Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1850-02-11
Els Common Council,
February 4M, 1850.

GU ut' y Ae'e, AOOo'
Present,-Jefferson Kinney, Mayor; John B.
Baldwin. Recorder; Robert ). Brooke, Nicholas
k. T'rsut, William Eason, .4lde,men William
H. CARRIER, John b. breckenridge, James A..
Cochran, C0uncilnen.
On motion of MIR. Baldwin the following reso-
lltions We're adopted
Resolred, That the Chamberlain be instructed
to attend to the renewal of the notes drawn by
the Water Committee, and discounted by the
Bank Of the Valley in Va, at Stanton, for the
use of the Corporation, and that he pay the dis
count upon such renewals out of any money in
his hands applicable to the payment of interest on
the debt OF the Corporation.
Mr.. Baldwin submitted the following Ordl-
nance, which was passed:
can Ordinance concerning the debt of the
Corporation"
Be it ordained By the Mayor and Commonal
IN of the Ioayn Of 5 taunton, IN Common Ccun-
t. The Mayor is authorized and instructed, as
soon as practicable TO fund the existing debt of the
Corporation in SUMS Of one hundred dollars. by
The issue Of certificates of debt, payable in mol
less than ten nor more than twenty years from
their date, with interest at six per cent, payable
on the lst day of January, and the LIST day OF
July in each year,
3. Such certificates shall be signed by the
Mayor and atested by the Clerk Of the Council
who shall affix thereto the seal of the Corpora
tion. Before being issued they shall be register
ed by the Chamberlain, who shall certify the fact
of such registry upon the back Of each cer,ifica
3. The Mayor may, at his discretion, e,her
exchange these certificates for existing evidences
of debt of tie Cooperation, or sell the cerIfca IS
and apply the proceeds 10 the payment OF exIs
ting debts. But he shall in no case either ex
change or sell them al any discount upon their
par value.
4. The Chamberlain shall not register any GER
tifcate until he shall receive proper voucher,
showing the payment. pro Unto. OF the debt OF
the Corporation, or depnsit Of the in the
Bank Of the Valley in Virginia, at Slaunlon, to
the credit of the Corporation.
| ANY money so deposited in Bank shall be sub
iect to the joint check of the Mayor and Cham
berlain. and it shall be the duty OF the Chamber
| lain before giving such check to require voucher
showing its application to the debt Of the Corpor-
alton.
S The certificates so issued shall be transferra
be only by written assignment. filed with the
Chamberlain, who upon receiving such assign
ment shall forthwith transfer the certificates so
assigned to the credit of the new owner
8. The interest shall be paid by The Chamber
lain TO the person who shall appear upon his books
entitled to the certificate To his legal represen-
tatve, or 10 the order Of such person or represen
tave.
! T. To secure uniformity and convenience it
shall be the duty of the Mayor to procure blanks
for such certificates, of convenient size and form.
well printed upon good and durable paper. They
shall be numbered. as they are issued, III regu-
lar series, and in all transactions connected with
their transfer. the payment # interest. it shall
be sufficient to describe them by their numbers.
s. The property, faith and credit Of the Cor
poration is hereby pledged for the pancinal pay
ment of the interest all such certificates, aud
for the ultimate redemption of the principal.
Teste, JAMES +. PATTERSON.
Clerk