The daily gazette., 1879-02-10

N ORDINANCES AU ruUkIZlNu A
n loan oftwenty four thousand dollars
10 pay the Indebtedness of The Board Of
Public Education in Wilmi ngUon
WHEREAs,an act of the General ssem-
bly, of the State OF Delaware, entitled "an
act further supplement to the act entitled
| ton, and to provide for the discharge
thereof" passed at Dover, March 20. 1871
authorized the Mayor and Council OF Will
mingtOn, under AN ordinance of the City
Council, to borrow a sum or sums or
money not exceeding in the aggregate two
hundred thousand dollars in addition to
the present funded debt of the City there
tofore authorized; of which said sum OF
two hundred thousand dollars, the sum of
/ q fly Thousand dollars. was by said act au-
thorized to be borrowed and appropriated,
applied and expended, or SO much thereof
as should be necessary to pay the then
present floating and unfunded indebted
ness incurred by and for THE Board of
Public Education In Wilmington"
a nd WHEREAS, under an ordinance Of
the City Council of Wilmington. entitled
'An ordinance authorizing loan of one
hundred and fifty thousand dollars for the
construction and completion OF new wa
te- reservoir. improving the water works
of the City and for other purposes, passed
May "a. 1877, under authority of the said
act of Assemb bly,, the Issuing OF the bonds
and the borrowing OF one hundred and If
ty thou and dollars in the name Of the
Mayor and Council of wi mington was
authorized and directed for the purpose
Set forth III said ordinance and act of the
General Assembly, as will thereby more
fully appear.
And VI EREAs, under an ordinance of
the City Council of Wilmington, entitled
"An Ordinance authorizing a loan OF
twenty-six thousand dollars for the use of
the Board of Public Education, p issed
August IS, 1871, under the authori-
ty of the said act of Assem- bly,, the Issuing
of the bonds and the borrowing of twenty
six thousand dollars in the name of "1he
NJ Nf 4 ti,,t ri.
authorized and directed for the purposes
set forth in said ordinance and act of the
General Assembly as will thereby more
fully appear
And WHEaEAs, there stil remains OF
the sum so as aforesaid authorized to be
borrowed for the purpose of paying the
said floating AID unIuni led Indebtedness OF
the said "Tne Board of Public Education,"
the sum OF twenty four thousand dollars,
therefore
Be 1t ordained by the City Council of
Wilmington, two-thirds of all members
thereof concurring.
Section l. That the Finance Committee
is hereby authorized and directed to cause
to be issued In the name of THE Mayor
anu Council of Wilmington" bonds to the
aggregate amount OF twenty-four thous-
and oOllars, and the faith and credit of the
City are hereby pledged for the payment of
the same.
form now used fer like pu poses, shall be
issu in sums of fifty dollars or in null
tiples of fifty. not exceeding one thousand
dollars, and shall bear interest at the rate
of flye per centum per annum, payable
semi annually on the frst day Of Septem-
ber, and the frst day of March in each
year, clear of all taxes which may be lev
led upon the principal or the interest there
of, by authority of this Slate or of the Uni
ted States. The principal OF said bonds
shall be payable on the first day Of Sep
tember, In the year of our Lord, one thous-
and eight hundred and ninety-nine.
section 3. All moneys which may be
borrowed under this ordinance, or so much
thereof as shall be necs ssary, arr. hereby
appropriated for the use OF, and shall be
applied and expended, in the payment of
the floating and unfunded Indebtedness
incurred by and for "The Board OF Public
Education in Wilmington" existing at the
time of the passing OF the said act OF the
General Assembly. The surplus or any
moneys borrowed under the authority of
this ordinance, which shall IT main after
the payment OF the said floating and un-
funded Indebtedness Incurred by and for
the said "I'he Board of Public Education
in Whining ton" shall be placed to the
credit of the water account o 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
ereby authorized IN its discretion, TO dis
pose OF sa d bonds by subscription or to
sell the same at public auction to the high
est and best bidder or biide's.
Passed at City Hall, Feb 6h, 1879.
N. l.. LIUHTEN STEIN,
President
attest: e. B. FRAZER, Clerk of Council.