The daily gazette., 1877-08-20
IN ORDINANCE AUTHORIZING A

AN ORDINANCE AUTHORIZING A
n Loan of Twenty Six Thou sand Dollars
for 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 10 Limit the City
Deot 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 money 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
ized to be borrowed and appropriated, ap-
piled and expended, or so much thereof as
should be neces, ary, to pay the present
floating and unfuuded Indebtedness incur
red by and 1or the "Board of Public Educa-
ton In Wilmington" and
Whereas Under an ordinance OF the CITY
Council OF Wilmington entitled g An ordi-
nance authorizing a loan of one hundred
and fifty thousand dollars for the construc-
tion and completion OF q new water reSer-
yoir, improving the Water Works of the
City, ami for other purposes, passed May
24th, 1877, under authority OF The SAID ACT OF
assembly, the issuing OF the Donds ana the
borrowing of one hundred and fifty thous-
and dolla in the name OF the Mayor ana
Council of Wilmington was authorized and
directed Tor the purposes sci forth In SAID
ordinance and act of assembly, as will
thereby more fully appear therefore
Be it ordained by the City Council OF
Wilmington (two' thirds OF all the mem
bers thereof concurrlng.)
Section /. That the Finance Committee
is hereby authorized and directed to cause
to be ISSUED in the name OF the Mayor ana
Council of Wilmington, bonds TO the ag.
gregate amount of Twenty-Six Thousand
Dollars, and the faith and credit of the city
is hereby pledged for the payment OF The
same. -
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 nve
per centum per annum, payable seml-al;
nualIy on the first day of February ana
the first day of August IN each and every
wear clear of all taxes which may be lev
led upon the principal or tne lnterest tnere- mere
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 pe
borrowed under this ordinance, or SO much
thereof as shall be necessary, are herepy
appropriated for the use OF, ana snail oe
Applied and expended under the oIrecti0iis ,,2,I
of 'iThe Board of Public Education in VII,
mington, :" to pay the present noatlng anu
unfunded Indebtedness incurred Dy anu ior
said 1.-THE Board of Public Educatloh III II.
Wilmington" The SURPLUS OF any moneys
borrowed under authority OF this ordinance
which shall remain after the payment OF
the present fl oating and un unded indeoo, s =,
edness incurred by and Tor 'Ihe boaLu y,
| 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 lmpToV,
| ing the City Water Works Or Incl easiiie
or distributing the supply of water TO the
city. ro.,,,oit,oa is
Hereby authorized at It's option 10 disposnt psn
iof said bonds by subscription or to sell
the same at public auction TO the hlghes'
and best bidder or bidders, ,o-,
passed at City Hall, August l6, 1871.
NJ l.. LICHTENSTE1N,,,
J SI'Ia' Fo,r1.K C;Ierk' aug17-2