The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-10-21
CITY COUNCIL.

A called meeting of this body was held
ON yesterday afternoon. Present: j. j.
English (president), Messrs. Kent, Laube.
Sloan, Flournoy, Allen, Todd, Harvey,
Scott. Strauss, Riddick, Wynne, tfontague,
Jenkins, Davis, Greanor, Euker, Lehman,
and Smith. H:
The President stated thatthe meeting had
been called to take into consideration the
application Of the James River and Kana-
wha Canal Company for relief.
The Finance Committee reported that
this company could not carry on their
operations without outside aid. and, though
generally opposed to making appropria-
tionS of this sort, under the circumstances,
they recommend the loan applied for
SHOULD the legal power vested in the Coun-
ell justify Tito wit : Coupon bonds of
the city to the amount of 100000, running
thirty-four years, with interest at the rate
Of six per centum per annum.
The company agrees to pay the interest
on the bonds when payable; to pay the
principal at maturity, and to provide for
this by paying annually / per cent. on the
principal amount Of the bonds as a sinking
fund for their redemption.
2. TO execute second mortgage upon
its entire property (suhject to an agreement
with Lynchburg to pay that city go, ,OC0
loaned the company, for which the water
rentsf from the Lynchburg level are piedged)
to secure an issue Of bonds limited to $780,
600, and to be increased only with the con-
sent Of the city Of Richmond to an amount
not exceeding in the whole $5C0,C00 face
value; to deposit with the city of Rich
mond $500, 900 Of the first bonds issued as
above rs collateral security for the loan of
the said 100000 of its bonds.
S. That the said mortgage shall provide
that if the payment of the said per cent.
shall at any time be five years In arrears
then the city OF Richmond shall be at lib
erty to foreclose said mortgage,
4. The said bonds, in part or in whole,
shall not be sold by the company by way of
payment, or in any other way, within the
| State of Virginia. The company reserves
for itself the liberty Of discharging its obli-
cations at any time in connection with this
proposed loan by paying to the city the
principal Of said bonds in cash and the in
| tasost dre ct date of settlement, or by de-
| liyering to the city its bonds IN the sum OF
$500, 900 face value, and interest due at date
of settlement.
MIR. Strauss. a member of the Finance
Committee, stated that had he been present
at the committee meeting he never would
have signed the call for the assembly OF the
| Council.
Mr.. Wynne moved to lay on the table
until Monday. Lost.
| Mr.. Todd moved to refer the matter TO
! the people at the election in November.
| Lost.
The report was then, after much discus
| sion by the Council and some explanations
| By the President of the canal company and
| the Attorney for the City, agreed to.
| "a Whereupon, on motion Of Mr.. Kent, the
Finance Committee was authorized to issue
! the bonds according to the terms Of the
proposition so soon as the mortgage was
executed and approved by the City Attor-
ncy and the James River and Kanawha Ca.
nal Company's bonds placed in their hands
Mr. Wynne presented the report of the
! Joint committee Of The Council and all.
| thorities of Manchester on the free bridge ;
| tine structure not to cost more than $780,
GOO. Each corporation to appropriate not
more than $4,000. The city Of Richmond
! is to be reimbursed by an appropriation ol
$40 900, or one-haf of her outlay, to, be
made by the county Of Chesterfield. Inthc
event OF said county not making an appro.
priation, then the whole of her portion is to
| be liuuidated by tolls collected from persons
Others than those living within the limits OF
the two corporations.
On motion, the report was adopted by q
large majority. t.sTss -. 80
After the transaction Of some business oi
minor importance, the Council adjourned
:, .,