Ordinance No. 193
An ordinance providing for the issuance of Scriptural improvement bonds by the City of Troy, Kansas, in sum of $39,088.00 to pay the cost of improving certain streets in the City of Troy and repealing Ordinance No. 191 and all ordinances or parts of ordinances in conflict herewith.
Whereas, the cost of curbing, guttering, grading and paving South 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 levy to be levied upon all the taxable property within said City for the improvement and the square and area formed by the intersections of 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 the sum of $27,962.22 and which 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 $9,138.00 and said last named amount has been heretofore duly assessed and apportioned to the several lots and pieces of ground in said City and is therefore payable in annual installments according to law and as provided by Section 718/185 of said City of Troy; that the property owners have paid to the said City of Troy, within the period allowed by law, the sum of $2,516.22 and there remains unpaid by property owners, especially benefited, and assessed the sum of $39,088.00 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.
Now Therefore, Be it ordained by the Mayor and Councilmen of the City of Troy, Kansas:
Sec. 1. 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, shall be excluding the cost of paving, guttering, curbing and excavating the intersections of streets and alleys thereon in the sum of $30,338.74, and that the cost of paving, curbing, guttering and excavating the intersecting streets and alleys was paid out of the sum of $7,752.89, and that the City of Troy shall issue its bonds in the sum of $38,083.63 to secure the money to pay for said improvements.
That said cost shall be paid said improvement in 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 September 9th, 1920 and numbered 1 to 60 consecutively which shall bear interest at the rate of six per cent per annum, payable semi-annually on the 9th days of March and September 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:
No. 1 for $583.63 due September 9, 1921
2 to 6 inclusive for $500.00 each due September 9, 1921
7 to 12 inclusive for $500.00 each due September 9, 1922
13 to 18 inclusive for $500.00 each due September 9, 1923
19 to 24 inclusive for $500.00 each due September 9, 1924
25 to 30 inclusive for $500.00 each due September 9, 1925
31 to 36 inclusive for $500.00 each due September 9, 1926
37 to 42 inclusive for $500.00 each due September 9, 1927
43 to 48 inclusive for $500.00 each due September 9, 1928
49 to 54 inclusive for $500.00 each due September 9, 1929
55 to 60 inclusive for $500.00 each due September 9, 1930
Said bonds shall be approximately in the form and contain recitals 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 to the bearer the sum of ______ Dollars, lawful money of the United States, with interest on said sum from the date hereof until paid, at the rate of six per cent per annum, payable semi-annually upon the 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 $38,083.63 for the purpose of paying for the improvement of certain streets of said City by authority and in accordance with the provisions of the laws of Kansas governing cities of the third class and in compliance with an ordinance duly and legally passed on the 9th day of September, 1920, and it is hereby certified and recited that all acts, conditions and things required by 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 performed in regular and due form as required by law; and this bond does not exceed any constitutional or statutory limitation, and for prompt payment thereof, both principal and interest, the full faith and credit of the 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 signature of said Mayor and the City Clerk, dated the 9th day of September, 1920 and duly issued.
(Seal)
N. L. Macomber
Mayor of the City of Troy, Kansas
Attest: Grace B. Friley
City Clerk.
Sec. III. The Mayor and City Clerk are hereby authorized and directed to prepare and execute said bonds and coupons as herein 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 holder of said bonds to make prompt payment of said bonds and the interest as provided herein, and said Mayor and Council of said City shall annually make provision for the payment of the principal and interest of said bonds as they annually become due by levying a tax on the property thereof liable.
Sec. IV. Ordinance No. 191 and all ordinances and parts of ordinances in conflict herewith are
hereby repealed.
Sec. V. This ordinance shall be in full force and effect from and after its publication in the Kansas Chief.
Passed and approved September 4, 1920.
(Seal)
N. L. Macomber
Mayor
Attest: Grace B. Friley
City Clerk.