Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-06-12

following shall be the terms, conditions. rules and
regulations upon which the Loan shall be subscri
,ed.
Article /. No Subscription shall be received Cor q
sum less than Que Hundred Dolla:-, nor for i
fractional. part OF one hundre,i dollars.
Ar ,. For every hundred dollars which may be
sub et'oed, there shall be pad, at the time Of sub
sctiomg, Twelve Dollars and Fifty Cents, AID a
ike sum of Twelve Ddlas ans fiity Gems on The
hrst Monday oil each of the succeeding seven
mo tbs.
Art. Each Subscriber at the time os pairing sny
OF The above instnients after the first may pay all
o. any nolber OF the Subsequent instruments, and
VIII De eNit.sd To receive interest at the rate oil
SIX per centum per annntn, on the amount thus
paid from the true OF actual payment.
AT. !. On the failure OF payment OF any install
ment Of the sums subscribed according to the tenor
Of the second article OF this section the 1t pre-
cedeing instalment oil twelve dollars and flty
cents, which shall have been paid Tor svery hun
dred dollars subscribed, shall be forfeited 10 the
Corporation.
Art. S. Within twenty lays after the time of sub
scribng, the Chamberlain shall give Certificates, sta
ting the sums subscribed, end payments made, and
on mich the paymert Is of the subsequent nstlm rents
when made, she'll b respectively enorsed which
certificates shall b. assisnsble BY endorsement aid
delivery OF the parties IN whose favor they may be
ISSUED, until the completion OF the payments required
BY the tenor of the second article.
AZ. W <AhlGE INT OF payments
orcsaid, the propretors of the certificates Of the
Chamberlain. on which such payments have been
completed, on sarrenderin, tie same at the Office
of the Chamberlain of this City, shall be entitled 10
receive certificates IF Funded Capital Stock, for
the amouat thus subscribed and pail, airing an in
terest OF six per centum per annum, from the time
when the said instalments shall have been paid re-
sectively, and PAYABLE quartery yearly at the Office
of the ChamberIaio o.! this C,y and shall more
receive fra. the Chau,b isin, Certificate entitlins
such proprietor 10 an asnii;y or annual SUN, paya
BILE halfyesrly for ten years, commencing the LIST
day OF January next, OF dollars every hundred
dollars thus described and paid which certificates
oil annuity, shall constitute separate AID di-tnct
Stock and uay se sod assigned and transferred up
on the Books Of the Chamberlain, separately aud
distinctly from the aforesaid Funded Capital six per
cent. stock.
Art. T. And the said Funded Capital Stock, and
the said annues shall be transferable by their res
pectiye pr0pretors in person, by their sttornes
duly constituted in sncl and IN pursuance Of
such ules may DC established relative to the trans
ter Of said debt
Art S. After the payment of the fifth instalment,
such OF the proprieters OF the Certi Gates of the
Chamberlain OF two hundred dollars and upwards,
may then be DESTROYS OF funding the same may,
presenting them at the Office OF the Chamberlain
of the City, receive Certificates of Funded Capital
six per cent. stock, for the amount OF the four first
insialments, moiety Of the sum expressed
in the Chamberlao's Certificate, and also, Certiti-
Gates for moety of the years annuity of two
dollars in the hundred dollars described. But no
certificate OF FIDded Capital six per cent Stock in
cludEg fractional part of one hundred dollars or
certificates of annuity including fractional parts OF
dollar, viii be issued.
Art y. After the first day OF January, in the
year 1925, and after six months notice to the cred
tor, shall have been given BY advertscmement in
ssme newspaper printed IN this City, the SAID capi-
tal six per cent stock, shall b redeemsble at the
plea ure Of the Corporation, by the reimbursement
OF the whole sum which may at that time stand ere
dited to any proprietor on the books Of the Cham
berlain. And The payment of the said annuities
for ten years, shall cease and determine on the
first day of January, in the year 1927, when the
certificates OF the shall be surrendered up and
cancelled.
AIT. 10 The Certificates offended Capital Six
per cent Stock and OF annuities to be issued III
iornlty with the provisions of this Ordinance, stsli
be signed by the Pres;d OF the Common Council.
counterssned by the Chamberlain, and be sealed
with the seal of the Corporation.
Sect. 8. find be it fii'si.sr Ordained, That six
thousand dollars acciuing from The taxes and
MUGS OF the Corporation b., and the sane is hereby
annually appropriated, and shall be placed to the
credit of The Commissioners of the Sinking Fund,
whcsaa ppontment is herein after provid d for, to
be by them applied to the purpose of paying the
interest and anDutes upon the debt created in
virtue of this Ordinance, and for the redemption of
the principal of the said debt and said annuites.-
And the faith of the Corporation is hereby pledged
TO make good said annual appropriation
Sect. !. ind he it further Ordained, That the
Pr sdent of the Common Council, and the Mayor
of the City for the tine being, together with three
Members ofthe Common Council who shall be an
nuay chosen by ballot, shall be, and dey are here
by appointed Commissioners of the Sinking Fund,
under whose direction or that ola majority OF them,
that part Of the annual appropriation made in the
third section of this Ordinance, which shall remain
after paying the interest and annutes upon the
stock hereby created or which may hereafter be
created, tegether with such other appropriations as
may hereafter be made for the purpose, shall be
applied to the purpose of purchasing the debt here
by created at its market price, ii not exceeding the
par or true value thereof
Sect. S. This Ordinance shall commence aud be
in force from and after the passing thereof.
AN ORDIN ANCE,
To rnise bn Loan q SNn Of .NoneY for fhe b,rbose