The daily gazette., 1877-08-18
Herald copy

n ORDINANCE AUTHORIZING A
N Loan of Twenty Six Thousan Dollars
Tor the use OF the Board OF Public Educa-
tion.
Whereas, An Act of the General Assem-
bly,, entitled "A Further Supplement to
the Act entitled An Act to Limit the City
Debt of Wilmington, and to Provide for
the Discharge thereof" passed at Dover
March 20, 1877, authorizing the Mayor and
Council of Wilmington ,underan ordinance
of the City Council, to borrow sum or
sums of N oney not exceeding in the aggre-
gate two hundred thousand dollars in ad-
dition to the funded debt of the city hereto
fore authorized, of which said sum of two
hundred thousand dollars, the sum of fifty
thousand dollars was by said act author
lied to be borrowed and appropriated, ap-
piled and expended, or so much thereof as
should be neces .ary, to pay the present
floating and unfunded Indebtedness incur
red by and for the BOARD of Public Educa-
tion in Wilmington" and
Whereas, Under an ordinance of the City
Council OF Wilmington entitled "An ordi-
nance authorizing loan of one hundred
and fifty thousand dollars for the construc
tion and completion of new water ser
voir, improving the Water Works of the
City, am for other purposes, passed A1y-
2ith, 1871, under authority of the said act of
assembly, the issuing of the bonds and the
borrowing of one hundred and fifty thous-
and dollars in the name of the Mayor and
Council of Wilmington was authorized and
directed Tor the purposes set forth in said
thereby more fully appear therefore
Be 1t ordained by the City Council of
Wilmington Ctwo'thirds of all the mem
berS thereof concurring,)
Section L. That the Finance Committee
is hereby authorized and directed to cause
to be issued in the name of the Mayor and
Council of Wilmington, bonds to the ag-
gregate amount of Twenty-Six Thousand
Dollars, and the faith and tredit OF the city
is hereby pledged for the payment of the
same.
Section 2. Said bonds shall be in the form
now used for like purpose, shall be issued
In sums of fifty dollars, or in multiples of
fifty, not exceeding one thousand dollars,
and shall bear interest at the rate of five
per centum per annum, payable semi-an-
nually. on the first day OF February and
the first day of August in each and every
year clear of all taxes which may be lev
led upon the principal or the interest there |
OF by authority of this state or of the Uni
ted states. The principal OF said bonds |
shall be payable on the first day OF Febru- |
ary, in the year of our Lord one thousand |
eight hundred and ninety-seyen
Section 3. All moneys when may be
borrowed under this ordinance, or SO much |
thereof as shall be necessary, are hereby |
for the use oii and shall be |
applied and expended under the directions |
OF, 1.-The Board ofPublic Education in vii,
)" to pay the present floating and
unfunded Indebtedness incurred by ana for
said "The Board of Public Education in
Wilmington " The surplus of any moneys |
borrowed under auCnorlJy OF Lnls oruihdnce
which shall remain after the payment OF
the present floating and unfunded indebt.
edness incurred by and for "The Board of
Public Education in Wilmington" shall
be placed to the credit of the water account
of the city and used for no other purpose
whatever than in repairing or improv-
ing the City Water Works or incl easing
or distributing the supply OF water to the
city. .----...-- :.
Section 4. The Finance Committee is
hereby authorized at its option to dispose
of said bonds by subscription or to sell
the same at public auction to the highest
and best bidder or bidders,
PASSED at City Hall. August 10, 1877.
M l.. LICHTENSTEIN, |
Attest: President of City Council.
WIN II FouLK Clerk augl7-H