Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-09-16
THE PEOPLE WILL VOTE
UPON THE ISSUE OF 100000 OF
BONDS.
The Finance Committees Report he
Ordinance providing for an Issue
Of Bonds-Terms OF
the Loan.

Readers OF the REGISTER have been
kept fully posted on the financial con-
dition of the city Of Wheeling, 10y re-
ports which have, from time TO time, APP
peared in these columns, 1t will be re-
membered that the appropriations asked
for by the various council committees
were all considerably reduced by coun-
Gil, through the Finance Committee, on
account OF a scarcity OF money. A re-
port submitted by Receiver Todd, with
an estimate from City Clerk Updegraii,
showed that the incoming revenue for
the current year would not cover the
The matter came up Tor Il
lengthy discussion in council, IN
which it was decided that the financial
condition OF the city was such as would
warrant an issue Of bonds, sufficient TO
meet the contingent expense and iund
the outstanding debt.
Accordingly a resolution was adopted,
setting forth the necessity Of a loan, and
instructiug the Finance Committee to
ascertain the probable mount necessary
aud to also report to Council an ordl-
nance providing for the loan, preparato-
ry TO submitting it to a vote OF h clti-
Zsns.
The Committee has carefully consld-
cred the matter, and 10 morrow evening
n special meeting OF Council will be held
for the consideration Of its report.
The Committee will report the follow
ing deficiencies:
Total amount Of outstanding city orders,
committee expenses, bonds and inter
est, iiee alarm, pump, and various sal
Til. revenue TO be paid to January J.,
ISL, from all sources. will not exceed. 1850
Leaving a deficiency $780, COO
Considering 500, 900 to be the amount
necessary, the committee set about 10 as
certain whether that sum, added 10 the
present bonded indebtedness, would eX-
cced the legal limit OF D per cent. o! the
assessment OF real and personal prop.
ertv. They as"ertaincl ttat un the ~.
scsSment oi 1854, which VS. ovor ta.r-
teen millions - dollars, tie ini,b'ct.
ness could safely reach $'ii0,0o0 in bonds.
They viii srhm,t TIE following tabi.:
Bonded iulr5tciarSS Jlr. ,s,J........~. Sj,l.Gt)
Amount since pail....."""."..".....".".., i2.@j'
Bonded debt
Adding to this the $780, eco rGw pro
posed 10 De issued, viii m.S" sG0S 90,
which lcavrS . clear mar in ii 81, jUI.
In consideration 81 these Facts, the COM
mittee will rccUmmeni tic adoption ut
! the ordinance, submitting the question
to Il vote OF the people.
The q dinaIr. submitted is III the
usual iurE aEirfthe necessary uryness,
length AMI technical repetition. il pro.
| vides that the Clerk and Mayor shall Oh
| October 20, 1880, or as soon thereafter
rs convenient, make and deliver to the
Commissioners TO be appointed, 100000
OF bonds, OF the denominations OF 500,
PAYABLE on or before November |, 1895,
at a rate OF interest, to he decided on.
Alter specifying, at some length, the
/ debt to be funded and expenses met,
the ordinance provides that a direct tax
shall be levied annually on the real eS-
tate and personal property, 10 redeem
the bonds, this tax 10 be in addition TO
any other which may be levied and to
be collected in the usual method.
The bonds run fifteen years and at the
expiration OF three years may he re-
d"tii6i DN lIe cry at par, OF less IL pos
siblc. Ii the holder is unwilling to sell
at par the bonds shall be redeemed by
lot, as j. tie custom. The bonds shall
be redeemed AT the rate Vi 5000 pr
year ior the irSl three years, ana $4,000
per year thereafter.
Commissioners 0i the loan are to be
appointed and will receive Il COmppnsa
| ton 10 be determined upDu. They shall
| offer Tie bonis ior sale in the manner
prescribed by law. Seyc'a. sections oi
| the ordinance are dcyo'"l to prescribing
the duties oi these commissioners and
their bonds, with the penalties ri a VIC
lation. Ia conclusion, the ordinance
provides that it shall be in iOGco imme-
diately upon is ratification by the voters
OF the city, a. III election 10 b. held on
the BLANK day Of September, 1881.
The matter has been made the special
order OF business for Friday session OF
the Council, and will, no doubt, provoke
an interesting discussion. 1t lsamaiter
in which every taxpayer IL evidently III
terested, and the ordinance will doubt
less be ratified by the people, as the loan
ia abSplutply necessary.