Wilmington daily commercial., 1875-05-06
Gitu Ordinances.
A n ORDINANCE

A n ORDINANCE
Authorizing Loan of Twenty-Five Thousand Dol
lars for city Hospital.
NHsREAs, the Act Of the General Assembly entI-
Tied, "a further Supplement to the Act enti led An
actto limit III, city Debt OF Wilmington, and to
prnN for the discharge thereof, passed April 9TH
1873, authorized aud empowered the Mayor and
Conncd of Wilmir gton, under ordinance OF the
tl! tluncli, to borrow a sum or sums of money not
exceeding IN the sg!pgaie twenty-five thousand
dol ars IN addition TO the funded debt OF the cty for
the purcnase Of ground and the erection OF build
ing or bul dings for the purpose Of city Hospital
anu ttr Other purposes in said act mentioned
ana WHEREAS, by an ordnance OF the City Coun-
cl, entitled IAN Ordinance for the relief of the FL
uance Committee, authorizing the issue OF Certin
Ia es Indebtedness for the purpose OF building
Hospital passed April IL 1873 said COMMITTEE Was
au horned to issue certiGc .tes of pdebtedness To-
the cunt of twenty-five thousand dollars 10 he
expended 10 the erection OF a City Ho pilal and
sad committee afterwards pursuant to said ordl-
nance, Issued such cert hcates or bonds TO the
amount OF thirteen thousand and i've hundred dol
lars payable August !, 1898, bearing interest paya-
be on the nrst days OF February and August in eacn
year
And wHEgEAs said ordinance does not appear by
tie record thereof 10 have been passed by the re-
qnired two-th I'd yote-athough IL was so passed
Aud wherea' the said ordinance prescribes no time
Tor The pa inent OF the principal OF said loan and
IN other RESPECTS defective. therefore,
Ge q ordained ty the City Council Of Wilmington tro-
thirds Of al Tie members thereof concurring:
SEXTON |. The action OF the Finance Committee
IN issuing said bonds amount OF thrt cen hou
s1ni ana nve hundred dollars as aforesaid, is here
hereby author and rected to cause 10 be issued
IN the naue OF the Mayer and Council of Whining
IN, bonds Tor the remainder OF the said sum u
twenty five Thou and Dollars TO wilt for the sum
oi eleven Thousand AMI i've hundred dollars-and
the faith and credit OF the city are pledged for The
payment OF said BONDS heretofore issued and here
after to be issued aforesaid.
skCfloS2, Said bonds hereafter TO be Issued shall
be In the forms now used for like purpose shall be
issued III sums OF nifty dollars or in muitlplies OF
MY, shall bear interest at the rate OF six per centum
per annum, payable se1ni-annnally on the first iays
oi February and August OF each year, clear of All
taxes which may be levied upon the principal or in
teres thereof by authority Of this State or of the
lnltrd states, ami the principal thereof shall be
payable on the nrst day OF August, A. d. eighteen
hundred and ninety three.
SECTIONS 3, For tine payment and redemption OF
the ueDt winch has been or may be contracted as
aforesaid there shall be sinking fund OF three dol
lars for ever ole hundred dollars Of such debt ap-
rlled every year 10 the redemption thereof until the
whole OF SAID debt shall be paid, according to the
requirements of SAID recittd Act
SECTION 4. a MONEY which may be borrowed IN
der this ordinance B hereby appropriated and shall
be applied and expended iu the manner and for the
purposes mentioned In said Act.
Passed at the City Hail. April 90 1878
JOSHUA MANS,
President Of the City Council,
Altest-WM.s :. HAYES, Clerk.