The daily monitor. (Mount Clemens, Mich.) 1940-1942, 1942-01-06
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF MACOMB
TOWNSHIP OF ERIN


WATER SUPPLY SYSTEM
REVENUE BOND
KNOW ALL MEN BY THESE PRES
ENTS. that the Township OF Erin, Ma
comb County. Michigan, hereby &C
knowiedgcs itself indebted and for
value received. promises to pay to the
bearer hereof, solely out of the revenues
of the water supply system OF said
ONE THOUSAND DOLLARS
on the first day of January. A. ID. 49,,
together with interest thereon at the
rate of .................. (......D per
centum per annum from the date hereof
until paid. said interest being payable
semi annually on the first days of Janu-
airy and July Of each year. Both prin-
cipal and interest hereof are payable in
lawful money of the United States NJ
America at the Detroit Trust Company.
In the City of Detroit. Michyan. or its
successor paying agent named by said
township. which shall be responsible
bank or trust company In the City of
Detroit, Michigan. upon presentation and
surrender of this bond and the coupons
hereto attached as they severaly ma
ture.
of like date and tenor except as to date
of maturity and .A............., num-
bcred from I TO l25. both inclusive ag-
grcRating the principal sum of Sis 900
issued under and pursuant to and In full
conformity with Act No. - of the Pub
lie Acts of Michigan of 1883. as amend
ed and Ordinance No. 10 duly adopted by
the Township Board of the Township Vt
Erin on the 9Th day of December, 1871,
for the purpose of providing funds for
constructing . water supply system In
said township.
This bond is a self-liquidating revenue
bond, and the principal OF and inter
est on this bond are exempted from sny
and all state. county. city. incorporated
village. municipal and other tax,'ion
whatsoever under the laws of the State
of Michigan. The bonds of this series.
together with any other bonds which
may be issued for additional extensions
and permanent improvements, pursuant
to said Ordinance No. 10, are secured
by Q statutory first len created by Act
No. - OF the Public Acts of Michigan
of 1899. IS amended. and by said or
of said water supply system iincfidina
all parts thereof hereafter constructed
after the payment OF administrative, op
Grating and necessary maintenance ex-
pcnses. This bond Is not a general Oh
ligstion of said Township and does not
ship within any state constitutional pro-
vision or Statutory limitation.
The Township of Erin hereby coven-
ants and agrees that At all times while
any of the bonds Of this issue shall he
outstanding, II will maintain such rates
for services furnished by said water
supply system as shall be sufficient TO
provide for the payment Of the expenses
of administration and operation Of TIE
system and such expenses for the main
tenance thereof IS may be necessary TO
preserve the same In good repair and
working order. 10 provide for the pay
ment of the interest upon and the prin-
cipaL OF all bonds payable from inc
revenues of said system ~ and when the
same become due and pa. able. to create
q bond and interest redemption fund
therefor. to build Ip = reserve for de.
probation Of the system, tc build up .
reserve for improvements, bettermcn;s
and extensions 10 the system other than
those necessary 10 maintain the same
In good repair and working order.
which rates shall be fixed and revised
20 as 10 produce the foregoing amounts.
n In hereby certified, recfted and de-
cisred that ell acts. conditions ard
things required Ia exist, happen and be
performed. precedent to and In the is-
suance Of the bonds Of this series. ex-