The daily gazette., 1879-02-08
A N ORDINANCE AUTHORIZING A

A ORDINANCE AUTHORIZING A
"A ioau OF twenty,four thousand dollars
" pay tne Indebtedness OF the Board Of
PUBLIC Education I'm Wilmington
WAEREAs,an act of the General A ssem-
bly, OF the State of Delaware, entitled. can
act iurther supplement- TO the act entitled
an act to limit the City debt of Whining
ton, and TO provide for the discharge
thereof" passed at Dover, March 20. 1871 ,
authorized the Mayor and Council Of Will
mlngton, under an ordinance OF the City
Councll, TO borrow sum or sums of
money not exceeding in the aggregate two
hundre1 thousand dollars In addition to
the present funded debt of the City there
tofore authorized; of which said sum of
nity thousand dollars. was by said act au-
thor1xed 10 be borrowed and appropriated,
applied and expended, or so much thereof
ss snoua os to Pay the then
ness incurred by and for 1.-THE Board of
Public Education in Wilmington"
no WHEREAS, under an ordinances of
me tity Council OF Wilmington. entitled
An ordinance authorizing q loan of one
hundred and fifty thousand dollars for the
construction and completion OF q new wa
te- reservoir. improving the water works
Nav is ana "pdsr l9s osnsf PIrpose; passed
ACT OF Assembly the issuing OF the bonds
and the borrowing of one hundred and If
y thou eand dollars In the name Of the
Mayor and Council OF wi mington was
authorized and directed for the purpose
set forth In said ordinance and act of the
General Assembly, as will thereby more
fully appear,
And W H EREAs, under an ordinance OF
the City Council Of Wilmington, entitled
An Ordinance authoriEing loan OF
twenty-six thousand dollars for the use of
the Board OF Public Education, p issed
ty OF the said act OF A ssem bly,, the issuing
OF the bonds and the borrowing OF twenty
six thousand dollars in the name of "Ihe
Mayor and Council OF Wilmington" was
authorized and directed for the purposes
set forth In said ordinance and act OF the
General Assembly as will thereby moro
fully appear
And WHKAEAs, there still remains of
the sum SO As aforesaid authorized to be
borrowed for the purpose OF paying the
said floating and unfunded Indebtedness of
the said "The 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 concurrlng.
Section !. 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 dolla,s, and the faith and credit OF the
City are hereby pledged for the payment of
the same.
sectien 2. Said bonds shall be in the
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 snail bear Interest at the rate
Of flve per centum per annum, payable
semi-annually on the nrst day Of Septem-
Der, and the first day Of March in eacn
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
temb ber, In the year of our Lord, one thous-
and eight hundred and ninety -nine.
section .. All moneys which may be
borrowed under this ordinance, or so much
thereof as shall he necessary, are.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 OF any
moneys borrowea under the authority OF
tins ordinance. which shall rem aiu after
the payment OF the said floating and un-
funded Indebtedness incurred by and for
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 Increasing or distributing the
supply OF water to the City,
1ection 4. Tho Finanse Committee is
pose OF said bonds by subscription or to
sell the same Mt public auction to the high
est and best bidder or bidders.
Passed at City Hall, Feb. eth, 1879.
N. l.. LICHTENSTEIN,
President.
Attest: B. FRASER, Clerk of Council.
febs-2t