Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-08
REPORTED FOR THE JOURNAL
AN ACT
To enable the City OF Wilmington to pro
vide for the payment OF the debt of said
City contracted prior the year 1886.


vide for the payment OF the debt OF said
City contracted prior to the year 1856.
SEC. /. BE ii enacted buHhe General Assem-
bly of the State Of North Cn9'0lin0, and ii IS
hereby enacted By lie authority 9f:hte same,
That for the purpose of paying or provl-
ding for so much and such part of the debt
due by the City of Wilmington, contracted
prior to the first day of January, A. ID.
1866, as the Board of Aldermen of said City
shall determine The City of Wilmington
is hereby authorized and empowered to
issue bonds of said City, severally of such
sums or denominations, payable at such
time or times respectively, drawing inter
est at such rate not exceeding eight per
cent. per annum, payable half yearly, of
such form and tenor, and transferable in
such way as the Board of Aldermen of said
City shall deem most judiciOus, the said
bonds so to be issued shall not be disposed
of either by sale or i'll exchange or substl-
tuition for any debt contracted as aforesaid
by said City, for less than par P,ouifled,
That said bonds shall not be of less de
nomination than one hundred dollars
SEC. . Bo il further e"ucied, That the
Board Of Aldermen of the City Of Will
mington are hereby authorized and en-
powered, and it shall be their duty, to pro
vide for the payment as well of the puncl-
Of the Bonds to be issued under the power
granted in the preceding section, by an
nually laying particular taxes for these spe-
cial purposes On all Tie persons and sub
iects of taxation on which said Board Of
Aldermen now are or hereafter may be au-
thorized to lay taxes for any purpose what
ever and such taxes shall be collected and
specially and exclusively applied to the sat
isfaction and discharge of the interest and
also of the principal money OF such Bonds,
and SO much thereof as may not be annual
ly required to pay such interest, and can
not be applied in discharge Of the prlnci-
pal money of said Bonds. shall be SO i'll
vested as to secure the payment OF such
principal money upon the maturity Of said
Bonds For the purpose of ensuring the
due investments of the amount to be col
lected from year to year and applicable lis
aforesaid to the payment OF the principal
money Of said Bonds, the Board OF Alder
men aforesaid shall appoint some suitable
person to be styled Commissioner of the
Sinking fund Of the City of Wilmington"
whose duty shall he under such general
rules and regulations as said Board of AL
dermen shall from time to time prescribe
to make investments of SO much OF the
taxes collected as aforesaid as shall be APP
plicable as aforesaid to the payment Of the
principal money OF said Bonds, anu TO 90
and perform all such other services III con
nection with the debt of the City of Will
mington as said Board of Aldermen may
prescribe, and such Commissioner shall
give such Bond, and receive such compen-
sation for his service as said Beard Of AL
dermen may determine.
SEC. 3. Be il f"1tLef entcfcI, That none
Of the bonds authorized to be issued by the
first section of this Act, shall be disposed
of either by sale, exchange or otherwise
for any purpose whatsoever, other than
that declared III said section nor shall
any of said bond be applied eitherby sale,
exchange or otherwise i'll satisfaction, dis
| charge N renewal of any one Of the class of
debts referred TO in said section, until
such debt shall haye been first duly audited
and approved by the Board Of Aldermen,
of the city OF Wilmington.
SEC. 4. BE il ft1fher en'"teR That this
Act shall be in force from and after its rati
fcatiOn.
Ratified this 9th day of February, 1867
Il. \. MCADEN,
Speaker House of Commons
M. E. MANLY
Speaker Senate.