Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1889-02-10
THE LOAN ORDINANCE.
Important Committee Meeting at the City
Hall Last Night.

Importsnt Committee Meeting at the City
Hall Last Night.
The Council Committee on Ordinances
held very important meeting at the City
Hall last night.
The business up for consideration was
the ordinances providing for the submits
sion to the public of two separate ard dig
tinct propositions for Issuing bonds.
1t will aforementioned that at the second
meeting of the present Council a resolution
was adopted directing the Committee on
Ordinances to report two ordinances, one
providing for an issue If bonds OF the city
10 provide money for this construction Oh a
bridge across the creek st Main street, and
the o.her to enable the city to fund the
bonds Of 1877 at lower rate of interest.
These propositions were to be voted upon
separately by the people, as separate ana
distinct propositions.
In accordance with The terms of this res
olution City Solicitor White had prepared
two ordinances for the consideration OF the
committee, and after the gentlemen com
prisiug the body had effected an organiza-
ton by electing julius Pollock chairman,
the matter before them was taken up for
consideration. The bridge ordinance was
the first paper taken up, ard it wss con-
sidered for nearly an hour before berg
laid aside as completed in satisfactory
way. TIE first thing the committee did
was to fiji in the blank fixing the amount
of the proposed loan with S75. 600, oaiy
so much Of this amount as mjg1t be nsc-
essary TO be devoted TO the construction CT
the bridge. Then, on motion of Mr.. Bal
lev. il was distinctly stated that the bridge
should BIZ of stone. in order that the money
might be spent among our own people.
These points settled, the best time for
the election was taken up, and after good
deal of talk the committee came to the con-
clusicn that Saturday, the 9th day OF
April, would be a proper day, and that
date was accordingly inserted, the bonds
to bear date Of Msy 1st- Interest was
fixed at per cent, the bonds to run for
five years before coming due, and then to
be redeemable at the rate Of 5000 per
year. 10 this respect the ordinsnce Is a
decided improvement ever the one defeated
by the people at tie late city elec,lcn.
That ordinance set aside $74, 900 for the
bridge, and the bonds ran ten years before
becoming due, and then oue-twenty-fourth
part of the total amount was TO be
redeemed each year, making the issue run
for thirty-fOur years. The present crdi-
nance is so arranged that the time the
bonds are to run is governed by the cost OF
the bridge. Should the 10 vest and best
bid be sixty thousa1d dollars, for instance,
the boads would all be paid of in twenty
years after coming due, or twenty-five
wears from the date CT issuance, IS against
thirty-four years in the defeated ordi-
nance. The period of twenty-five years
would be increased or diminished ss the
cost would run higher or lower than $780,
900. The usual provisions regard
ing the payment of interest semi-annu-
ally, the bonds of commissioners of the
loan, etc were then added by the cOu-
mittee, and the body turned its attention
to the second ordinance, providing for the
issuance of bonds to redeem the loan OF
1877, now bearing per cent interest. The
committee had very grave doubts about
the wisdom Of coupling this proposition
with the bridge ordinance, although they
we're to be voted upon separately, and there
was good deal of talk over the matter.
Finally it was agreed that the committee
report back to Concil that it was inexpedi-
ent to adopt such an ordinance ut this time,
and this report will be duly made at the
session of Tuesday evening. There are at
present sos, 900 of the 1877 bonds out
standing, and of these $1,000 will fall due
on the 18th Of the present month, thus re-
ducing the outstanding total to $93, 600.
Interest on these bonds also falls due
March 1st to the amount of S, 300.
If the ordinance as it comes from the
committee, is approved By Council, the
people will vote upon bridge loan pure
and simple, without any riders or e1cnm-
heranees of anv sort