West Virginia freeman. (Parkersburg, W. Va.) 1881-1886, 1884-05-28

and Council Of the City Of ParkersSurg held at
the Council Chamber, on Tuesday, May lS,. 1854,
ON ordinance was adopted which is herein re-
cited as follows, namely;
AN ORDINANCE.
To provide for the erection of water
works in the City of Parkersburg, for
the issuing of bonds of said city for that
purpose, for providing for the payment
of the principal and interest of said
bonds, and for taking the sense of the
qualified voters of said city upon the
adoption of such ordinance.
WHEREAS, the Mayor and Council of
SAID city deem it expedient to erect
water works, in said city, and to issue
bonds OF said city for that purpose.
Now, therefore,
BE 1t ordained By TIE Mayor and Council
of the City of Parkersbwg:
1st. The Mayor and Council of said
city shall issue bonds of said city to
an amoant not exceeding eighty thous-
and dollars, bearing interest at rate of
not exceeding sac per centums per annsns,
as shown by interest coupons thereto at
tached, payable annually in the city of
New York or the city of rkersburg,
as the holder shall desire, the said bonds
to show on their face that they are is
sued for the erection of said water works,
which bonds shall be redeemable at not
less than ten nor more than thirty years
from the date of their issue lat the pleas
ure of the Mayor and Council of said
city. The bonds shall be and constitute
lien upon said water works, when
erected, to the exclusion of all other
liabilities of said city of Parkersburg,
except for labor performed and materials
furnished in the erection of said water
works, and said bonds and interest cou-
pons, as they respectively accrue, shall
be received in payment of all assess.
ments made or taxes levied by said city,
and they shall be exempt from all taxes
that may be levied or imposed by said
city.
End That R. J. McCandlish, Fl. H.
Moss, w. H. Wolfe and G. H. Shattuck
be and they are hereby appointed as
commissioners of said city to negotiate
the sale of said bonds, for cash, at not
less than their par value, to the highest
bidder in writing, to be approved by
said commissioners; and before any such
sale be made, the same shall be adver-
tised in some newspaper published in
the city of Parkersburg, at and four
weeks previous to such sale. The monies
| derived from the sale of said bonds shall,
as fast as realized, be deposited by said
commissioners in the treasury of said
city to the credit of separate fund to
| be known as the water works fund,
which fund shall be applicable to the
| erection of said water works, and to no
| other purpose. The said commissioners
shall be subject to the orders and in
structions, and removable at the pleasure
of the Mayor and Council of said city.
Bird. When twenty five thousand dol
lars of such bonds shall have been sold
as aforesaid, the Mayor and Council of
said city shall be authorized and en-
powered to purchase and cause to be
conveyed to said city all lands necessary
for the erection of said water works, and
shall commence the erection of said
water works, and take all steps necessary
for the speedy completion of the same,
and shall complete the erection Of said
works without avoidable delay.
4th. The water rents derived from
supplying the residents of said city with
water, by reason Of said works, shall be
set apart as fund.- separate from the
other funds Of said city, and shall be ap-
piled, First: To the expense of manag-
ing, attending and operating said works.
Second To the payment of the interest
on said bonds, and Third The surplus,
if any, shall go into the sinking fund
hereinafter named and provided for the
payment of said bonds at their maturity.
9Th For the purpose of paying the
interest ON said bonds, and providing a
sinking fund for the payment of said
bonds at their maturity direct tax shall
be levied and collected annually from
the real and personal property chargeble
with taxes in said city, which, with the
surplus revenue mentioned in the last
preceding section shall be sufficient to
pay the interest accruing on said bonds,
and to redeem said bonds at their matur-
ity, and shall be held and controlled by
the trustees, or their successors, who now
manage and control the sinking funds
heretofore provided by said city.
9th. The Mayor shall issue procla-
nation reciting this ordinance, and
appointing a day at which an election
shall be held by the qualified voters of
said city, to determine whether they will
ratify or reject this ordinance Such
proclamation shall be published in all
the newspapers published in said city, at
least once a week for two successive
weeks previous to said election. Such
election shall be conducted in all things
.aao,1;oo 30 Tho laws nou IN forca GOV