Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-26
mo. 33.1

mo. 80.
An ORDINANCE-FOR THE TAKING
n and approval of corporate surety Tor the
city of Pittsburg and the various departments
therein.
Section BE it ordained and enacted by the
city of Plttsburg in Select and Common Coun-
ellis assembled, and it is hereby ordained and
enacted by the authority of the same. That in
cases in which security is quired to be taken
and approved either by the Councils or the
head of any department of the municipal gov
ernment it shall be lawful for them or him in
their or his discretion to approve the bond or
obligation offered by the party required TO fur
nish security. whenever the conditions of the
same are guaranteed by corporation duly au-
thorized by its charter and the laws of the Com
monwealth of Pennsylvania, to become surety
for the faithful performance Of any public or
private trust. contracts, duty or office. or for
things in said bond specified: pro-
v1ded, that no corporation shall be taken as
security in any one contract for a sum exceed
ing the amount OF its paid up capital, and pro-
vided that the paid up capital stock of such
corporation shall not be less than one hundred
thousand (lOO OO0) dollars and provided further
that no corporation shall be taken as security
for greater sum than the aggregate amount
of five times its paid up capital stock. and pro-
vided further that in case any company shall
have been taken as security and shall after
ward become insolvent or its assets reduced
below the amount fixed in this ordinance for
its paid up capital, Councils shall have the
right to demand from the contractor or other
person upon whose bond the company is
surety, other and additional security in lieu of
that given by the said company.
=Section 2That all corporations becoming
surety or guaranteeing the condition in any
bond shall file with the head of each and
every department. and also with the Con-
troller, during the months of January and
July in each year. until this order shall be
repealed, sworn statement of one of the
officials of each of said corporations of its
financial condition on the first day of January
and July, together with such statement sworn
to in like manner of the bonds that they have
given and such other information as the head
of any department. or Councils or committee
thereof may from time TO time require and
that any corporation which shall fail TO file the
statements hereby required shall not be ac-
cepted as surety under this ordinance until
such statement shall have been filed.
Section 3-That any ordinance or part OF
ordinance conflicting with the provisions of
this ordinance be and the same is hereby re-
pealed SO far as the same affects this or
dinance.-
Ordained and enacted into law in Councils |
this 9th day of June, A. d. 1890.
H. z. FORD. President of Select Council. |
Attest: GEO. BOOTH, Clerk of Select
Council. G. L. HOLIDAY. President of Com
mon Council. Attest: E. j. MARTIN, Clerk of |
Common Council.
Mayors Office. June, IL, 1890. Approved
II. /. GOURLEY. Mayor. Attest: ROBERT
OSTERMA1ER, Mayors Clerk.
Recorded in Ordinance Book, vol. Z, page AS,
18th day of June. A. d. 1890.
Continued on Tenth Pace.