The daily monitor. (Mount Clemens, Mich.) 1940-1942, 1942-01-06

and on such other highways In said
township as may be determined by the
Township Board. to the extent OIL any
surplus funds remaining from the pono
issue herein authorized after the pay
ment OF the cost of the water mans
above specified and other items includ-
ed in the Improvement as hcreinbefore
defined. The said fire MIGRANTS are 10
be located at. various places along the
above described highways as shown on
the maps and plans above mentioned.
Section 2. The Township Board OF the
Township of Erin has caused an estimate
to be made Of the cost of said project
which estimate u on file with the
Township Clerk and Is in the sum OF
Sl2S 200, and the said Township Board
does hereby adopt said estimate as the
estimated cost Of said project The said
Township Board does hereby estimate
the period of usefulness of said pro-
3ect 70 be forty 10, years and upwards.
Section ;. The cost of said project shall
be paid by the issuance by the said
Township Of Erin of bonds in the prin-
cipal sum Of $4,000 a hereinafter pro-
vided. There IL hereby authorized to be
issued and sold pursuant to the pro-
visions OF Act No "a of the Public Acts
Of Michigan of 1888. as amended. self
liuuidstinR revenue bonds in the az
gregate principal sum Of $l25.0O0, said
bonds TO be dated as Of January ],
1912, TO be numbered consecutiveiy from
one IN to one hundred twenty-five u25,.
both inclusive. in the direct order of
their maturities, to be In the denomin-
atom Of $1,000 each. to bear interest at Q
rate or rates to be hereafter determined
not exceeding six per cent '6fs) per an
days Of January and July in each year.
and 70 mature as follows: $1,000 on the
first day of January Of each year from
lo<7 to 1850, both inclusive. $4,000 on
the first day of January OF each year
from 1881 to 1855. both inclusive. $4,000
on the first day of January of each year
from 1885 to 1867. both inclusive. and
$1,000 on the first day of January Of
each year from 1868 to 1870. both in
elusive. The principal of said bonds and
the interest thereon shall be rayaple In
lawful money Of the UniSd States Of
America at the Detroit Trust Company,
In the City Of Detroit. Michigan. or at
IT. successor paying agent named by
said township which shall be . respon-
sible bank or trust company In the City
Of Detroit. Michigan. upon presentation
and surrender OF said bonds and attach
Cd coupons ~ they severally mature.
Section {. The Supervisor and Clerk of
said township OF Erin are hereby auth
orixed and directed to execute said bonds
for and on behalf of said township end
TO affix the seal of said township there
TO. end to execute the interest coupons
10 Do ottAcne0 70 SAID DOnoS Dy causing
TO be affixed thereto their facsimile sig
natures. Upon the execution NJ said
bonds and attached coupons, the same
. shall be delivered to the Treasurer of
said township who is hereby authorized
and directed to deliver said bonds and
attached coupons to the purchaser there
OF upon receipt Of the purchase price
therefor.
Section 5. Said bonds shall not be a
general obligation or Indebtedness of
the Township Of Erin but shall he pay
able solely from the revenues derived
from the operation of the water supply
system of said township. and 10 secure
such payment there is hereby created
. first lien upon the whole of the rev.
enues of such water supply system sub
5ect only to the prior payment of sd-
ministrative. operating and necessary
maintenance expenses. such lien to col
tinue until the payment in full of the
principal and interest of said bonds. The
term water supply system" as used in
this ordinance shall be deemed TO mean
the entire water supply system of the
Township, including all parts hereafter
constructed. unless the context shall
otherwise indicate.