The daily gazette., 1877-05-28
A N ORDINANCE AUTHORIZING A
N lQAN N OE ONE Hundred AND

IA LOAN OF ONE HUNDRED AND
FIFTY THOUSAND DOLL ,RS for the
water reservoir, improving the water
works of the city, and for other purposes:
WHEREAS, The act Of the General AS
sembly, entitled "A further supplement to
the act entitled an act to limit the city debt
of Wilmington. and to provide for the dis
charge thereof" passed at Dover, March
20, 1877. authorized and empowered the
Mayor and Council of Wilmington, under
an ordinance ofthe City Council to borrow
a sum or sums of money, not exceeding in
the aggregate two-hundred thousand dol
lars, in addition to the funded debt OF the
City heretofore authorized, of which said
sum of two-hundred thousand dollars the
sum of one hundred and fifty thousand
dollars was by said act authorized to be
borrowed and applied anu expended, or so
much thereofas should be necessary, for a
new water reservoir, and for i'm proving the
water works of the city, and for other pur-
poses in said act mentioned. Provided that
any and all money borrowed as aforesaid
under the authority ofsaid act and applied
ton of new water reservoir, for land,
bricks, sleeves, caps, stop, stop-house and
necessary adjuncts and appurtenances for a
new reservoir, including fencing around
the same, and for connecting the said new
reservoir with the main pipe on Eleventh
street, should be borrowed by the said The
Mayor and Council of Wilmington, at such
time and in such amounts as the Commits
And,
WHEREAS. An additional loan is neces-
sary for the purpose of constructing and
mpleting the new water reservoir and
and appurtenances for said new reservoir,
required Tor the supply of water to the City.
And,
ford and Cseser A. Rodney. the Commits
sioners appointed by and named in said
Act OF the General Assembly. require such
additional loan for the completion of said
work entrusted TO their direction and con-
troll by said Act. and have requested the
Mayor and Council of Wilmington to issue
bonds out of the said city for that purpose.
Therefore,
Wilmington, two thirds of all the men,
bers thereof concurring.l
SECTION 1-.Thatthe Finance Committee
is hereby authorized and directed TO cause
To be issued in the name of The Mayor and
Council ofWilmington. bonds to the aggre
gate amount of one hundred and fifty thou
sand dollars; said bonds to be issued at
such times and in such amounts as the
Commissioners herein before named and
appointed by said Act of Assembly
shall direct. and the faith and credit of the
city are hereby pledged for the payment OF
the same,
form now used orlike purpose. shall be
issued in sums of fifty dollars, or In null
tiples of fifty, not exceeding one thousand
dollars, ana Sndll DSdT luIeT6St db Inc rate
of five per cent. per annum, payable semi
annually on the lst day ofFebruary andthe
1st day of August in each year clear of all
taxes which may be levied upon the princi-
pal or interest thereof by authority of this
State or of the United States. The principal
of said bonds shall be payable on the First
day of February in the year of or Lord one
thousand eight hundred and ninety seven
SECTION 3--All money which may be
borrowed under this ordinance shall be
placed to the credit ofthe appropriation for
Cool Spring Reservoir, and said money or
so much thereof as may be neces> ary, is
hereby appropriated and shall he applied
an expended by and under the direction of
said Commissioners. as Is provided for un-
der said Act of Assembly, to be paid out to
the City Treasurer OF Wilmington on or
ders drawn on him by the Commissioners
appointed as aforesaid, for the erection and
completion of new W tter reservoir known
as the Cool Spring Reservoir, for bricks.
sleeves caps, stops, stop house and neces-
sary adjuncts and appurtenances for said
new reservoir, including fencing around
the same. and for connecting the said
new reservoir with the main pipe on
Eleventh street, and any other necessary
connections. The surplus of any money
borrowed under the authority of this ordi-
nance which shall remain after the COM
pletion ofthe work to which 1t is hereby
Specifically appropriated shall be placed to
the credit of the wafer account of the City
and used for no other purpose whs.tever
than In repairing or improving the City
Water Works or increasing or distributing
the supply of water To the city.
SEoTioN 4.-The Finance Committee is
hereby authorized at its option to dispose
of said bonds by subscription or to sell the
same at pnblic auction TO the highest bid
Passed at the City Hall, May "a, 1877.
President of City Council.
WIN. II. FoULK, Clerk. may26-H.