Roanoke daily times. (Roanoke, Va) 1886-1890, 1889-12-24
AN ORDIN 4 nee.


At 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.
filed on this, 3rd, day OF December,
1880,
1. That the sergeant and judges OF
election tor the said city of Roanoke
do open n poll at the several voting
precincts of said city, on Tuesday,
the 2Sth day of January. 1890, and
take the sense of the freehold voters
on the question, whether the said
council shall be authorized, in the
maine of and for the use of the city,
to cause 70 be issued, bonds to an
amount not exceeding one hundred
Thousand dollars for the purpose OF
making n second and further sub
scription to the capital stock OF the
RoauC Ike aud Southern Railway COM
any.
2. The said election shall be held
and the authority to issue bonds and
make said subscription shall be upon
the following terms and conditions
namely:
|. The said council may subscribe
for the stock of said company to the
amount Of one hundred thousand
dollars; provided, that in doing so
the aggregate debt of the city shall
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 mt its ter
minus in said city Of Roanoke, or
within on" mile OF the city limits and
shall prosecute the same in II bona
lde manner with all reasonable dill
gence TO its completion.
III. The bonds of the city of Roa-
noke shall bear Il per cent. interest
and shall be redermable in thirty
years, and shall be issued and dcliv-
cred TO Il 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 GradinSoi such
and every mile OF said road from
Roanoke city southwark shall deliver
TO said railway the bonds of said city
10 the amount of $1,000 and upon
like certificate of the engineer for
each and every mile of said road
when the supcrstructure Is completed.
aud ready tor operation, the SAID
trustee shall deliver 10 said railway
bonds 10 the amount OF $4,000 PER
mile until the entire ,un, of Sl0o,OOO
provided for III this ordinance shall
ne delivered.
upon the delivery of the
bonds Of the sand trustee 70
the railway company the said
company shall deliver to the said
trustee certificates ri stock in said
railway 10 The full amount OF said
| ,onds
~. The subscription when made
by the city council shall be upon the
terms und conditions herein set forth,
and should the said company fail TO
omplv with said terms and condi
tons, then. and III that event. the
aid subscription, at the option OF
said city, shall be void.
The election shall he held and
Conducted in the manner provided Tor
,nder section l2i3 aud 1914 OF tie code
Of Virginia, and the question sub
nitted shall he determined under
the provisions of section 10 chapter
V OF rhe charter Of S'tidcity.
4 The s-r=enny shhIi cause ceril