Daily Republican., 1879-04-16
OENINAN ES.

rRDlNANCf.--t ordinance authOriSi Z
" n loan of one hundred and forty five
thousand dollars 10 pay the floating and un-
funded Indebtedness Of the City OF Whining
ton.
WHEREAS. IN act Of the General Assembly
Of the State Of delaware entitled "a further
supplement to the act entitled an act to lin I
the City debt OF Wilmington and TO provide
Tor the discharge thereUi'' passed at Dover,
March u, 1879, authorizing the M yor ano
Council Of Wilmington, under an ordinance
OF the CITY COuLcil 0 borrow II sum or sums OF
money not eXctedlng in the aggregate the
sum Of one hundred and iorty-tve thousand
dollars In addition to the present funded debt
oil the city, which said sum was byFaid act u
thorzed to be borrowed and appropriated ap.
piled and expended or SO much thereof as
should be necessary { the purpose Of paying
the present floating and uniundfd indebted.
ness incurred ly al Tor the city OF Winning
ton, therefore
Be Il ordained by the City G uncIl Of Will
mington tw0thirts 0. all the mem ers there
Of cUEcurrng.
SECTION !. That the finance Committee is
heie eby authorized and directed to caLse 10 be
issued in the name Of The Mayor and CoLn-
Gil Of Whining on bOnds TO the aggregate
amount of one hundrei aud forty five thous-
and dollars. and the faith and ere it OF the
City IS hereby pledged for the payment OF the
same.
SECTION Q. The said bonds shall be in the
form now us' d for like purposes, shall be issued
in sums OF fifty dollars or multlples OF fity not
exceeding one thousand dollars AID shall
bear interest at rate not exceed ing five per
cen1um per annum, payable semi-annua!ly on
the ilrst day OF November and the fist day of
May in each year, clear OF all t xes which may
be levied upon the principal or interest there
o. by authority Of any law OF this st te or the
United States
At, r Il hot Il hnl
be payable as follows, to wit. The sum OF tlVe
thousand dellars on the hrst day of N0vcm
Der in each and every year thereof until and
including the first day of November, a. d.,
1904; and said bonds shall b, issued in series
according to the time when they shall sever
ally be payable AS aforesaid.
SECTION 4. For the paym mt ani redemp-
ton Of the principal Of said bonds there sha all
be appropriate, ami appi Ia the year A.
d., 1884. ties II 81 ti'e Thousand dollars. and
in each year there Tier II I'll ana including
the year y. b, 1894, the sum OF seven thous.
and dollar.
:ECT ,n 3. All moneys which may be Dor
r0wed undrr tI.s D dir"pcc or 50 much t er:
Of AS shall b, necessary ere h. rrhy hMruplEt
ted and h III h app " an expended IN the
Day men Oi IT,, prtse' 10 ting and uuiund"d
ind dcDtcd e., # the CitS nt Wilmington. The
surplus OF any monies borrowed under the au-
thority Of the aforesaid act Of the General As.
senbly and this ordinan Q, which hall ra-
main after the payment OF the said II atnS
and uniunded indebtedDess s. Of the CITY cl
Wilmington, shall be used, and app, op'iatt d
in the payment of the bonds of the city OF
Wilmington due or alling due. and the inter
est thereon, and for no other purpose or pui-
pOses whatsoever.
SECrIoN6 he Finance Committee Is here.
by authorized in It's di'cretion to dispose O.!
said bonds by subscription, or to sell the same
at public auction to the highest and best bid.
der or bidders.
Pa scd at the city hall, April 10th, 1879.
NJ. l.. I.lCHTENSTElN,
President.
+. b. FRAZER, Clerk OF the City Council.
apl52t