The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-06-01
An Ordinance.

To negotiate loan for the payment OF the
existing debts and liabilities of the City
OF Wheeling, and for retiring all the BONDS
Of said city Except the bonds issued nm
der the ordinance OF November q, lSGO
and to create a sinking fund for the re-
demption thereby
SEC. /. Be il ordained by the Council o.
the City OF Wheeling, that the Mayor and
the Clerk OF the city OF Wheeling be anu
they are hereby directed to make ana de-
liver, as IN hereafter provided, bonds OF the
city 10 the amount of three hundred ana
fifty thousand dollars, the said bonds
to issue in sums of one thousand dOl-
each payable on or before the Isl
day OF June, 1891, at the CONT
sental Bank of New York, with Interest
M the rate of seven and one-half pei
cent. per annum, the interest TO be pay
able on the LIST days of June and Decem'
Der in each and every year at the Sald Con-
tinental Bank for which interest coupons
in proper form, shall be attached 10 each
bond, and signed by the clerk OF the city
the said bonds to be signed by the Mayor,
countersigned by the clerk and sealed VIII
the common seal OF the CITY,.
SEA- hat the Mayor and clerk deliver
one hundred OF said bonds to ID. I. List ana
ono hundred and fifty OF said bonds 10 tne
committee on Finance Of soid city on the
lst day of June, 1871, or as soon thereafler
as practicable,--fifty OF said bonds 70 the
said List on the list day Of July, 1871, htty
day of August, 1871.
SEC. g. Be IL further ordained, that to Sc
cure the payment ana redemption OF Sitlu
bonds and the punctual payment OF the in,
terest thereon, according to the tenor ana
effect of said bonds and coupons and the
payment OF thirty-six dollars by the col.
iectOr of the city OF Wheeling TO the SAID
commissioners in each and every year, as -
herein provided, the Mayor is hereby di-
rected and authorized and empowered, by
proper instrument in writing, ana under
the common seal of the city, signed anu
acknowledge for record by him as Mayor
for and on behalf Of said city 10 convey 10
Daniel Lamb in trust all the real property
of the city of Wheeling, except such real
estate as may be acquired ron wheeling
Gas Company and the whole OF the revenue
OF said city of Wheeling from whatever
source derived, except revenue derived
from gas works of said city to the amount
of thirty-SiX thousand dollars III each ana
every fiScaiyear, commencing on the ISL
day of June, ISL.
SEC. 4. That the collector of taxes and
water rents of the city Of Wheeling, shall
at least once in every two weeks pay into
such Bank, i'll the city of Wheeling, as the
commissioners hereinafter appointed shall
from time Ia time designate TO the credit OF
such commissioners, all money by him col
lected or received from whatsoever source
for or on account of said city until said pay
mentS shall amount i'll each year 10 inc
sum OF thirty-SiX thousand dollars. Inc
receipt of the chairman OF such colnmlS-
S;OnerS 10 be til.d by SAID collector WIFI inc
clerk 9f the city.
SEC. D. BE il further ordained, that Henry
X. List and Benjamin davenport be anu
they are hereby appointed commissioners
and shall, out of the moneys ny them raised
from lid collector under this ordinance,
nay the semi-annual interest accruing upon
the bonds issued under this ordinance, and
after the payment of said interest II be-
comes due, with the exchange and expenses
necessarily incurred in the execution of
their duties under this ordinance, shall on
the LIST day OF June, 1872, and on the LIST day
of June in each and every year thereafter,
apply the residue of the moneys then re-
manning in their hands to the redemption
OF the then outstanding bonds issued under
this ordinance at n rate not greater than
their par value. If said bonds cannot be
redeemed with the consent OF the holders
at their par value or less, then in such case,
the bonds To be redeemed shall be deter
mined by said commissioners by lot, who
shall thereupon give notice to the holders
thereof by advertisement published for two
weeks in some newspaper printed in the
city oi Wheeling of the numbers OF the
bonds to be redeemed; and such bonds shall
cease To bear Interest from the LIST day of
June succeeding such notice.
SIC. q. 1t shall be the duty OF said COM
miSsioners to cancel and deliver tOthe clerk
of the city the bonds and coupons redeemed
by them at least once in every year or
oitener if SO required by The Council, and
the said clerk shall preserve the same In a
book to be provided for him by the Mayor
for that purpose.
SEC. :. IL shall be the duty Of the commits
sionerS To keep a true account of the re-
ceipts and disbursements ana shall report
the same 10 Council annually and at such
other times as Council shall direct.
SEC 3 That no one OF said commissioners
nor OF their successors shall act under this
ordinance until he shall have given bond
with security to be approved by Council In
the penalty Of fifteen thousand dollars,
which bond shall he conditioned TO the
following effect: The condition of the
above obligation is such, that whereas the
above bound 4. Il. has been duly appointed
a commissioner under an ordinance of the
city OF Wheeling entitled an ordinance TO
negotiate a loan for the payment of the
existing debts and liabilities of the city of
Wheeling and for retiring all the bonds
of said city except the bonds issued under
ordinance OF November q, 1860, and to Gre
ate sinking fund for the redemption
thereby now therefore If the said A. b.,
during his continuance as such commits
sioner, shall in all things faithfully and
diligently discharge the duties of such com-
missioner and shall well and truly account
for and pay over TO such person or persons
as may be entitled to receive the same all
moneys which shall come into his hands or
contrO! RS such commissioner then shall
the foregoing obligation be void, otherwise
10 remain in full force and virtue.
SEC. 9. 1t shall be the duty of said COM
missioners to enforce each and every pro-
vision of this ordinance according to its
true intent and meaning, and any failure
upon the rart of any one OF said commits
sioners To comply with any one of the pro-
visions of this ordinance shall be deemed a
forfeiture of his bond.
SEC. III. The Council may for cause at any
time remove any one or mO'e OF the COM
miSSioners or OF their successors and any
of the said commissioners or their success
Sors may at any time resign his office by
giving notice in writing of such resignation
10 the Mayor or clerk Of the city. When
ever any vacancy occurs in the said office
il shall be filled by the Council.
SEC. IL. The commissioners and their sue
cessorS shall receive, as a compensation for
their services one half OF one per cent. on
the amount disburSed by them pursuant 10
the provisions OF this ordinance.
SEC IL. Upon the delivery of the bonds
and coupons TO tn Bank Of Wheeling as
aforesaid there shall be placed by said Bank
TO the credit of the Finance committee of
the city a sum of money equal to the prin-
cipal amount to become due on the bonds
so delivered to be disbursed by the said
Bank upon orders of the chairman Of the
SAID committee and no such order shall be
authorized by said committee or issued by
iIs chairman unless il be in discharge of
some existing Liability Of said city intended
TO De hereby provided for.
SEC. Is. The bonds and coupons to be Is
sued under this ordinance =hall NOT ha an h