The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-02-06

The following is the act referred to in
Mr.. Crangle's letter to the Board of
Public Works:
WHEREAS, By an act of the General
Assembly of Virginia, passed March,
the 10th, 1913, it was provided, that to
enable the city of Wheeling thereafter
to make and secure her subscription to
the capital stock of the Baltimore and
Ohio Railroad Company of five thou
sand shares, amounting to the sum of
i've hundred thousand dollars, the
treasurer OF the commonwealth was
authorized and required, when he
should be thereunto requested by the
council or other proper authorities of
said city, to subscribe or endorse the
guaranty of this State to or upon the
bonds of said city, to be executed in
payment OF her said subscription, to the
amount of the said sum of five hundred
thousand dollars, according to form
set forth in said act, and providing that
said guaranty should not be so sub
scribed or endorsed by the treasurer
until said city should, in binding form,
to be prescribed by the Board of Public
Works, pledge the stock so to be SUBJ
scribed by her as aforesaid, and all
dividends and profits arising therefrom,
to indemnify the State against any and
all loss that might result to her in con-
sequence of such guaranty; and provid-
ling also, that the said city should in
like manner, mortgage or pledge such
other property belonging to it as the
Board of Public Works should consider
sufficient indemnity against such
lOssi and, whereas, the said CITY of
Wheeling afterwards, by mortgage
bearing date the Goth day of March,
1852, and duly recorded, did convey to
the Board of Public Works, for the bene-
fit of this State, the said five thousand
| shares of the capital stock of the Balti-
more and Ohio Railroad Company: also
the public water works belonging to
said city of Wheeling; together with
the lands, buildings, reservoirs, en-
gines, and fixtures belonging or apper-
tanning to said water works, and ali the
rents, issues or profits arising or to ac-
| crue therefrom; also the public land
ings belonging to said city, and all the
lands, buildings, fixtures and fran
chises unto said public landings
belonging or in any wise appeFtaining
| and the rents, issues and profits arising
| or to arise therefrom, to indemnify the
State aforesaid; and thereupon, the said
treasurer did, on the I'D day of July,
| 1852, subscribe said guaranty, and the
said city did thereafter issue and nego-
tate said bonds with said guaranty, so
subscribed by said treasurer: and
whereas, the said city has since paid or
| the bonds so guaranteed, the sum Of
one hundred and thirty-four thousand
dollars, and now requests this State to
release an equivalent amount of said
stock, TO wit: thirteen hundred and
forty shares thereof, amounting to one
hundred and thirty four thousand dol
lars:
l. Be It enacted by the General Assem-
bly,, That upon the surrender and de-
livery of said bonds so guaranteed by
the State AS aforesaid, to the amount of
one hundred and thirty four thousand
dollars, by said city or its duly author
lied agent, to the said Board of Public
Works; and upon satisfying that board
that the residue of said stock and the
other property named in said mortgage,
are sufficient to indemnify the State
against loss or damage, upon the out
standing bonds, the said Board of Pub
lie Works be and they are hereby au-
thoriZed and directed to release and
surrender to said city the lien of the
State upon thirteen hundred and forty
shares of said capital stock of the Bal
timore and Ohio Railroad Company,
amounting to one hundred and thirty
four thousand dollars,
. Be It further enacted, That upon
the like surrender and delivery OF any
other of said bonds, so granted by the |
State, as aforesaid, by the said city, or
Its duly authorized agent, to the said |
Board of Public Works, and, upon
showing, to the satisfaction of said
Board, that the residue of said stock,
and the other property named in said
mortgage. are sufficient to indemnify
tue Statef as hioFeSalu, tnat then the
said Board of Public Works be, and
they are hereby authorized, from time
to time, such bonds shall be sur
rendered and delivered, as aforesaid, to
release an equivalent amount of said
capital stock of the Baltimore and Ohio |
Railroad Company to said city.
J. Be Il further enacted, That the said |
Board of Public Works be, and they !
are hereby authorized and directed, |
from time to time, to surrender and |
deliver to said city, or to its duly au-
thorized agent, any and all stock re-
leased by virtue of this act; PROVIDED. |
That there shall first be a full settle |
ment of all interest due the State of i
Virginia, up to the time or times OF |
cancellation.
4. This act shall be in force from its
passage. |