Ordinance #207
An ordinance providing for the issuance of internal improvement bonds by the City of Troy, Kansas in the sum of $60,893.06 to pay the cost of improving certain streets in said City and repealing all ordinances or parts of ordinances in conflict herewith.
Whereas, the cost of curbing, guttering, excavating and paving Poplar Street from Main Street to Center Street, Center Street from Poplar Street to State Street, State Street from Center Street to Park Street, Park Street from State Street to Jones Street, Jones Street from Park Street to County Road or King Street in said City has been determined and ascertained and the portion thereof to be paid by a general tax to be levied upon all taxable property within said City for the improvements of the square and areas formed by intersecting streets and alleys and for City property and for which bonds are to be issued as hereinafter provided has been ascertained and is hereby determined to be $46,523.63 over and above that sum of approximately $18,430.18 and the portion thereof to be paid by special assessment levied upon the lots and pieces of ground liable therefor has been ascertained and is hereby determined to be $46,523.63 and said last named amount has been heretofore duly assessed and apportioned to the several lots and pieces of ground in said City liable therefor, payable in annual installments according to law and as provided by Ordinance No. 203 of said City of Troy; that the property owners have paid within the period allowed by law the sum of $4,078.95 and there remains unpaid by property owners specially benefited and assessed the sum of $42,444.68 and that bonds will be issued by said City of Troy for the payment of said balance together with the cost of paving, guttering, curbing and excavating the squares and areas formed by intersecting streets and alleys.
Now, therefore, be it ordained by the Mayor and Councilmen of the City of Troy, Kansas:
Sec. I. That the cost of paving, curbing, guttering and excavating:
Poplar Street from Main Street to Center Street
Center Street from Poplar Street to State Street
State Street from Center Street to Park Street
Park Street from State Street to Jones Street
Jones Street from Park Street to County Road
after deducting the assessments heretofore paid thereon by property owners along said street and excluding the cost of paving, curbing, guttering and excavating the intersecting streets and alleys thereon is the sum of $42,444.88 and that the cost of paving, curbing, guttering and excavating the intersecting streets and alleys on said streets is the sum of $18,450.18 and that the City of Troy shall issue its bonds in the sum of $60,895.06 to secure money to pay for said improvements.
That said cost shall be paid in ten annual installments as provided by law and that for the purpose of paying such installments there shall be issued internal improvement bonds of the City of Troy, Kansas, dated November 1st 1920 numbered 1 to 61 consecutively which shall bear interest at the rate of six per cent per annum, payable semi-annually on the 1st day of November and May of each year until maturity, and the several installments of interest shall be evidenced by interest coupons attached to said bonds, and said bonds shall be numbered and shall mature in amounts as follows:
Bond No. 1 for $895.06 due November 1-1921
“ 2-7 inclusive for $1000.00 each due Nov. 1-1921
“ 8-13 “ “ $1000.00 “ “ “ 1-1922
“ 14-19 “ “ $1000.00 “ “ “ 1-1923
“ 20-25 “ “ $1000.00 “ “ “ 1-1924
“ 26-31 “ “ $1000.00 “ “ “ 1-1925
“ 32-37 “ “ $1000.00 “ “ “ 1-1926
“ 38-43 “ “ $1000.00 “ “ “ 1-1927
“ 44-49 “ “ $1000.00 “ “ “ 1-1928
“ 50-55 “ “ $1000.00 “ “ “ 1-1929
“ 56-61 “ “ $1000.00 “ “ “ 1-1930
Said bonds shall be signed by the Mayor, attested by the City Clerk and have the corporate seal of the City of Troy affixed thereto and the interest coupons shall be authenticated by the lithographed facsimile signature of the Mayor and City Clerk of said City, both principal and interest coupons shall be payable at the fiscal agency of the State of Kansas at such time and under such terms as provided herein and said bonds shall be sold at par and the proceeds used for the payment of said improvements.
Sec. II. Said bonds shall be approximately in the form and contain recital substantially as follows:
State of Kansas — County of Doniphan
City of Troy
Internal Improvement Bonds.
Know All Men By These Presents: