The daily gazette., 1879-04-14

nRDINANCE.-An ordinance author
I izing loan OF one hundred and forty
five thousand dollars to pay the floating
and unfunded Indebtedness OF the Cltyoi
WuEksAs, the act of the General AS
sem bly, OF the State Of Delaware, entitled
A further supplement to the act entitled
an act to limit the City debt of Whining
ton and 10 provide for the discharge there
or passed at Dover, March q, 1872, au-
thorized the Mayor and Council OF VII
mington, under an ordinance OF the City
Council TO borrow a sum or sums OF
money not exceeding in the aggregate the
sum OF one hundred and forty FIVE thous-
and dollars in addition To the present fund
ed debt OF the city, which sald sum was by
propriated, applied and expended or so
much thereof as should be necessary for
the purpose of paying the present floating
and unfunded Indebtedness incurred by
and for tie City of wilmington. therefore
Be il ordained by the CITY Council OF
Wilmington two-thirds of all the mem
bers thereof concurrlng.
SECTION |. That the r nance Committee
| is hereby authorized and directed TO cause
| to be issued IN the name OF "Ile Mayor
| and Council of Wilmington" bonds TO the
aggregate amount of one hundred and for-
1V-five thousand dollars and the faitk and
credit of the City is herby pledged tor The
| payment of the same.
| SECrIoN 2, The said bonds shall be In
| the form now used for likespurposee, snail
1
iiples of fifty not exceeding enc thous and
dollars ana shall bear interest al rate
+, NOT exceeding five per centufn per annum /,
| payable semi-annually on the nrsl DAY OF
November and the first day OF May in each
| year clear OF all taxes which ly be levi
| ed upon he principal or interest thereol by
authority of any law of this State or the
United states.
| SECTION 8. The principal OF said bonds
shall be payable as follows. to wit: The
sum OF five thousand dollars on the first
day OF Novem ber, A. D., 1854. and the sum
| of seven thousand dollars on the first day
of Novem ber in each and every year there
after until and including the first day Of
| November, A. D., 1904; and said bonds
| shall be issued in series according to the
| time when they shall seyerally be paya-
1 Bile as aforesaid.
| SECTION For the payment and re-
demDtlon of the principal OF said bonds
there shall be Appropriated and applied in
the year A. D., 1854, the sum of five thous-
and dollars and in each year thereafter
until and including the year "A. d., 1904,
the sum of seven thousand dollars.
SECTION 8. All moneys which may be
borrowed under this ordinance or SO m uch
thereof as shall be necessary are hereby
appropriated and shall be applied and ex-
pended in the payment OF the present lloat-
Ing and unfunded indentedness , Oh , tne ecu, CITY
les borrowed under the authority OF the
aforesaid act of the General Assembly and
of this ordinance, which shall remain after
The payment OF the said floating and un-
funded Indebtedness of the city of VIII
| mington, shall be used and appropriated
m the payment of the bonds of the city o
Wilmington due or falling due, and the in
terest thereon, and for no other purpose OF
purposes whatsoever.
SECTION 6. The Finance Committee IL
hereby authorized in Its discretion, to dis
pose of said bonds by subscription, or te
sell the same At public auction TO the high
est and best bidder or bidders.
Passed ut City Hall. April 10th. 1879:
II NJ. L. LICHTEN sTEIN.
President.
E. B. FRAZER. Clerk OF the City Council
aprl2-et