1927-5

Authorizing and Directing an increase in the Bond Indebtedness of the Borough of Bolivar, in the County of Westmoreland, in the Commonwealth of Pennsylvania by the amount of Three Thousand ($3000.) dollars for the purpose of providing a fund for the grading and paving streets of said Borough providing for the issuing and sale of bonds with coupons attached for the interest occurring semi-annually and prescribing the maturity, number, date, and establishing a Sinking Fund for the payment of said bonds, appropriating a sum from the General Funds, of said Borough for the payment of the first interest coupons, and authorizing and directing the corporate authorities to do all acts and things incident thereto.

Whereas, it is necessary that the bonded indebtedness of the Borough of Bolivar in the county of Westmoreland and Commonwealth of Pennsylvania be increased for the purpose of providing a fund for the grading and paving of streets of the Borough.

Now therefore, be it ordained and enacted and it is hereby ordained and enacted by and with the authority of the Council of the Borough of Bolivar, Westmoreland county and Commonwealth of Pennsylvania in accordance with an Act of General Assembly of the Commonwealth of Pennsylvania approved on the 20th day of April AD 1874 and the Amendment thereof and supplements thereto:

Section I. That the Bonded Indebtedness of the Borough of Bolivar, in the County of Westmoreland and Commonwealth of Pennsylvania be and the same is hereby increased by the amount of Three Thousand ($3000.) Dollars for the purpose of providing a fund for the grading and paving of streets of said Borough.

Section II. That said indebtedness shall be evidenced by Coupons Bonds, in the number of thirty (30) numbered one (1) to thirty (30) inclusive for the principle sum of one hundred ($100.) dollars each dated and bearing interest from the 1st day of September AD 1927 at the rate of five (5%) per cent per annum payable semi-annually on the 1st day of March and September of each year during the terms of said bonds, which will mature and be paid as follows: .

$500. numbers 1,2,3,4, and 5 September 1 1928

$500. numbers 6,7,8,9, and 10 September 1 1929

$500 numbers 11,12,13,14, and 15 September 1 1930

$500. numbers 16,17,18,19,abd 20 September 1 1931

$500 numbers 21,22,23,24,and 25 September 1 1932

$500. numbers 26,27,,28,29, and 30 September 1 1933 2

Section III. The form of said bonds and coupons shall be substantially as follows:

Commonwealth of Pennsylvania

County of Westmoreland County

Borough of Bolivar Westmoreland County Pennsylvania

Borough Bond issue of 1927

The Borough of Bolivar , County of Westmoreland and Commonwealth of Pennsylvania for value received hereby acknowledges itself indebtedness and promises to pay the bearer hereof or if registered to the registered holder hereof, on the first day of September AD 192, at Citizens National bank of Bolivar Pennsylvania one Hundred dollars in lawful gold coin of the United States of America of or equivalent to the present standard of weight and finances with interest thereof from date thereof at the rate of five % per month on the first day of March and September of each year during the term of said bond, upon the presentation and surrender of the proper interest coupons hereto attached as they severely mature and become dire, each of which is for six months interest on this bond. Both principal and interest hereof are payable without any deduction for any tax which may be levied or assessed hereon or on the debt secured by the Commonwealth of Pennsylvania all of when taxes the Borough of Bolivar hereby assumes and agrees to pay.

This bond is one of an issue of thirty bonds of like amount and tenor except as to maturity numbered consecutively from one to thirty both inclusive amounting in the aggregate to the sum of Three Thousand Dollars issued in accordance with the Act of General Assembly of the Commonwealth of Pennsylvania approved the 20th day of April AD 1874 PL 65 and the several supplements there to and amendments thereof and also by virtue of an Ordinance of the said Borough of Bolivar duly enacted at a regular meeting thereof held in Bolivar Pennsylvania on Monday June 6th 1927, and the sworn statements of the principle officers of said Borough of Bolivar as appears on record in the Office of the Clerk of Court of Quarter Sessions in and for said County of Westmoreland and Commonwealth of Pennsylvania which said bonds shall mature and be paid as follows:

$500. numbers 1,2,3,4, and 5 September 1 1928

$500. numbers 6,7,8,9, and 10 September 1 1929

$500 numbers 11,12,13,14, and 15 September 1 1930

$500. numbers 16,17,18,19,abd 20 September 1 1931

$500 numbers 21,22,23,24,and 25 September 1 1932

$500. numbers 26,27,,28,29, and 30 September 1 1933

It is hereby certified that all Acts conditions and things required to be done happen or performed proceed to and in the issuance of this bond or the creation of the debt of which this is evidence haven been done, happened and performed in regular and due form and manner required by law and that his bond together with all the other indebtedness of the said borough is not in excess of any constitutional or stationery limitation and for the prompt and full payment of all the obligations of this bond the entire property, faith credit, taxing powers and resources of said Borough are hereby irrevocably pledged.

This bond until registered shall pass by delivery but may at any time be registered in banks to be kept for the purpose at the office of the Treasurer of said Borough, and if so registered shall then be transferrable only upon such banks at the office of said Treasurer by the owner or persons or by his Attorney unless the last preceding transfer shall have been to bearer, and it shall continue to be subject to such successive registration and transferred to bearer at the option of the holder but such registration shall not affect the negotiability of the annexed coupons which shall continue to be transferrable by delivery.

It is hereby further certified than an annual tax sufficient for the payment at maturity of the principal of the issue or series of bonds of which this is a part together with the interest thereof in accordance with the terms and conditions hereof has been properly levied and assessed and that said tax is not in excess of any legal limitation. This bond shall not be valid or become obligator for any purpose unless it shall have been first authenticated by the certificate of the Treasurer aforesaid.

In witness thereof the Borough of Bolivar in the County of Westmoreland and Commonwealth of Pennsylvania has caused this bond to be properly executed in its corporate name by the President of Council, Chief Burgess, and Borough Treasurer, and has caused its Corporate Seal to be hereinto affixed, duly attached by the Secretary of said Council and has caused the coupons where attached to be authenticated with the facsimile signature of its Treasurer as of the first day of September AD 1927

J. E. Snyder

President of Council

Attest:

J.E. Robertson

Secretary of Council

Approved this 1st day of September AD 1927

J. E Sutten

Chief Burgess

Attest:

J.E. Robertson

Secretary of Council

Original Ordinance on file in Ordinance book page 49,50, 51 & 52