Ordinance No. 186

Ordinance No. 186

An ordinance providing for the issuance of internal improvement bonds by the City of Troy, Kansas, in the sum of $9,022.79 to pay the cost of improving streets and alleys in said City, and repealing all ordinances or parts of ordinances in conflict herewith.

Whereas, the cost of constructing sewers and drainage systems, as a condition precedent to paving said City, has been determined and ascertained, and the amount for which bonds are to be issued, as provided for under Ordinance No. 178, and the said City of Troy shall issue its bonds in the sum of $9,022.79 to secure money to pay for said improvements.

Now, Therefore, be it ordained by the Mayor and Councilmen of the City of Troy, Kansas:

Sec. I.

That the cost of constructing said sewers and drainage system 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 August 1, 1920, numbered 1 to 30 consecutively, which shall bear interest at the rate of six percent (6%) per annum, payable

semi-annually, on the first day of February and August of each year until maturity, and the several installments of interest shall be evidenced by interest coupons attached to said bonds, and the said bonds shall be numbered and shall mature in amounts as follows:

Said bonds shall be signed by the Acting Mayor, attested by the Deputy City Clerk, and have the corporate seal of the City of Troy affixed thereto, and the interest coupons shall be authenticated by the lithograph facsimile signatures of the Mayor and the Deputy City Clerk of said City; both principal and interest coupons shall be payable at the fiscal agency of the State of Kansas at such times and under such terms as provided herein, and said bonds shall be sold at par, and the proceeds used for the payment of the cost of said improvements.

Sec. II.

Said bonds shall be apportioned 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:

That the City of Troy, in the County of Doniphan, State of Kansas, acknowledges itself to owe and for value received hereby promises to pay bearer the sum of Two Hundred Dollars, lawful money of the United States, on the first day of August, 1921, with interest on said sum from the date hereof until paid, at the rate of six percent per annum, payable semi-annually upon presentation of the interest coupons hereto attached as they severally become due; both principal and interest being payable at the Fiscal Agency of the State Treasurer, in the City of Topeka, Kansas.

This bond is one of an issue of like date aggregating the sum of $9,022.79, issued for the purpose of paying for the cost of improving streets and alleys in said City by authority and in accordance with the provisions of the laws of the State of Kansas governing cities of the third class, and in compliance with an ordinance duly and legally passed by the Mayor and Councilmen of the City of Troy on the 18th day of March, 1920.

And it is hereby certified and recited that all acts, conditions and things required by the law and Constitution of the State of Kansas to be done precedent to and in the issuing of this bond have been properly done, happened and been performed in regular and due form and time as required by law; and that the total indebtedness of said City, including this bond, does not exceed any constitutional or statutory limitation; and for the prompt payment hereof, both principal and interest, the full faith and credit of said City of Troy are hereby irrevocably pledged the Chicago, Rock Island & Pacific Railway tracks to the north line of Locust Street, except the squares and areas formed by crossing and intersecting streets, in the City of Troy, Kansas, the following described lots, blocks and parcels of ground are hereby assessed the amounts set opposite said lot, block or parcel of ground respectively, as the proportion of the costs and expenses of said improvement to be paid by the owners of said lot, block and parcel of ground, to wit: