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

A N ORDINANCE
Authorizing a Loan OF Twenty-Five Thousand Dol
lars for a City Hospital
WHkRkAs, the Act Of the General Assembly euti-
tied "A inrther supplement- TO the Act enti led An
Actl0 llmit the city Debt OF Wilmington, and to
lrON.ue inr the discharge thereof passed April ath
1873 authorized and empowered the Mayor and
Conncll of Wlmt gton, under an ordinance OF the
my Council, to borrow Il sum or sums of money not
exceeding In the aggregate twenty five th0nsand
dollars IN addition to the funded debt OF the cy for
me purchase OF ground and the erection OF hnIld-
lnx OF buldlngs for the purpose of City Hospital
and for other purposes IN said act mentioned
Ana WHEREAS, by an ordnance Of the City Coun-
cl, chtlteu AN Ofdlnfnce Tor the relief OF the FL
nance Committee, authorizing the issue OF Certli.
ca'es o Indebtedness Tor the purpose OF building a
IL spita passed April II, 1873 said Committee was
i horiHed 10 Issue certificates OF Indebtedness to
the a cunt of twenty-five Thousand dollars TO he
expended In the erection OF a t'ity uuspital and
said committee afterwards pursuant to said orI-
nance, issued such certificates or bonds 10 the
amount of thirteen thousand and Ave hundred do-
lars. payable August l. 1898 bearing Interest paya
e on the frst days OF February and August in each
III record thereof 10 have been passed by the re-.
CURED two-thtd vote-although ii was SO passed
ANA whereas the said ordinance prescrbes no tluIe
ior lle pa llent OF the principal of said oa and il
Ia other tespects defective, therefore.
St ordd'ed BY ihe ciH Council Of Waa,inoton ,'co
Hirds ofdH the menbrrs thereon c0ncUrriHJ:
SEXTON /. The action of the Finance Committee
III ssning said bonds to the amount of thirteen thou
sand ana i've hundred dollars as aforesaid Is here
by ratified and approved; and said commit ee is
hereby author and directed to cause 10 be issued
IN the name of the Mayor and Council of Whining
lon, bonds for the remainder of the said sum Of
Twenty-Five Thou and Dollars to wit for the snm
OF eleven thousand and five hundred dolars-and
tle iatn and credit OF the city are pledged for the
patmeht OF SAID bonds heretofore issued and here
after to be issueu as aforesaid
SkCiIoN 2, Said bonds hereafter to be Issued shall
be lii tue iOlms now used for like purpose shall h
issued IN sums OF lity dollars muiIplies of
nity, sl bear Interest at the rate OF six per ceptn
per annuln, payable sem-annuaily on the frs days
o February AMI August OF each year, clear OF all
taAes winch may lie levied upon the principal or in
terest thereof by authority OF this State or of lie
lnltrd states, AMI the principal thereof shsll be
thyahe ON tne nrst day Of August a. D., eighteen
hundred ami ninety three.
SBclIoS3 ., For the payment and redemption Of
Tue debt wnirh has been or may be contracted as
sioresad there shall be sinking fund Of three oI-
lara Tor ever one hundred dollars OF such debt an
Piled every year to tHe redemption thereof until the
whole Of said debt shall lie paid, according To The
requirements OF SAID recited Act
sEcTioE 1. A money which may be borrowed nm
der ms ordinance is hereby appropriated and shall
lie applied and expended In the manner and for tn,.
purposes mentioned in said Act.
Passed ut the City Hall, April 20 ls,5
JOSHUA MAhIS,
President Of the city Council,
Altesi-WM.S s. HAYES, Clerk.