Roanoke daily times. (Roanoke, Va) 1886-1890, 1890-01-28
AN ORDIN A NOE.

~
January IA, 1890, the following ordi-
nance was adopted i
Be it ordained by the council of
the city Of Roanoke. upon the pc
tition of the Roanok and Souther
Railway company, by its president,
filed OH the Ord day OF December,
1889.
/. That the sergeant and judges Of
election for the said city of Roanoke
do open a poll at the several voting
precincts of said city, on Tuesday,
the 18th day of February, 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 TO be issued, bonds to an
amount not exceeding one hundred
thousand dollars for the purpose OF
making a second and further sub
scription to the capital stock of the
Roanoke and Southern hallway COM
pany.
.. The said election shall be held
and the authority to Issue said bonds
and raise said subscription shall be
upon the following terms and con-
ditions namely:
l. The said council may subscribe
for the stock of said company to the
amount of one hundred thousand
dollars; provided, that the ag-
gregate debt of TIE city shall
not exceed ten per centu1n of the
assessed value of the property. real
and personal, within the city limits.
H. That the said company shall,
within ninety days after said subscrlp-
ton shall be made, commence to con-
strnct its line of road at Il point within
one mile from the present city limits
of the city of Roanoke, and shall pros
ecute the same in bona fide manner
with all reasonable diligence to its
completion, and furthermore, that
within six months after the work
shall be so begun, the said company
shall connect between the point just
indicated and its terminus within the
present limits of the city of Roanoke.
III. The bonds of the city of Roa-
noke shall bear 6per centum interest
per annum and shall be redeemable
in thirty years from their date, and
shall be issued and delivered the said
Roanoke and Southern railway as fol- !
lows: Upon the certificate the chief
engineer of said railway of the COM
pletion Of the grading Of each and
every mile OF said road from Roa-
nolle city southwark, the city of Roa-
noke shall deliver to said railway
the bonds of said city to the amount
of five thousand dollars and upon
like certificate OF the engineer for each
and every mile Of said road when
the superstructure is complete, and
ready for operation, the said city
shall deliver to said railway bonds
of said city to the amount OF
five thousand dollars per mile until
the entire sunl of 100000 provided for
in this ordinance shall be delivered:
Upon the delivery of each install
ment of said bonds to the railway
company the said company shall de
liver to the said city certificates OF
stock in said railway to the amount
of said bonds.
". The subscription when made
by the city council shall be upon the
terms and conditions set forth, and I
whenever the said company fail to
comply with said terms and condi-
tions, then, and in t.iat event, the
said subscription, at the option OF
said city, shall be void. +
V. The election shall be held and |
conducted in the manner prov ided for
under section 1913 and 1874 of the code
of Virginia, and the question sub
mitted shall be determined UNDER
the provisions of section 30, chapter
v. of the charter OF said city.
VI. The sergeant shall cause certi- I
fed copy of this ordinance to be pub
lished in the daily papers of this city,
and shall post copy of the same at
each of the voting places for thirty
days previous to the day OF election.
A copy-teste.