Ordinance No. 191
An ordinance providing for the issuance of Internal Improvement Bonds by the City of Troy, Kansas, in the sum of $30,613.30 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 grading, guttering, excavating and paving Poplar, Chestnut, Walnut, Myrtle and Elm Streets, from the east side of Main Street to the west side of Liberty Street, 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, and the squares and areas formed by the intersections of streets and alleys formed by the intersections of the streets and alleys, and for the city property, and for which bonds are to be issued as hereinafter provided, has been ascertained and is hereby determined to be the sum of $2,742.89, 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 $30,138.74, 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. 185 of said City of Troy; that the property owners have paid to the said City Treasury within the period allowed by law the sum of $2,816.31, and there remains unpaid by property owners specially benefited and assessed the sum of $30,065.30, and that bonds will be issued by said City of Troy, Kansas, 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.
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, Chestnut, Walnut, Myrtle and Elm Streets, from the east side of Main Street to the west side of Liberty Street, after deducting the assessments heretofore paid thereon by property owners along said streets and deducting the cost of paving, guttering, curbing and excavating the intersecting streets and alleys thereon, is the sum of $30,065.30; that the cost of paving, curbing, guttering and excavating the intersecting streets and alleys on said streets is the sum of $2,742.89, and that said City of Troy shall issue its bonds in the sum of $32,808.19 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 August 23, 1920, numbered 1 to 35, inclusive, which shall bear interest at the rate of six percent (6%) per annum, payable semi-annuallyon the 23rd day of February and August of each year until maturity, and formed by the intersections of the streets and alleys, and for the city property, and for which bonds are to be issued as hereinafter provided, has been ascertained and is hereby determined to be the sum of $2,742.89, 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 $30,138.74, 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. 185 of said City of Troy; that the property owners have paid to the said City Treasury within the period allowed by law the sum of $2,816.31, and there remains unpaid by property owners specially benefited and assessed the sum of $30,065.30, and that bonds will be issued by said City of Troy, Kansas, 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.
Therefore, be it ordained by the Mayor and Councilmen of the City of Troy, Kansas:
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(s). | Amount | Due Date |
|---|---|---|
| 1 | $306.30 | August 23, 1921 |
| 2–6 inclusive | $500.00 each | August 23, 1921 |
| 7–12 inclusive | $500.00 each | August 23, 1922 |
| 13–18 inclusive | $500.00 each | August 23, 1923 |
| 19–24 inclusive | $500.00 each | August 23, 1924 |
| 25–30 inclusive | $500.00 each | August 23, 1925 |
| 31–36 inclusive | $500.00 each | August 23, 1926 |
| 37–42 inclusive | $500.00 each | August 23, 1927 |
| 43–48 inclusive | $500.00 each | August 23, 1928 |
| 49–54 inclusive | $500.00 each | August 23, 1929 |
| 55–60 inclusive | $500.00 each | August 23, 1930 |
Said bonds shall be signed by the Mayor, attested by the City Clerk, and bear the corporate seal of the City of Troy affixed thereto, and the lithographed facsimile signatures of the Mayor and the City Clerk on said City bonds. 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 improvement.
Sec. II.
Said bonds shall be approximately in the following 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 Five Hundred Dollars, lawful money of the United States, on the 23rd day of August, 1921, with interest on the said sum from the date hereof until paid at the rate of six percent (6%) 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 office of the State Treasurer in the City of Topeka, Kansas.
This bond is one of a series of like date aggregating the sum of $32,808.19, issued for the purpose of paying for improvements to streets and alleys in the said City by authority and in accordance with the laws of the State.
everal 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(s). | Amount | Due Date |
|---|---|---|
| 1 | $306.30 | August 23, 1921 |
| 2–6 inclusive | $500.00 each | August 23, 1921 |
| 7–12 inclusive | $500.00 each | August 23, 1922 |
| 13–18 inclusive | $500.00 each | August 23, 1923 |
| 19–24 inclusive | $500.00 each | August 23, 1924 |
| 25–30 inclusive | $500.00 each | August 23, 1925 |
| 31–36 inclusive | $500.00 each | August 23, 1926 |
| 37–42 inclusive | $500.00 each | August 23, 1927 |
| 43–48 inclusive | $500.00 each | August 23, 1928 |
| 49–54 inclusive | $500.00 each | August 23, 1929 |
| 55–60 inclusive | $500.00 each | August 23, 1930 |
Said bonds shall be signed by the Mayor, attested by the City Clerk, and bear the corporate seal of the City of Troy affixed thereto, and the lithographed facsimile signatures of the Mayor and the City Clerk on said City bonds. 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 improvement.
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 said City on the 24th day of August, 1920.
And it is hereby certified and recited that all acts, conditions and things required by law and the 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.
In testimony whereof, the City of Troy, by its Mayor and Councilmen, has caused this bond to be signed by its Mayor, attested by its City Clerk, under the corporate seal of the City, and the coupons hereto attached to be executed by the facsimile signatures of said Mayor and City Clerk, dated the 23rd day of August, 1920, and duly issued.
(Seal)
N. L. Macomber
Mayor of the City of Troy, Kansas
Attest:
Grace B. Finley
City Clerk
Sec. III.
The Mayor and City Clerk are hereby authorized and directed to prepare and execute said bonds and coupons as are in this ordinance provided, and when so executed said bonds shall be registered by the City Clerk of Troy, Kansas, and with the State Auditor of the State of Kansas. The City of Troy hereby assumes and promises to the holders of said bonds to make prompt payment of said bonds and the interest as provided herein, and the Mayor and Council of said City shall annually make provision for the payment of the principal and interest of said bonds as they severally become due by levying a tax on all taxable property liable therefor.
Sec. IV.
All ordinances or parts of ordinances in conflict herewith are hereby repealed.
Sec. V.
This ordinance shall be in force and take effect from and after its publication in the Kansas Chief.