The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-12-08
Special Meeting of oity Ceuno,l.
CoUNcIL Ca.Mnrn

Council met a. 10 O'Clock A. II. Present
hs vnden Monor TIE Mayor; Aldermen Carpenter
Carr, Williams, Griffin and Cooper.
Tho Mayor stated he had called tho meeting
81 ac,a. the request Of the special committee ap.
Caroiina National Bank, in the matter OF new
City Hall, and to hear their report,
alderman Wilder, chairman Of said oon,-
had seread with report saying commit
contract. which was presented.
Alderman Wilder also offered the following
ordinance for first reading:
AN ORDINANCE TO AUTHORIZE THE MAYOR Of THE
CITY OF COLUMBIA TO EXECUTE TO THE CARO-.
LIMA NATIONAL. BANK OF COLUMBIA LEASE OF
THE NEW CITY HALL.
,aia L. BE Ds ito o'da d;', meg Gy The Mayor and Alder
scm1tel. That Immediately after thu ratifica-
tion OF this ordinance. the Mayor of tho city
ol Columbia DC, and is hereby, authorized to
execute to the Carolina National Bank OF
Columbi6, South Carolina, a Inase ct the 1,ew
Clty Hall, now being erected in said city for
tho term OF twenty years, from and after the
gay gay wnon said new City Hall shall be com
pleted " the contractor and delivered over to
| tho city, Preserving i'll tho said Lease such
rooms and apartments az m ay be reoured for
the uso OF the City Council and their officers, }
with fall puwer and authority TO the najd
bank to sub-lct tho same, or anv part thereof
from year to year, or from time to time, and
to coll ct aud receive the rents, Issues and
profits thereof.
That tho said lease shall express tlrat the
same ls made on consideration I) that the
said bank ehail rent out and Lease tho said
City Hall, and tho rooms and apartments
thereof except sueh rooms and apartments
as shall be reserved for the uso Of tho CITY
Council aud their oficers,) and shall keep the
samo rented out and Leased from time to
time, on such terms and for such purposes as
may De most advantageous to the interests ts OF
tho city; t2) that tho said bank shall keen
the new City Hall at all times adequately in.
sured,, paying tho expenses OF such Insurance
from t., the O. rents OF the building; t3) that the
said bank shall keep tho amounts which shall
De received from tho rent OF said building at
all times properly and pro6Lab)y invested. as
slnking iund, Tor the redemption OF tho city
Honds so the amount Oh $3.50. .GGGGG, whici, havo
been iesued by the city, pursuant to the pro-
Visions OF an Act OF tho General Assembly OF
this State, entitled "An Act to authorize the
Mayor and Aldermen Of the city Of Columbia
same" approved March Is, 1879; and al that
tho said bank shall in all other respects abide
by and perform tho covenant and agreement
made made and N entered into between the said Ca
roiina National Bank, acting by L. D. Childs,
Esq, as its President, and the Mayor and
Aldermen OF tho city, as Witnessed by an in
denture, dated October 20. A. D. 2s72.
Done and ratified under tho corporate seal
OF the city OF Columbia, at Columbia. on the
- day OF December, In tho year OF our
Lord 1879
On motion Of Alderman Carpenter, the
nance passed to second and third reading
On motion Of Alderman Lowndes, the same
was passed aud became law by unanimous
vote OF Council.
a motion by Alderman Carpenter, that
Council approve OF the contract entered into
by tue committee with the Carolina National
Bank. was, on calling yeas and Maya unani-
nously adopted. The following is the con-
tract:
SFAns nloahssD nona1 cous91. Sancr1sA
4emorand,m Of agreement tet,secn The City
;oaT GoaacI R6, o. cotu'nGta anu tao Caro'f"a Ma
whereas, by a. an Act Act Of Of lie Genera, Assem-
lily OF the said State, entitled ''An Act to au-
thorizs the Mayor and Aldermen OF the city Of
Columbia to issue bonds and to negotiate and
soil the same" approved March IL, 1879. tho
borrow money by iesning bonds Of tho city,
ther with the outstanding indel,t cdness OF the
city, shall not exceed the sum Of $500, ,0O9;
and wher cas-. the said Mayor and Aldermen
have caused to bo prepared for issue, under
bends OF tho city, to the aggregate amount OF
$3.50. 600, which they are now desirous to sell
and negotiate for tho uses and purposes Of
the sAid city; aud whereas, it is cousitlered
that it will tend to enhance the value OF said
bonds in the markets that certain definite ar
rangements shall be entered into before tho
salo or said bonds, whereby to secure the
punctunl payments by the city OF tho semi
annual interest Of said bonds and the ro-
demption OF the said bonds at maturity; nnu
whereas, the Carolina National Bank Of Co
lumbia is willing to accept certain trusts in
reference theretO, and on the baeis OF such
trusts to aid the City Council in the negotia-
ton Of tho said bonds.
Now. this indenture witneeaeth that the
said parties havo agreed upon the following
terms. to be mutually observed and kept in
respect Of the said terms:
l. 10 provide fund annually for tho pay
lnent OF tho semi-anLual coupons OF said
bonds, the said City Council agrees and
| binds, rs well the present City Council as
their succsssors. to levy annually tax upon
| tho taxable property Of the city uficient to
| pay the said se,ni-annual interest coupoas OF
| said Bank, aud to cause tho same to DO col.
| lected, and from time to time, az the aame
shall be collected tn cause the Same to be
paid by tho City Treasurer to the said Caro-.
lima National Bank, TO be by tho said Dank
applied and paid to the semi annual coupons
OF said Bank AZ they mature.
2. Tho City Council further agrees to de-
clare. by ordinance, that tho interest cou
! pons at said bonds which shall be past due at
| the tiIno any saoh tax shall bo collected, shall
be, By tho City Troasurer, received in pay
ment OF snch taxes; and will causo tho Trca-
suror to pay over to tho said bank. as cash, all
! such coupons as shall have bcon so paid to
him on account Of taxes.
j. And tho City Council further agrccs, til at
| il the amount of taxes levied ard paid i'll TO
meet the said semi-annuEl COUPONS Dhuil in