Wilmington daily commercial. [volume] (Wilmington, Del.) 1866-1877, 1874-08-01
Citu Ordinance

A n ORDINANCE Al THORlZING A
14Loan Of Two Hundred Thousand Dollars for
tue construction OF q New Water RESERVOIR, In
purposes
WHEREAS The Act Of the General Assembly. en-
Titled " further supplement TO the Act, entitled
an Ac' 10 Unit the city debt Of Wilmington, and TO
provide for the discharge theiof passed pril sth
ISIS, authorize and empowered the Mayor and
Colncl OF vi mington, under an ordinance OF the
NY Couucl 10 borrow sum or sums OF money not
exceeding 10 The aggregate two hundred thousand
dollars 10 addition 10 the present funded debt of
CITY, iOr the new water Reservoir aud for improv-
Ing the water works Of the CITY, increasing and en-
arging he convenience. for the supply OF water to
me cit, and for certain otter purposes in said Act
ANA HEREAs, The existing reservoirs aud o'her
convenience Of the city for The supply Of wat,r are
wholly Insufficient, therefore.
be Il o'da ma ~ N CITY Council Of TilDfnqton
tieo-thirds y all The members N reQf cOIieurTtng
kcTloS !. The Finance Com lice Is hereby au-
thoiized d direct 10 cause 10 he issued ia the
IA" OF The MatOr AM Council OF imingfon
bonds 70 the aggregate amount OF two hundred thou
sand dol ars and the faith and or ait of the city
htreiy pltugel 7 ] th- payment Of the same.
sEcTios Z. said Bonds shall be in the form now
used ioT IKE purpose, shan re issued IN sums OF
sly thousand dollars, and shall bear interest at he
rate Of six per centum per annum payable SEMI
aIu1i! on me 81 day Of January and the Inst day
o. Nv IN tach year, clear OF all tXes which NAV
" eNleu upon Inc principal or interest thereof by
authority Of this state or OF the United states
SECTION g. The principi Of said bonds snall be
payable as follows, 70 wit: SIX thousand dollars n
nrst day Of July A. D., eight, en- hundred a, a
seFenty-nve, aud like sum Of X thousand dollal 5
on ~ nrst nay OF July IN zach and every vtar ther,
AFTER until and Including the INST day OF July A. d.
nineteen Hundred and ven, aud the emaining
SUN OF Two thousand dollars on the first day Of il,
= r.: nineteen hundred and eight; and sai1 b nds
all De u ued Ia series according To tue time when
'he! shal seVsfallv be payable a. aforesaid.
stc1los T. FOR he payment and redemption of
the principal OF the debt which nav ne contractei
under this Ordinance. there hall be appro mated
Ahd spplied IA the year eighteen hundred and sew
entt-nNe aud In each year thereafter unin ana in
c nolng the y ar "ineieen hundred and seven the
sum OF slA Thousand dollars, and In the year nine
teen nundre and eight The SUN OF two thousand
ooias according 10 the requirements OF the afore-
sEeI on o ] money which may be borrowed un-
ger TINS Orulnance,is hereby appropriated ana shall
be applied and expended for The construction of a
new water Reservoir, improving the water works of
me Gu! increasing and en- arglng he cOnyt nlences
ioI the supply Of wst-r 10 the city, and or snch
ether purposes ami works as are designated In the
aforesaid act. 80 'ie
Passed at the City Hal, July 80, 1874.
JOSHUA MARIs
49,. W.. q -, President Of City Council
1A.e =. q hAikS' 'lerk- augi-2t