Ordinance No. 192
An ordinance providing for the issuance of Internal Improvement Bonds by the City of Troy, Kansas, in the sum of $36,172.99 to pay the costs of improving certain streets in the said City and repealing all ordinances and parts of ordinances in conflict herewith.
Whereas, the cost of curbing, guttering, excavating and paving Liberty Street from the Chicago, Rock Island & Pacific Railway tracks to the north line of Locust Street in said City has been determined and ascertained, and the portion thereof to be paid by a general tax to be levied on all taxable property within the said City for the improvements, and the squares and areas 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 $3,209.87, and the portion thereof to be paid by special taxes and levied upon the lots and pieces of ground liable therefor has been ascertained and is hereby determined to be $32,888.69, and said last-named amount has heretofore been 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 for by Ordinance No. 187 of said City; and that within the period allowed by law the property owners have paid to the City of Troy the sum of $4,835.57, and there remains unpaid by the property owners specially benefited and assessed the sum of $29,653.12, and that bonds will be issued by the 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:
That the cost of paving, curbing, guttering and excavating Liberty Street in the City of Troy from the Chicago, Rock Island & Pacific Railway Company tracks to the north line of Locust Street, after deducting the assessments heretofore paid thereon by the property owners along said street and deducting the cost of paving, guttering, curbing and excavating the intersecting streets and alleys thereon, is the sum of $29,653.12; that the cost of paving, curbing, guttering and excavating the intersecting streets and alleys on said street is the sum of $3,209.87; and that said City of Troy shall issue its bonds in the sum of $32,862.99 to secure the money to pay for improvements.
That said costs 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 30, 1920, numbered 1 to 30 consecutive, which shall bear interest at the rate of six percent (6%) per annum, payable semi-annually on the 30th days 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.
Said bonds shall be numbered and shall mature in amounts as follows:
| Bond No. | Amount | Due Date |
|---|---|---|
| 1 | $372.99 | August 30, 1921 |
| 2 | $1,000.00 | August 30, 1921 |
| 3 | $2,000.00 | August 30, 1921 |
| 4 | $600.00 | August 30, 1922 |
| 5 | $1,000.00 | August 30, 1922 |
| 6 | $2,000.00 | August 30, 1922 |
| 7 | $600.00 | August 30, 1923 |
| 8 | $1,000.00 | August 30, 1923 |
| 9 | $2,000.00 | August 30, 1923 |
| 10 | $600.00 | August 30, 1924 |
| 11 | $1,000.00 | August 30, 1924 |
| 12 | $2,000.00 | August 30, 1924 |
| 13 | $600.00 | August 30, 1925 |
| 14 | $1,000.00 | August 30, 1925 |
| 15 | $2,000.00 | August 30, 1925 |
| 16 | $600.00 | August 30, 1926 |
| 17 | $1,000.00 | August 30, 1926 |
| 18 | $2,000.00 | August 30, 1926 |
| 19 | $600.00 | August 30, 1927 |
| 20 | $1,000.00 | August 30, 1927 |
| 21 | $2,000.00 | August 30, 1927 |
| 22 | $600.00 | August 30, 1928 |
| 23 | $1,000.00 | August 30, 1928 |
| Bond No. | Amount | Due Date |
|---|---|---|
| 24 | $2,000.00 | August 30, 1928 |
| 25 | $600.00 | August 30, 1929 |
| 26 | $1,000.00 | August 30, 1929 |
| 27 | $2,000.00 | August 30, 1929 |
| 28 | $600.00 | August 30, 1930 |
| 29 | $1,000.00 | August 30, 1930 |
| 30 | $2,000.00 | August 30, 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 signatures 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 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 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 One Thousand Dollars, lawful money of the United States, on the 30th day of August, 1921, with interest on 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 $32,862.99, issued for the purpose of paying for improvements to 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 on the 27th day of July, 1920.
And it is hereby certified and recited that all acts, conditions and things required by the laws and Constitution of the State of Kansas
| Bond No. | Amount | Due Date |
|---|---|---|
| 24 | $2,000.00 | August 30, 1928 |
| 25 | $600.00 | August 30, 1929 |
| 26 | $1,000.00 | August 30, 1929 |
| 27 | $2,000.00 | August 30, 1929 |
| 28 | $600.00 | August 30, 1930 |
| 29 | $1,000.00 | August 30, 1930 |
| 30 | $2,000.00 | August 30, 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 signatures 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 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.
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, and the coupons hereto attached to be executed by the facsimile signatures of said Mayor and the City Clerk, dated the 30th day of August, 1920, and duly issued.
(Seal)
N. L. Macomber
Mayor
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, and the said 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. The said Mayor and Council of the 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 the property liable therefor.
Sec. IV.
All ordinances and parts of ordinances in conflict herewith are hereby repealed.
Sec. V.
This ordinance shall be in full force and take effect from and after its publication in the Kansas Chief.
Passed and approved August 30, 1920.
(Seal)
N. L. Macomber
Mayor
Attest:
Grace B. Finley
City Clerk