Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1919-09-24
AN ORDINANCE
Continued from inside page

made payable to bearer; they shall be
numbered consectutively turnout for
each seperate Improvement and shall
be divided into ten (10) series as
nearly equal as possible, the first
series including the lowest numbers
and so on. The first series of said
bonds, with accrued interest on all
series shall be due and payable one
month after the date on which the
first installment of the tax becomes
due as hereinbefore provided, and the
remaining series shall be due and
payable one each year annually
thereafter for nine (9) years. In
terest on all unpaid bonds shall be
due and payable semi-annually at the
end of each six (6) months from the
time the first interest becomes due.
Said bonds shall be of the denomina-
ton of five hundred dollars each,
provided that any odd amount over
five hundred dollars may be included
in the last bond to mature. All of
said bonds shall have the name of the
part of the street for the improve
ment of which they are issued,
printed, engraved or written thereon,
and shall state the character of the
Improvement. They shall bear in
terest at the rate of six per cent
(6 per cent? per annum from the date
of the assessment of the tax, and
shall have suitable coupons attached
thereto evidencing the semi-annual
interest. Said bonds and coupons
shall be signed by the Mayor and
countersigned by the Treasurer, but
the coupons may be signed by litho-
graph The clerk shall attest the
signatures to the bond under seal of
the city. Said bond with interest shall
be payable at the City Treasurers
office. Said bonds shall in no event
be sold for less than par and accrued
interest. Provided, if no offer is
made for said bonds equal to par and
accrued interest, after reasonable ad-
vertisement, the city shall have the
right to turn them over to the con-
tractor in full payment of the con-
tract price of the improvement for
which they are issued. Said bonds
and interest thereon shall be payable
exclusively out of funds actually paid
to and collected by the city on ac-
count of the improvement taxes in
anticipation of which the bonds are
issued and in no event shall the city
be liable on any such bonds ex-
cept to the extent of funds actually
raid to it as above set out.
II. The City Treasurer shall keep
in his Office in book to be provided
for that purpose a record OF all as
sessments for local taxes as provided
in this ordinance, showing the name
of portion of the street in which the
improvement is made, the character
of the improvement and the name Of
the persons against whose property
the assessments are made. Upon
payment of any improvement tax to
the treasurer, he will make proper
entry thereof in the record book here
in provided for whereupon the lien
for such taxes shall stand released.
The treasurer shall carefully keep a
seperate account of the fund arising
from assessments for each particular
improvement, and no proceeds arising
from assessment for one Improvement
shall be diverted to the payment for
any other improvement whatever.
The proceeds shall in each case con-
stitute a seperate special fund for
the paymeU of the constructor for
the particular work for which the as
sessment is made or for the security
and payment of improvement bonds
issued for such improvement.
12.. All ordinance or parts of ordi-
nances in conflict herewith are here
by repealed.
10. This ordinance shall take effect
from and after it's final passage and
publication as required by law.
Passed by the City Council of the
City of Richmond, Kentucky, first
reading this 10th day of September
1919.
l.. P. EVANS, Mayor.
Passed by the City Council of the
City of Richmond, Kentucky, second
reading this 10th day Of September
1919.
ATTEST:
| E. BLANTON, Clerk Of the City
~ - H. a.