Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1881-03-03

directing the finance committee to examine
the account of Edward Welchans, late
city treasurer, and report the condition of
the same to council on next Friday even
ing, which was adopted. Select council
cOncurred.
Mr.. Brown presented the petition of j.
Peter StormfeItz in which he asks permis.
sion to lay additional railroad siding. at
his own expense, at his planning mill on
North Water street. Referred to the street
committee.
The Funding Bill.
Mr.. McMullen called up for second read
ing common council ordinance No. 2, to
fund 5000, 600 Of the existing city ccrtifi-
Gates of Indebtedness at four per cent. The
ordinance was read at length, and third
reading proceeded with, the bill being
adopted section by section. and on final
passage all the members present-2o in
number-voting in its favor. The text Of
the bill is as follows:
An Ordinance
TO fund two hundred Mousand dollars cfMe
existing tifcntes Of Indebtedness nf the city
Of Lancaster ut four per centan interest,".
SECTION J! BE IT ordained by the Select and
Common Councils of the City OF Lancaster in
councils assembled. that tor the purpose OF
funding at four per cent interest two hum
dred thousand dollars o! the bonded inticDt
cdncss of the city ofLancaster, The Mayor of
the city is hereby authorized to issue ce-tifi-
Gates OF Indebtedness OF said city to he amount
of ffty thousand dollars, i'll such forms as are
now provided for the issuing of the same; said
certificates to be Of denominations Of one hun
drcd dollars, five hundred dollars and
thousand dollars. rcdecmab!c in lawful money
OF the United States at the pleasure OF the city
after one year and within twenty years from
the date thereof, and TO bear interest, ,yablc
semi-annualiy in such lawful money. at the
rate OF tour per cent. per annun; also like ccl-
~
Lars, the in al respects, but payable at the
pleasure of the city after FIVE years, and with
ia twenty years from the date thereof, and to
bear interest at tour per cent. per annum : and
also like certificates TO the amount OF one hum
drcd thousand dollars. The same in all respects
but payable at the the pleasure OF the city after
ten years and within twenty years from the
date thereof. and to bear interest at tour per
cent. per annum. Said certificates shall not
he liable to local taxation. the interest on The
same shall be made payable at the Office OF th,
Treasurer of the city Ot Lancaster. and they
shall have set forth and expressed upon their
face the above specified conditions.
SEC. II. That the Mayor OF tho city is hereby
authorized an. empowered to sell and dispose
of any OF the certificates OF indebtedness Is
sued under this ordinance for lawful money Of
the L nitch States. It not less than their par
value, and to apDly The proceeds thereof to the
payment OF csrtlL Lc.itcs of indebtedness of tn"
city of Lancaster Lc.riEg six per cent. inter-
est, now due and r:. able but the certificates
purpose wlE.lsocvec, nor the proceeds thereof;
ProUided That no, hing in this ordinance shall
indebtedness OF tho oIly OF Lancaster.
SEC. III. An annual tax of one and One-Q uar-
ter mil on the dollar ON al! subjects OF tax
alton for city purposes is hereby directed to be
assessed and levied 10 pay the principal and
interest on the above loans, colectiDlc and
payable as other city taxes.
The various matters from select council
being duly acted unon rs reported in the
proceedings of that body, Mr.. Barnes
offered a resolution providing for an ad-
.iourned meeting on Friday night. which
being adopted in both branches conncils
adjourned.