The bonds and coupons shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTY OF SAGINAW
VILLAGE OF BIRCH RUN
WATER SUPPLY SYSTEM REVENUE BOND
No.
$1,000.00
KNOW ALL MEN BY THE PRESENTS that the VILLAGE OF BIRCH RUN, County of Saginaw, State of Michigan, for value received, hereby promises to pay to the bearer or, if registered, to the registered holder hereof, but only out of the revenues of the water supply system of the Village of Birch Run, including all appurtenances, extensions and improvements thereto, the sum of
ONE THOUSAND DOLLARS
on the first day of April, A.D. 19 , with interest thereon from the date hereof until paid at the rate of percent ( %) per annum, payable on October 1, 1962, and semiannually thereafter on the first day of April and October of each year, upon presentation and surrender of the proper interest coupons hereto attached as they severally become due. Both principal of and interest on this bond are payable in lawful money of the United States of America at , and for the prompt payment thereof, the gross revenues of the water supply system of the Village of Birch Run, including all appurtenances, extensions and improvements thereto, after provision has been made for reasonable and necessary expenses of operation, administration and maintenance, are hereby irrevocably pledged and a statutory first lien thereon is hereby created.
This bond is one of a series of one hundred (100) bonds of even date and like tenor, except as to rate of interest and date of maturity, aggregating the principal sum of one hundred thousand dollars ($100,000.00), numbered consecutively in direct order of maturity from 1 to 100, inclusive, issued pursuant to Ordinance No. 1, 1962, adopted by the Village Council on March 19th, 1962, and under and in full compliance with the Constitution and statutes of the State of Michigan, including specifically Act 94, Public Acts of Michigan, 1933, as amended, for the purpose of defraying part of the cost of acquiring and constructing a water supply system for the village.
For a complete statement of the revenues from which, and the conditions under which this bond is payable, a statement of the conditions under which additional bonds of equal standing may hereafter be issued, and the general covenants and provisions pursuant to which this bond is issued, reference is made to the above-described ordinance.
Bonds of this issue numbered 1 to 22, inclusive, maturing in the years 1964 to 1969, inclusive, are not subject to prior redemption.
The right is reserved of redeeming bonds numbered 23 to 100, inclusive, maturing in the years 1970 to 1983, inclusive, at the option of the Village, in inverse numerical order, on any interest payment date on or after April 1, 1969, at par and accrued interest, plus a premium as follows:
Forty dollars ($40.00) on each bond called for redemption on or after April 1, 1969, but before April 1, 1972;
Thirty dollars ($30.00) on each bond called for redemption on or after April 1, 1972, but before April 1, 1975;
Twenty dollars ($20.00) on each bond called for redemption on or after April 1, 1975, but before April 1, 1979;
Ten dollars ($10.00) on each bond called for redemption on or after April 1, 1979, but before maturity.
Thirty (30) days' notice of the call of any bonds for redemption shall be given by publication in a paper circulated in the State of Michigan which carries, as part of its regular service, notices of sale of municipal bonds, and in case of registered bonds, thirty (30) days' notice shall be given by mail to the registered address. Bonds so called for redemption shall not bear interest after the date fixed for redemption, provided funds are on hand with the paying agent to redeem said bonds.
This bond is a self-liquidating bond and is not a general obligation of the Village of Birch Run, and does not constitute an indebtedness of the Village of Birch Run within any constitutional or statutory limitation, and is payable, both as to principal and interest, solely from the revenues of said water supply system of the village. The principal of and interest on this bond are secured by the statutory lien hereinbefore mentioned.
The Village of Birch Run hereby covenants and agrees to fix and maintain at all times while any of such bonds shall be outstanding, such rates for service furnished by the water supply system as shall be sufficient to provide for payment of the interest upon and the principal of all such bonds as and when the same become due and payable, and to create a Bond and Interest Redemption Fund (including a Bond Reserve Account) therefor, to provide for the payment of expenses of administration and operation and such expenses for maintenance of said water supply system as are necessary to preserve the same in good repair and working order, and to provide for such other expenditures and funds for said system as are required by said ordinance.
This bond and the interest thereon are exempt from any and all taxation whatsoever by the State of Michigan or by any taxing authority within said state.
This bond may be registered as to principal only on the books of the Village Treasurer in the name of the holder, and such registration noted on the back hereof by the Village Treasurer, after which no transfer shall be valid unless made on the books and noted on the back hereof in like manner, but transferability by delivery may be restored by registration to bearer. Such registration shall not affect the negotiability of the interest coupons.
It is hereby certified and recited that all acts, conditions and things required by law precedent to and in the issuance of this bond, and the series of which this is one, have been done and performed in regular and due time and form as required by law.
IN WITNESS WHEREOF, the Village of Birch Run, County of Saginaw, State of Michigan, by its Village Council, has caused this bond to be signed in the name of said Village
by its President and to be countersigned by its Village Clerk, and the corporate seal of the Village to be hereunto affixed, and the coupons hereto attached to be signed by the facsimile signatures of its President and Village Clerk, all as of the first day of May, A.D., 1962.
VILLAGE OF BIRCH RUN
By
President
(Seal)
Countersigned:
Village Clerk
(Form of Coupon)
No. $
On the first day of , A.D., 19 , the Village of Birch Run, County of Saginaw, State of Michigan, will pay to the bearer hereof the sum of dollars in the manner and out of the revenues described in said bond at , being the semi-annual interest due that date on its Water Supply System Revenue Bond, dated May 1, 1962, No. .
This coupon is not a general obligation of the Village of Birch Run, but is payable from certain revenues as set forth in the bond to which it pertains.
President
Village Clerk
REGISTRATION
NOTHING TO BE WRITTEN HEREON
EXCEPT BY VILLAGE TREASURER
Date of Registration | Name of Registered Owner | Registrar |
(1992 Code, § 80.019) (Ord. 1-62, passed - - 1962)