Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-04-11
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AN ACT to accept aud ratify IN Act CT the
General Assembly Of Vr1i!.ii, approved Feb
ruary 20th, 1878, AMI to auihorz the prep.
aratou and issue of bonds IN accordance with
The terms thereof.
/. Be it enacted by the City Council Of Al
aDdra, That the Act Of the General Assembly
of Virginia, approved February Goth, 1878. en-
titled An Act to authorize the City Council OF
Alexandria TO compromise the debt Of the city,
and to issue bonds 10 accordaooe With the terms
of such compromise. and prescribing the mode
in which the payment Of the interest 90 such
bonds may be enforced" be- and the same is
hereby, in all Of its parts and provisions, 90
ccpted, ratified, and confirmed.
g The bonds provided for 10 said Act, shall
be payable at he Office Of the City Treasurer,
and shall be- of the denomination of Fifty, One
Hundred, Five Hundred, and Ooc Thousand
Dollars; and shall be issued only for one half Of
the principal ofthe bonds or certificates of stock
surrendered. They shall be payable to the
owner thereof or his order. To each of said
bonds shall be annexed coupons, representing
the semi annual Interest due on said bonds un.
til their maturity. Said coupons shall be pay.
able on the lst days Of September and March
10 each year. to bearer, at the office of the City
Treasurer.
8. The Mayor and Auditor are hereby gu
thorzed and directed to forthwith cause to be
prepared, engraved or autographed, registered
bonds with coupons, as provided for 10 said Act
and this ordinance, which shall conform IN all
respects to the provisions Of said Act, and of
this ordinance; and when prepared, shall
commence the issuance of the same, as 10
said Act provided The bonds shall BIO
signed by the Mayor. President Of the Board
Of Aldermen, and cCuntersigned by the Audi.
tor; the coupons shall be signed by the Treas.
urer, but no signature upon said bonds or cou'
ed. They shall be signed by the persons in
Mayor shall afix to said bonds the corporate
seal, but 90 bonds shall be sealed until actually
needed for delivery to the holders OF the present
bonds.
4. 1t shall be the duty Of the Mayor, Audi.
tor and Treasurer, to register in book to be
kept by each of them, the amount of said bonds,
when issued for what bond issued and to
whom, and to sec that 20 bond is unlawfully
issued. Upon the surrender of any of the
present bonds. or certificates of stock, it shall
DC the duty Of each of said officers to see that
20 bonds are issued for a sum 10 excess of one
half tho face value of the bonds or certificates
Of stock so surrendered and to cancel by punch
ing 10 the presence of each other, the bonds or
certificates Of stock and coupons so surrender.
ed. and 10 mako full report to the City Coun.
Gil, monthly, Of all bonds issued to that date,
the number of each bond aad amount the old
bonds and coupons to be examined and destroy.
ed 10 the presence of the Finance Committee
monthly
S. The arrears of interest upon tho present
bonds or certificates of stock shall be funded in
non.interest bearing tax receivable certificates. to
be sigoed. sealed, and issued 10 all respects like
the bond 10 this act provided for. Ten per ct.
of the amount represented by said certificates,
and no more, shall be payable yearly on the lst
day of September, until the whole amount
thereby represented shall havo been paid.
But the said coupons or the interest due Oh
the certificates of stock, now outstanding, may
be funded at their face value and be consolidated
with the amount ofnew bonds to be issued, and
for fractional amounts certificate as above pro-
vided for shall be issued. The provision of this
section shall only apply to the arrears of interest
due 90 or before the lst day OF July, 1878.
6. 1t shall DO the duty of the Mayor upon
the passage of this Act, TO forthwith cause a
printed copy thereof and Of the Act of the
General Assembly, to be sent to each of the
city bondholders, and to request them to accept
its terms, and surrender their bonds; taking
the new bonds as herein provided. All per-
soDs who shall fund under said ACT and this
ordinance, shall be deemed thereby to have
assented to surrender all claim to tho one half
Of the principal sum not funded by virtue of
its terms.
This ACT shall be in force from it's passage.
Passed the Board of Aldermen April 9, 1873.
WIN. A. MOORE, President.
Passed the Common Council April g. 1878.
j. T. BECKHAM, President.
Approved April TO- 1878.
K. KEMPER, Mayor.
Test: j. Il. CATION, Clerk G.. g.