Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1890-05-31

Special Meeting of the Town Council.
Another "specialn Tuesday evening.
Mayor elise presided. Clerk Smith
was absent, and Councilman thinner
ly put down all except the debates in
a big round hand.
The roll was called and nobody say
ing he was ''absent,' ii was construed
that each thereby intended 1t to be
understood that he was present.
The Frostburg Lec1ger was also pres
ent-iu the imposing form and benev-
client features of John Chambers.
The Committee on Finance submitted
the following report:
To the HouoraJic Mayor anil Co"tcH IF FROST
b,pg, Nd Gentlcmca:
After consulting our Attorney, Mr.. Rich
mond, we beg to submit the following re
port, viz:
/, The City Bonds be issued in one hun
bred and five hundred dollar denomina-
tons CHE latter preterred) at the ratio of ten
one hundred dollar bonds to six five hun
bred dollar bonds.
and up to the extent of the issue, and that
tine lowest numbers be put upon the mart
first to the amount of so, 900
1, And that they may be redeemed at any
time during the period between five and
thirty years after their purchase, calling III
the lowest numbers first to the amount you
wish To redeem.
4, Bonds on band SIX months or longer
after date of issue should have coupon de
tachcd which have become due.
;, All bonds uusuld be deposited IN bank
or other place of safety without the signature
of the Mayor and Clerk, and without the
corporate seal affixed.
Il, Should at amy time the bonds on hand,
or part thereof, be sold upon which less than
six months interest has accumulated, the
same shall be added to the value Of the
bonds. A. w. DEWITT,
PETER LAMMERT,
Finance Committee.
The report was received and filed.
Mr.. .jaudori made a motion. and Mr..
Dewitt Il speech while sitting III his
chair. The Mayor shut Dewitt off as
''out of order"
Mr.. Michael moved to reconsider The
action by which at IL former meeting
the denominations Of the bonds had
been multiplied to suit all grades of
investors. Motion adopted.
Mr.. Lamme1t moved that the bonds
be made in one denomination of $500.
The Mayor approved the motion, and
it was adopted.
The Mayor suggested Il motion
placing the printing Of the bonds in
the hands of the Finance Committee.
a motion. made by Mr.. Hosken, was
adopted, instructing the Finance Com
mittcc to have the bonds printcd-soon
as possible.
y copy of the bond was read:
UNITED STATES N"mJo' one. OF AMERICA.
$40 FROSTBURG 500
Dollars WATER BOND. Dollars.
Issued by authority of the Act of the Legisla-
laturc of the State of Maryland,
approved March 10, 1850.
The Mayor and Councilmen of Frostburg,
for value received, acknowledges itself in
debted to jcatrr in the sum of five hundred
dollars lawful money of the United States,
which sum it promises to pay thirty years
after date, with interest thereon from date at
the rate of four and one-half per cent per an
n'ot, payable semi annually on the first day
of July and January in each and every year,
upon presentation of the proper coupon here
unto annexed at the office of the Treasurer
of said city in FroStburg, Md. But the said
Mayor and CounCilmcn of Frostburg reserves
to itself the right to pay this bond in full at
at any time after five years from It's date.
This bond is issued by authority granted
by an act of the Legislature of the State of
Maryland, passed at lis session of 1890 en-
titled AN Act to Provide for the Purchase or
Construction of Water Works for the Town
of Frostburg III Allegany county, and to
authorize the Mayor and Councilman of said
Town to issue bonds to pay the cost thereof"
Payable at the office of the Treasurer of
said city i'll FroStburg, Md.
In witness whcreofthe Mayor and Council
men of FroNtburg have caused the corporate
seal of said Town to be hcrcunto affixed and
the same attcStcd by the Mayor and City
- Clerk this first day of July in the
.r, year eighteen hundred and ninety.
ENOCH elise,
'--' Mayor of Frostburg.
ALEXANDER SMITH, Town Clerk.