The daily gazette., 1877-05-26
A N ORDINANCE AUTHORIZING A

IA LOAN OF ONE HUNDRED AND
FIFTY THOUSAND DOLLARS 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, unde er
an ordinance of the City Council, to borrow
q 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 and expended, or SO
much thereOfas should be necessary for q
new water reservoir, and for improving 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
and expended for the erection anu compile
ton of q 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 Com mis-
sioners named in said act should direct.
And,
WHEREAS, An additional loan is neces-
sary for the purpose OF constructing and
com pleting the new water reservoir and
other conveniences, and necessary adjuncts
and appurtenances for said new reservoir,
required for the supply of water to the City.
And, ~
ford and Ceser A. Rodney. the Commits
sioners appointed by and named in said
Act OF the General Assembly; require such
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,
Be it ordained by the City Council OF
Wilmington, two thirds of all the mem
bers thereof concurring.l
SECTIoN1- That the 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
| Com m issioners 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
SECTION 2-Said bonds shall be in the
| form now used forlike purpose. shall be
| issued in sums of fifty dollars, or in null
tiples of fifty, not exceeding one Thousand
4 n.
| of five per cent. per annun, payable semi
annually on the 1st day ofFebruary andthe
| 1st day of August in each year clear of all
taxes which may be levied upon the princi-
nal or interest thereof bv 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 yearof OR Lord one
| thousand eight hundred and ninety seven
SECTION 3-All money which may b.
! 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 necessary, Is
hereby appropriated and shall he applied
and 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
com pletion of new W ster 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 of the work to which III is hereby
specifically appropriated shall be placed to
the credit of the water account of the City
and used for no other purpose whatever
than in repairing or improving the City
Water Works or increasing 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 bid
, Passed at the City Hall, May "a. 1877.
NJ. L. LICHTENSTEIN,
| .I.5# President of City Council
! WIN. H. FoULK, Clerk. may26-2t.