Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1850-02-13
IN COMMON COUNCIL.
FEBRUARY Alb. 1850

/ february. 4ih, 1850.
Present-Jeferson. Kinney, Mayor John. B.
baldwin, Recorder; Robert S. Brooke, Nicholas
K. Trout, VIM. Eagon, aldermen; MN. Fl. Gar
Der, John B. Breckenridge, James A. Cochran,
Co,;Hcilmea.. 50 / :, t. $50 ~.
On motion Of Mr.. Baldwin, the following reso-
luton was adopted a.. i
Resolved, That the Chamberlain be instructed
to attend to the renewal of the notes drawp by the
Water. Committee and discounted by the Bank Of
the Valley in Virginia at Staunton, for the use Of
the Corporation, ard that he pay The discount upon
such removals out of any money in his hands appli-
cable 10 the payment Of interest The debt Of the
Corporation. ~
Mr.. Baldwin submitted The following Ordinance,
which was passed: s h, 10
An Ordinance concerning lie debt Of The Corpo-
ration; n .,pt., $50 !,
Be it ordained by the Mayor and Comnonslty Of
the town of Staunlon, in Common Council: :. .,.
|. The Maytr is authorized. and instrucied as
soon practicable to fund the existing debt OF the
Corporation, in sums of one hundred dollars by the
Issue of certificates of debt payable in not less than
ten nor more than twenty years from their date,
with interest at six per cent, payable on the LIST
day of January and te fstday OF July in such year.
2. Such certificates shall be signed by the Mayor
and altested BY the Clerk Of the Council who Shall
aflix thereto the seal Of the Corporation. Betore be-
ing issued they shall, bs registered by the Cham
berain, who shall certify the fact Of such registry
upon the back of each certificate. .,,.,s
3. The Mayer may, at,his discretion, either ex-
change these certificates, for; existing evidences OF
debt Of The Corporation, sell the certificates and
apply the proceeds to the paymentof existing debts
But he shall in no case either exchange or sell them
iboir
4. The Chamberlain shall not register any GER
tiicaie until he shall receive proper voucher show
ing The payment pro tanto of the debt of the Cor
poraiion or deposit of the amount in the Bank OF
the Valley in Virginia at Stanton to the credit of
the Corporation. Any money sodeposiiei IN Bank
shall be subject TO the jnt check Of the Mayor and
Chamberlain, and it shall be the duty Of the Cham
berain, before giving such check TO require vouch-
er.showng its application TO The debt Of the Corpo-
ration. $50, .,
s. The certificates so issued shall be transferra-
BILE only BY written assignment, filed with the
Chamberlain, who upon receiving such assignment
shall forthwith transfer the certificates So assigned
to the credit Of the new owner.
g. The interest shalt be paid by the Chamber
lain to the person who shall appear upon his b'oks
entitled the certificate, o;his legal representa-
tive, orto The order Of such person or entallve
| Z. To secure uniformity and convenience, it shall
be me duty of the Mayor To procure blanks for such
certificates of convenient size and form, well print
ed upon good and durable paper. They shall be
numbered as they are issued n regular series, and
in all transactions connected with ther transfer or
the payment of interest it shall be sufficient TO de-
scribe them by ,heh numbers, :.
8. Tie property, faith and credit of The CoE?Q-
ration is hereby pledged for the punctnal payment
of the interest on all such certificates, and for the
ultimate redemption the principal.
| Teste,n = -.
JAMES +. PATTERSON, Clerk.