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

issue the bonds OF said city In sums
not 10 exceed the cost OF said improve
ments. and all expenses connected
Herewith. including the expense and
the usual and sale OF said bonds, and
shall sell the same TO the highest bid
der after due advertisement at price
not less than par and accrued inter-
est Said bonds shall be divided into
ten series, each series TO DO as near
ly equal as possible. said series TO be
paid respectively in one. two. three,
four, five. six. seven. eight, nine and
ten years after date. Said bonds shall
be in the denomination OF $4,000 each,
shall bear interest at the rate OF per
cent per annum and be payable at the
Louisa National Bank. OF Louisa, KY,
and shau be numbered from to 300.
and shall be dated February 1, 1920,
and each bond shall have the proper
interest coupons attached. and shall be
exempt from municipal taxation by
the city OF Louisa. IL
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-
Isponsible therefor on his official bond
and shall pay out of the said funds all
/ ..,ltA ha oil rnttnrfl nhnlI III.
rect paid for any street improvement
provided for herein. and shall keep all
money accruing or arising under the
provisions hersof in the same manner
and subject to all the regulations re-
garding other moneys OF the city, ex-
| cept that he shall keep 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 OF
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 al
property belonging to individuals, and
the assessment thereon together with
the cost OF paving intersections, shall
be paid by the city out of the genera
fund and sale of S10,000.00 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 this
dering upon said improvement. ant
this assessment shall be made as soor
as tho Improvement fund Is fully COM
pleted, and the sum assessed against
each piece of property, and also the
owners thereof, shall be placed upor
the tax list OF the city. and shall be
payable to the city treasurer In ter
equal annual installments with inter.
est at the rate of six per cent pei
annum which said bonds bear upor
the unpaid portion thereof
The FIRST installment, together with
the interest on the whole amount al
said rate per annum, shall be due ant
payable at the first payment of taxes
next succeeding the time the assess.
ment In placed upon the tax list, and
the other installments annually there.
after, and always at the time OF thu
payment OF other city taxes together
with interest at said rate on the in.
stallments not due at the time unit
all installments are paid.