belonging to the city
shall be considered and assessed as
property belonging to individuals. and
the assessment thereon together with
the cost of paving intersections, shall
be paid by the city out OF the general
fund and sale OF 100000 worth OF
bonds heretofore authorized and
charged to the Street Improvement
Fund" and the cost OF any improve
ment made hereunder shall be assess-
ed equally by the front foot upon the
property fronting or abuttlng. or bor-
dering upon said Improvement. and
this assessment shall be made as soon
as the improvement fund Is fully COM
pleted. and the sum assessed against
each piece OF property, and also the
owners thereof, shall be placed upon
the tax list OF the citx. and shall be
payable TO the city treasurer, in ten
equal annual installments with inter-
est at the rate OF six per cent per
annum which said bonds bear upon
the unpaid portion thereof.
The first instaiiment, together with
the interest on the whole amount AT
said rate per annum. shall be due and
payable at the first payment OF taxes
next succeeding the time the assess
ment is placed upon the tax list and
the other installments annually there
payment of other city taxes together
with interest at said rate on the in
stallments not due at the time, until
all installments are paid.
The assessments thus made against
property fronting or abutting or bor-
dering upon said improvements shall
be collected like other taxes. or the
city may at any time after the INSTALL
ment remains delinqunt for 80 days, |
by suit in equity, enforce its lien with |
all unpaid installments. with interest
at the said rate thereon to date OF sat |
isfaction thereof and It's cost expend-
ed
Section 9. The city treasurer shall |
not be entitled to receive any COM
pensation whatever for his services in |
taxs provided for herein, nor |
for any other services performed here
under unless the city council see prop |
err by ordinance to make him specific |
allowance therefor, which shall be done
by the vote of two thirds OF the mem |
bers elect OF said council.
Section 4. The assessments herein
provided for under the provisions |
hereof, together with the interest ac-
cruing thereon. shall be lien upon
the property fronting or abutting or
bordering upon the streets or improve
ment. from the date OF the passage OF
the ordinance ordering the improve.
nent made. and shall remain lien un-
III fully paid of. including interest and
cost. having precedent over all other
lens and said liens shall not be de-
,eated or postponed by any judicial
sale or by mistake in the description
II the property or In tire Iaines OF the
owners thereof.
Section s. All money received from
he assessment herein provided for
Ihall be .apportioned, upon the order OF
he city council, TO the payment OF the
interest and to the redemption OF the
ponds which may be issued for the
herein proved for.
Section 6. The owner OF lots or
PARTS Of lots OF land, may at any time
lfter the assessment for street inn
is made, pay off in full the
whole amount provided for the pay
nent OF said city taxes, and the lien
lerein established shall be satisfied by
uch payment, or IL any owner or own
RS shall divide his property so that
he number of feet fronting the i'm
,rovement is separated in small lots
n tracts, the lien may be discharged
n like manner upon any one or more
a. lots, s.t. ~, l.