The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-05-13
CITY COUNCIL.
Second Branch.


A special meeting ofthe City Council was
held last evening. President Forbes &C,
cupied the chair in the Second Branch
The following members were present al
roll.call: Messrs. Baird, Clator, Craw,
ford, Hazlett, List, Logan, McAdams
0Brien, Steger, Smith, j. e., Simpson
Salisbury, Weisgerber, Warehouse.
Minutes Of last meeting read and ap
proved
The object of the meeting was to re
ceive the report OF the Committee on Fin
ance. The report OF the Finance Com.
mittee was read and the following reso,
lutiOns offered:
ReS0t0ed, That the proposition of Mr.. ID
C. List to take the city loan OF $3.50 .OO(
at per cent interest be accepted on thC
terms therein stated, and that the Nayol
be authorized, in behalf oil the city, to en-
ter into a contract for the same.
RGSOlred, That the Finance COMMITTEE
be instructed to prepare an ordinance pro
viding for such loan, in accordance will
the terms proposed by Mr.. List, and nc
cepted by Council. .....
Respectfully submitted,
T. II. LOGAN, Chairman.
Mr.. d. G. Lists proposition:
Mr., z. H. Logan, Chairman Finance Com
mittse!'
Asa substitute for the offer herCtOforr
made by me, | now propose as follows
VIZ: will lend the city tho sum OF $3.50,
600, Tor (which bonds are to be issued il
proper form, dated June l, 1871, payable
in twenty years, with interest at 8 pc
cent, payable semi.annually, for which in
terest coupons are To be attached to tn
bonds. A deed Of trust to be given, witt
satisfactory provision therein to secure TIN
punctual payment Of principal and inter
est, on the realty and other property be
longing to the city, and also on $4,000 o
the reserve OF the city in each and every
year, to be paid out Of the first collections
made, to commissioners appointed for thu
purpose; said sum to be applied by sale
commissioners TO the payment of TIT
interest and principal OF the debt above
named, and all the bonds to be exempt
from municipal taxation. Principal anC
coupons to be made payable at the Bank
of Wheeling, In this city, Such commits
sionGrs as | may name to be appointed
but the same are to be acceptable TO The
Council, and their compensation NOT to eX
coed ! Of per cent per annum, on TIT
amounts annually discussed by them, and
reported TO the Council; 100000 of thi.
lean TO be paid in June 1871 and $50,OO(
in July II, and $50 600 In August II, and
the remainder as may be required from
time to time, to take up the bonds, now
known MS the Sinking fund" bonds us the
same may be hereafter presented for pay
ment. .I ....... .1.'-
The proceeds Of this loan to DO paid
out on the order Of your committee, and
only for the existing liabilities Of the city
Second proposition!
II the Council can and will agree In
some binding form 10 make and cause oil
the collectors, Treasurer Tor Receiver) &c
make all the deposits OF collections of thu
city, rs the same may be collected by
them, with tho Bank Of Wheeling, in this
city, during the terms of this loan, then
will ngrec TO make the loan at n per cent
per annum. If this proposition be &C,
copied only $4,000 need be set apart an.
nually. DC. list,
Should there be pressing demands upon
the city ! would make nm advance o.
100000 or $25, 900, If either proposition III
accepted ut rates as stated, until the bonds
are prepared, with the other necessary
forms. '..H .. DC. List
The various other propositions made by
the Merchants National and Bank OF
Wheeling, were then read. ..... ....
Moved that the resolutions offered by
the Committee, to accept the proposition
of d. 9. List, be adopted ..
Mr.. OBrien offered MS substitute fol
the above, the following: ...
ReS0ired, That books shall he kept open
by II commissioner TO be appointed, to ne.
gotiate the loan, for 80 days, and no per.
son shall be permitted to subscribe for q
greater sum than twenty thousand dollars
until after the expiration OF said 30 days.
Mr. Simpson offered the following Us a
substitute for all Of the above: "a.
IteS0Ired, That the Clerk of tho city be
instructed to invite sealed proposals for
the 100000 loan, up to such time as the
Council may determine, and report the
same at the expiration of The time so Ak.
cd. Said sealed proposals to be opened
In Council only, and they are not to in.
Guide the disposition of the city deposits.
Lost Ayes,O; nays, s, #'. .f...
Adjourned. ~.