Daily Republican. [volume] ([Wilmington, Del.]) 1874-1890, 1879-02-10
NEW ADVERTISEMENTS.
A N ORDINANCE AUTHORIZING

| A N ORDNANCE AUTHORIZING
n loan Of twenty-iOur thousand dollars
pay the Indebtedness of the Board of Publ
Education in Wilmington.
WHEREAS, an act of the General Assembly
of the State of Delaware, entitled, IAN act
further supplement to the act entitled an act
to limit the City debt of Wilmington, and tn
provide for the discharge thereof, passed
at Dover, March 70, 1877, authorized the
Mayor and Council OF Wilmington under an
ordinance OF the City Council, to borrow q
sum or sums OF money not exceeding in the
aggregate two hundred thousand dollars in
addition to the present funded debt of the
| City heretofore authorized Of which said
sum of two hundred thousand dollars, the
| sum OF fifty thousand dollars, was by said act
authorized to be borrowed and appropriated,
applied and expended, or so much thereof a.
should be necessary to pay the then present
hoating and uniunded Indebtedness incurred
ny and Tor 1.-THE Board Of Public Education
in Wilmington"
And WHEREAS. under an ordinance of the
City Council of Wilmington, entitled An
ordinance authorizing loan of one hundred
and fifty thousand dollars for the construc-
tion and completion Of a new water reservoir,
improving the water works OF the City and
for other purposes, passed May "a, 1877, under
authority of the said act OF Assembly, the is
suing OF the bonds and the borrowing of one
hundred and nifty thousand dollars in the
ton was authorized and directed for the pur-
pose set forth in said ord nance and act Of the
General Assembly, as will thereby more fully
appear.
And WHEREAS, under an ordinance of the
City Council OF Wilmington. entitled AN
Ordinance authorizing loan of twenty-six
thousand dollars for the use OF the Board Of
Public Education, passed August IL, 1877, un-
der the authority of the said act of Assembly,
the issuing .t the bonds and the borrowing OF
twenty six thousand dollars in the name Of
THE Mayor and Council of Wilmington"
was authorized and directed for the purposes
set forth in said ordinance and act of the Cen
eral Assembly as will thereby more fully
appear.
And WHEREAS, there still remains OF the
sum so as aforesaid authOrlz d to be borrowed
for the purpose OF paving the said floating
and uniunded Indebtedness OF the said The
Board Of Public Education" the sum Of
twenty.our thousand dollars, therefore
Be 1t ordained by the City Council of VIII
mtngton, two-thlrds of all members thereof
Section /. That the Finance Committee is
hereby authorized and directed to cause to be
issued In the name OF THE Mayor and Coun-
Gil of Wilmington, " bonds to the aggregate
amount of twenty-tour thousand dollars, and
the faith and credit Of the City aro hereby
pledged for the payment Of the same.
Section 2. Said bonds shall be in the form
now used for like purposes, shall be issued in
sums Of tfty dollars or in multiples OF tfty,
not exceeding one thousand dollars, and shall
bear interest at the rate of five per centum
per annum, payable semi.annually on the
first day Of September, and the first day Of
March in each year, clear of all taxes which
may be levied upon the principal or the in
terest thereof, by authority of this State or Of
the United States. The principal of said
bonds shall be payable on the first day of Sep
tember, in the year OF our Lord, one thousand
eight hundred and ninety-nine.
Section 3. All moneys which may be bOr-
rowed under this ordinance, or so much there
of as shall he necessary. are hereby appro-
priatcd for the use OF, and shall be applied
and cynenfod, in tn" p"rment OF tn" f1oatirg
and unfunded indebted less incurred by anu
for "The Board OF f1ubiic EuutalUn in vii
mington" exiStiur at tho tire of the passing
of the said act OF the General Assembly. The
surplus OF any moneys borrowed under the
autnority o. this uriInGu,t. which shall re-
main after the payment Of the said floating
tor the said The Board Of 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 improving the CITY water Works, or in
re sing or distributing the supply OF water
to the City.
Section 4. The Finance Committee is
hereby authorized in its discretion. to dispose
IT said bonds by subscription or to sell tho
same at public auction to the highest and best
bidder or bidders.
Passed at City Hail. Feb. 9th. 1879
NJ. j.. LlCHTENSTEIN, President.
tttest--E. b. FRAZER, Clerk OF Council
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