Daily Republican., 1879-02-25
FIRST EDITION.
CITY COUNCIL.
PseparinE werk for the I,eSfssa-
tare-vlA5,0e0 P,estinK Debt 20 be
funded--Othsr Bits 20 be Sent
10 the Leg asure.

vas held last night. called by Mayo
Almond at the request OF Msssrs. Jones
McGlinchey, Paynter, Taylor, Hart
Guthrie and Price. Mayor Allmont
being present stated the business fo
which 1t was called, when in the alb
ssncs Of the President, Mr.. Guthrie wa
called to the chair.
Mr.. Mc(ilinch.y from the Committe,
on Legislation presented for the concur
r-nce Of Council. a bill prepared II
pursuance OF the resolution adopted
last Thursday night, in reference tt
issuing bonds to pay of the floating
debt. The following is ths bill without
the title:
SECTION l.--That the Mayor and
Council Of Wilmington shall have pow.
er and authority under an ordinances OF
the city g Wilmington Council to be
passed with the concurrence of two.
thirds Of all the members thereof for
the time being TO borrow q sum or sums
Of money Iot exceeding in the aggregate
the sum Of Sl45, 900 which shall be in
addition to the present funding debt Of
the city and which shall be appropri-
sted, applied and expended, or somuch
thereof AZ may be necessary for the
purI ,ss Of paying the present floating
and landed indebtedness incurred by
and for the city of Wilmington, and
may issue bonds therefor at u rate of
interest not exceeding five per cen.
um per annum, which bonds shall not
be subject to taxation for State, County
municipal or local purposes. The prin.
;ipal of said bonds shall be made pay
able at such time Or times and in such
manner as the ordnance shall pre-.
scribe.
Section 1.-The surplus of any money
borrowed under the authority of this
act which shall remain after the pay
ment CT the present floating and un-
unded indebtedness of the said City of
Wilmington, Tor which purpose it is
hereby specifically appropriated, shall
D- used and Appropriated, on the pay
lnen' of bonds Of the City Of Whining
ton, due or falling due, and the inter
est thereon, and for no other purpose or
purposes whatever.
Section 3.-Whenever under the pro-
visions of section 4G of chapter 73 of the
Revised Code any extraordinary ap-
preparation shall be made by the City
Council, the amount so appropriated
shall bs paid out of the taxes, rents or
receipts Of the year then current, ofthe
.ame shall be sufficient, and in case
the amount Of any extraordinary ap-
preparation shall be in excess Of the
taxes, rents, or receipts OF the city for
the year in which such extraordinary
appropriation shall be made, such ex-
oess shall be provided for and included
n the appropriation made, and taxes
lrvied for the succeeding year.
Mr.. Guthrie, chairman OF the Finance
Committee, stated that in consultation
Nth the City Solicitor, it was found that
Council had no right to fund all antici-
pated debt, in conseq Gence OF which the
committee had inserted $l45, 900 which
was the amount due on the first Of jan
uary the commencement Of the present
tacal year. The amount which will be
due July lst next will be S204, 1000.
Mr.. Norton opposed the bill because
pac,d no check to the creation Of
another floating debt Each party had
zen afraid toraise the tax rate, and
nat was the reason why the floating
lpbt was created.
Mr.. Taylor said that one advantage
ia funding the debt would be that the
.i4rns would have to pay only 4 per
mt. interest instead of 6, as at pre-
,rnt. In reference to creating any ad
Itional floating debt, he called atten-
ION to the clause in the charter hold
ag the members personally liable. Mr..
Norton held that the law had never
zen enforced and was not likly to be.
Mr.. Chandler did not want to oppose
The bill but he thought that 325, 900 of
That VAS contained in the amount to
funded was already provided for in
tie appropriations for the year, and
.- too thought there ought to be some
arck to Council creating another
.oating debt.
Mr.. Price referred tosome appropria-
jOn5 made to meet expenses for the
ast year which were very properly
plnted in the amount to be funded.
Mr. Pay.ter was of the opinion that
4r cause of the increase OF debt was
4at the taxes were not coll cted, and
b party in power had the courage to
Ivy a sufficient amount Of tax to meet
Ne city EXPENSES.
Mr.. Moore was of the opinion that
w. third section of the bill barred
funcil from creating any future debt.
he bill was finally approved, all the
hancilmen voting for it except Mr..
NOrtOn.
Mr. McGlinchey presented resolutions
b presentation to the Legislature, ask
ag that body to pass the bills presen-
u by Council, and not to pass any not
Pproved by the latter. The resolu-
IONS were adopted.
IN motion of Mr.. McGlinchey the
legislative Committee was authorized
amend the bill now before the Legis
Hture in reference to town meetings. ,
he amendment provides that two.
AIrts vote of Council shall bp neces-
Ary to change any existing street grade
fstead of majority vote as provided I
the bill! as at first adopted. /;
Mr.. Chandler thought Council should
q little farther and ask the Legisla
70 allow Wilmington ono Senator
two representatives..
lo.. Taylor said that the Democratic !
nv having agreed to al ways haveone I
the Senators in Wilmington, Mr.. :
ANdlcr should vote the Democla ic !
kH. !