The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-03-29


stricken out, and the report thus amended
concurred in.
As adopted the report authorizes the |
Finance Committee TO receive proposals
for loan of $S5O0O0 for 20 years,
PETITIONS REPERRED.
OF VIII. Travis, asking correction of
of sundry city taxes; asking
curb on Lindsay street, between 9Th and
9th.
OF Alex. Wallace, asking authority to
purchase box Of matches, pound of
candles, broom, etc, ETC., for lookup.
TIE SINKING FUNDS.
Mr.. Stanton, under q suspension Of the
rules, introduced IN ordinance fort reg
ulation and safety OF the city sinking
funds Referred, on his motion, to q Sc
lect committee, Of whom on the part Of
the First Branch the Chair appointed
Messrs. Stanton and Wilson.
The following Is the Ordinance in full:
AN ORDINANCE,
To amend an ordinance passed septem-
Der 1, 1854, entitled: IAN ordinance to
negotiate loan for the City of Wheel
ing, and TO create sinking fund for the
redemption thereof, and also an ordi-
nance passed April nth, 1855, with the
same title"
SEC. /. Belt ordained 6I tie CITY Council
of Tie City of Wheeliag: That -,-,
=, be, and they Nrc hereby created
Commissioners oHthe sinking fund created
by the ordinance passed September /,
1854, entitled: IAN ordinance to nego.
tiatc loan for the City Of Wheeling, and
to create sinking fund for the redemp-
ton thereof, and also Of the sinking fund
created by the ordinance passed April II,
1865, with the same title, and It shall be
their special duty to see that all the terms
and provisions Of said ordinance arc faith
fully executed according to their true in
tent and meaning, except in SO far as said
ordinances are amended or repealed by
this ordinance.
SEC. 2. Bet further ordained, That said
Commissioners shall be, and they are
hereby instructed, authorized and empow-
cred, out Of the revenues received by
them from wharfage and taxes on real
estate, under the ordinance aforesaid,
passed September /, 1854, to pay the semi
annual interest aCcruing upon the bonds
issued under said ordinance; and after
paying the interest, shall apply the residue
to pay the principal Of said bonds, issued
under and by virtue Of said last mentioned
ordinance. And said Commissioners shall
in like manner apply the taxes collected
on real estate, on account Of said City, to
the amount Of three thousand dollars, and
the rents and monies collected for,
or on account Of the City, from the
rents Of stalls in the Second Ward
market, 10 the payment Of the interest
on the bonds issued under and by virtue
of the ordinance passed April 18th, A. D.
1866, and the surplus after payment Of
said interest, shall be applied to the pay
ment of the principal Of said bonds.
Sec. 3. II shall be the duty Of said
Commissioners when any bond or bonds
arc presented to, or deposited withthem,
Tor redemption, to require the holders OF
said bonds 10 state in writing the lowest
sum they are willing to accept in pay.
ment and satisfaction o(sald bonds, And
said Commissioners may take such rcas-
enable time for the payment Of said bonds,
and give such reasonable notice to the
holders of said bonds, Of the time and
place of payment, rs they may deem
necessary and proper. And If att the
time fixed for payment, the amount of
bonds presented shall exceed the amount
OF the funds In their hands applicable to
the redemption Of such bonds, they shall
pay only such rs are offered at the lowest
price.
If said Commissioners shall not be able
to redeem said bonds before maturity ut
their face, or at par, they shall invest the
funds on hand in stocks and bonds OF the
United States at their market value,
Sec. 4. That Il the Commissioners shall
fail to apply snid surplus fund TO the pay.
ment or redemption OF said bonds, or If
they cannot DO redeemed at par, to invest
tho surplus in stocks or bonds Of the
United States, according to the true in.
tent and meaning Of this ordinance, and
the aforesaid ordinance Of September, l,
1854, and April II, 1855, and shall keep
on hands, or on deposit in any bank or
monied institution, any sum exceeding
dollars, for moro than -
days ut any one time, they shall be per-
sonally and jointly and severally liable
for such sum, with interest thereon at the
rate Of ten per cent per annum. The City
shall from time to time pay said Commits.
sioners such compensation for their ser.
vices as the City Council shall deem
reasonable and proper.
Sec. 8. The fourth and seventh sections
Of each of the ordinances passed Septem-
Der /, 1854, and April II, 1855, each oil
which is entitled IAN ordinance to nego-
"tiate loan for the benefit Of the City OF
"Wheeling and to create u sinking fund
"lor the redemption thereof" be and the
same are hereby repealed.
Sec. Q. Be 1t further ordained, That It
shall be the duty Of SObieski Brady and
Nathan Wilkinson, Commissioners, under
IAN ordinance compromising and retiring
"bonds of City issued to Hempfeld, Mari.
"etta and Cincinnati, and Cleveland and
Pittsburgh Railroad Companies, and
securing the payment Of new bonds"
passed November27th, 1860, whenever the
three per cent bonds mentioned in said or.
dinance can be purchased at a rate Of less
than fifty cents on the dollar of the face
of said bonds, to apply the surplus that
may be in their hands after paying the in.
terest on all the bonds provided for by
said ordinance, to apply said surplus to
the payment and redemption ofsaid bonds
at the lowest price at which said three
per cent bonds can be purchased, not OK.
ceeding fifty cents on the dollar.
The report on salaries was taken up
and the amendments Of the Second
Branch concurred in with the following
exceptions: When it came to fixing the
per cent. Of the Collector, the report
making the rate 3 per cent, Mr.. Campbell
moved to make it Ct. Mr.. Stanton OBJ.
iected to paying the Collector so large a
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