Daily Republican., 1879-02-11
Az ORDINANCE AUTHORIZING

A y ORDINANCE AUTHORIZING "A
| "A loan Di twcnty-tour thousand dollars IT,
/ pay the in cbtcIncs> ui the Board Of Public
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 l!nlit the Guy dCbt OF Wilmington. and to
provide for the discharge thereof passed
at Dover, March ~, 49,. authorized the
Mayurani Council Of Wilmington under an
ordinance Of the CITY Council to borrow Il
sum OF 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 Ui NIFTY thousand dOllarr. was by sand act
authorized To toe borrowed and appropriated,
applied ana expended. ur 80 much thereof ~
shonId be necessary to pay the then present
floating and untunded Indebtedness incurred
by and tor THE Board u, Pablo Education
in Wilmington.
And WHEREAS, under an ordinance OF the
CIty Council Of Wilmington, entitled An
ordinance authorizing loan OF one hundred
and nifty thousand dollars tor the cuustruc-
ton and complexion Of a new water reservoir
imprONn. the water works OF the CI'v and
for other PURPOSES, passed May n 1871, under
authority Of the said act Of Assembly the Is.
suing Of the bonds and the borrowing pi one
hundred ana nifty thousand dollar IN the
Hiu4' 81 lnt 4fldNtI anu 'DuTClI OF W llIUlng-
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
Ordnance authorizing loan Of twenty-siX
thousand dollars Tor the use OF the Board of
Public Education, passed August IS, ls77, IN
der the authority Of the said act OF Assembly,
the issuing VI the bonds and the borrowing OF
twenty Fix thousand dollars in the name Of
The Mayor and Council Of Wilmington. y
WA authorized and directed for the PURPOSES
set forth in said ordinance and act Of the Gen
erul Assembly IA will thereby more fully
appear
And WHEREAS. there still remains Vi the
sum - as aforesaid authorized to be borrowed
for the purpose OF paying the said floating
and uniunded Indebtedness Of the said The
Board of Public Education, - the sum of
twenty-iour thousand dollars, therefore
Be It ordained by the City Council Of VII.
mington, twO-thlrds Of all members thereof
cOncurrinY:
Section l. That the Finance Committee is
hereby authorized and direct to cause to be
issued in the name OF The Mayor and Coun.
amount Of twenty-tour thousand dollars, and
the faith and credit OF the city are hereby
pledged for the payment OF the same.
Section 2. SAID bonds shall be in the form
now used Tor like purposes, shall be issued in
sums Of nifty dollars or in multi piles Of fifty,
not exceeding one thOusa nd dol ars, a nd shall
bear interest at the rate Of five per centum
per annum, payable semi.anIually 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.
TENDER, in the year Of our Lord, one thousand
eight hundred and ninety nine.
Section 3. All moneys which may be Dor
rowed under this ordinance, or SO much there
Of a. shall be necessary, are hereby apprD-
pratcd for the use "i, and shall be applied
and expended in the payment Of the floating
and uniunded Indebtedness incurred by and
for The Board Of Pubic Education In VIII
mlngtOn existing at the time Of the passing
of the said act of the General Assembly The
surplus Of any moneys borrowed under the
authority If this ordinance, which shall re-
main after the payment Of the said floating
and untunded Indebtedness incurred by and
for the SAID The Board OF Public Education
in Wilmington shall be placed to the credit
Of the water accounted the Guy, and used for
no other purpose whatever than in repairing
or improving the city Water Works, or in
creasing or distributing the supply Of water
To the CITY
Section I. The Finance Committee is
hereby authorized In is discretion, to dispose
OF said bonds by subscription or to sell the |
same at public auction TO the highest and best
bidder or bidders.
Passed at City Hail Feb 9Th, 1879
NJ. L. LlrHTENSTEIN President
Attest-E. b. FRAZER, Clerk OF Council. |