Roanoke daily times. (Roanoke, Va) 1886-1890, 1889-12-14
AN ORDINANCE

At a meeting of the council of the
city of Roanoke, held December 10th,
! 1889, the following ordinance was
adopted:
Be it ordained by the council of
the city of Roanoke, upon the Pc
tition of the Roanoke and Southern
Railway company, by its president.
fled on this, 3rd, day OF December,
I 1899,
/. That the sergeant and judges of
election for the said city OF Roanoke
do open poll at the several voting
precincts of said city, on Tuesday,
the aSth day of January, 1890, and
take the sense of the freehold voters
on the question, whether the said
council shall be authorized, in the
name of and for the use OF the city,
to cause TO be issued, bonds to ali
amount not exceeding one hundred
thousand dollars for the purpose o!
making a second and further sac
scription TO the capital stock OF the
Roanoke and Southern Railway COM
pany.
,. The said election shall be heii
and the authority TO issue bonds ANA
make said subscription shall be upo"
the following terms and conditions,
namely;
/. The said council may subscribe
for the stock OF said company TO the
amount of one hundred thousa ID
dollars: provided, that il doing so
the aggregate debt OF the city sha!l
not exceed ten per centum OF the
assessed value OF the property. real
and personal. within the city limits.
II. That the said company shalt
within ninety days after the said SUB
scription shall be made, commence TO
construct its line of road ut its ter
minus in said city of Roanoke, or
within one mile OF the city limits ana
shall prosecute the same IN bona
fide manner with all reasonable dill
gence to its completion.
III. The bonds of the city of Roa-
noke shall bear 6 per cent. interest
and shall be redeemable in thirty
wears, and shall be issued and deliv-
cred TO a trustee, TO be agreed upon
! between the council of the city OF
Roanoke and the president of the
Roanoke and Southern railway. The
said trustee upon the certificate OF
/ the chief engineer of said railway OF
the completion of the grading of such
and every mile OF said road from
Roanoke city southwark shall deliver
I TO said railway the bonds of said city
TO the amount of $1,000 and upon
/ like certificate OF the engineer for
each and every mile OF. said road
when the SuperStructure is completed.
and ready for operation, the said
trustee shall deliver to said railway
bonds TO the amount OF $1,000 per
mile until the entire sun of Sl0o.0O0
provided for III this ordinance shall
be delivered.
bonds of the said trustee TO
the railway company the said
company shall deliver TO the said
trustee certificates of stock in SAID
railway TO the full amount of said
bonds.
". The subscription when made
by the city council shall be upon the
/ terms and conditions herein set forth,
aud should the said company fail TO
comply with said terms and cea1i
tions, then, and in that vent, the
said subscription, III the option OF
said city, shall be void.
q The election shall be held and
conducted in the manner provided Tor
A>uder section 1913 and 1914 of the code
of Virginia, and the question sub
mitted shall be determined under
the provisions of section 90, chapter
/ V. OF the charter of said city.
/. The sergeant shall cause certl-
fed copy of this ordinance to be pub
/ lished in the daily papers OF this city,
and shall post & copy thereof at each
of the voting places for thirty days
previous to the day OF election.