Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-09-16

city Of wheeling, said Ordinance provlaes ior
the issue and sale Of the Bonds OF the City oi
wheeling in the amount as9regatinss * n nssd and
expended for the following purpose only, W. ~.
FOR the purpose of providing means lor tne
construction and building Of permanent new rev
bridge on Main street, over Wneenne 0'''A
At special election to be he m the
26th Day Of September, A. D. 1884,
the qualified voters Of the city, OF Wneenng
shall vote upon the quest OF the ratlncaton
or rejection OF the ordinance aforesaias Wnlon
Ordinance Is In the words and 1gase following,
to-wit:
AN ORDINANCE TO PROVIDE FOR TEE ISSUE
AND SALE OF BONDS OF THE CITY OF WHEELIND,
TO RE KNOWS AS THE MAIN STREET BRIDGE
BoSDs-SEcoND SEGIEs." AND FOR TIE EL-
DEMPTIoN AND PAYMENT THEREOF.
WHEREAS. Under the ordinance adopted by
the council of the city on March H. 1871 ana
ratified by the qualified voters at an eiectioh
held on April Is. 1890 bonds OF the munlcip ai :,
ity designated as "Main Street Bridge Bonus,
and amounting according TO their race Yalue, 10
one hundred thousand dollars, bearing interest
at the rate of four and one-haf per centum per
annum were made and executed, ana by the
commissioners named in said ordinance oheIeu
for sale and certain Of Them amounting III ,he
aggregate to thirty thousand flve huhuIe9 d JTl
lars, and no more, were in fact sold ana ueHN-
WHEREAS, 1t is deemed advisable to pr vide
for the issue and sale of other ana similar
bonds OF the city, in lieu OF those renlslIilS
unsoId. and bearing Il higher rate OF interest,
with a view to realizing funds TO secure the
completion of the new Main street bridge, ana
to meet the indebtedness Of the city; there-
fore,
BE il ordained by the Council Of the city OF
SECTION j. The Mayor and Clerk of the
city Of Wheeling are hereby. directed 10
make and deliver to the commissioners herein.
after named bonds of the city TO the amount OF
sixty-nine thousand and five hundred dollars,
which bonds shall be OF the following denom-
nations, to-wit: Twenty-Five OF SAID bonus
shall be of the denomination OF one hundred
dollars each: sixty OF the denomination OF n u,
hundred dollars each, and the residue OF the
denomination of one thousand dollars each,
and shall be when made, payable on or before
the first day Of November, \. ID. one thouSahu
nine hundred and twenty-four, at the BANK OF
the Ohio Valley in the city OF Wheeling and
shall bear interest at the rate OF six per centum
per annum. payable annual Y at said bank, the
hrst payment OF interest 10 be on the hrst day
OF November, A. ID. 1899, for which interest
couuon in proper form shall be attached 10
each bond, with the signature OF the clerk OF
the city engraved thereon. the said bonds snail
be signed by the Mayor snd counterslgned by
theclerk and sealed with the seal OF salo CITY,
sEcrIoN2 F. P Jepson, p. b. .Dobbns and
J. +. hughes are hereby appointed commission
s.
city authorized by this Ordinance, at not less
than their par value, and 70 perform other acts
and duties hereinafter mentioned. Provided
however, that neither OF said commissioners
shall act under this ordinance until he shall have
given bond with good security, TO be approved
by Council, in the penalty OF ten thousand
dollars, conditioned as in the case OF official
bonds.
SECTION 3. The commissioners shall proceed
without ayoidable delay, t. sell SUCH bonds to
tl,a II a
their par value, conforming in all things to tbe
provisions OF chapter al, Acts OF le7Z-S OF the
Legislature Of West Virginia as far as the same
is applicable.
SECTION 4 The proceeds arising from the sale
OF said bonds shall be paid out by such COM
missioner to such person or persons as the
council Of said city shall from time to time or
der and direct. Provided, however, that no
part taereof shall be expend ed for any other
purpose than fo- paying for material used in
necessary expenses incurred Ia AMI about the
construction OF permanent bridge on Main
in the city OF Wheeling over Wheeling
creek.
SECTION TO secure the payment cf said
bond, and the punctuai pay ment OF the interest
thereon according to their tenor and effect the
Receiver Of the city OF Wheeling shall pay to
said commissioners on the first day Of ROvem
Der, on thousand eight hundred aud ninety
two and on the first day of November OF each
y
coupons shall be fully paid, out OF any IN neys
OF the city OF Wheeling in his hands, suinc-
lent sum 10 pay the annual interest on SAID
bonds not redeemed, and on the first day of No
vember, a. D., 1909, and on the first day OF No
vember each and every year thereafter until
such bonds are fully y id, IN addition thereto q
SUN sufficient TO redeem IN each year thereafter
the one twenJy-iifth OF said bonds. and for such
sums the Receiver shall take the receipt Of the
commissioners and file the same with the clerk.
The sums neces AIRY TO pay the ANIMAL inter
est or said bonds not redeemed end the said
additional sum sufficient to redeem the one.
twenty-1fth of said bonds on the FIRST day OF
November, A. D., 1860, and on the first day of
November each and every year thereafter until
such bonds are fully paid shall he included in
the annual estimate and levy OF the Couocil.
SECTION 6. The said commissioners shall out
Of the moneys they receive from the Receiver
under this ordinance, pay the annual interest
accruing on said bonds and after the payment
of the interest as ii becomes due shall on the
first day of November one thousand and nine
hundred, and on the first day OF November in
each and every year thereafter, apply The resi-
due or the moneys then remaining in their
hands to the redemption OF the outstanding
bonds issued under this ordinance, at rate
not greater than their per value. If said bonds
cannot be redeemed with the consent Of the
holder at their pal value . or
said bends to be redeemed shall be determined
by lot by said commissioners, wh) shall the re-
upon give notice 10 the holder or holders there
of by advertisement, published two weeks In
the daily new papers printed in the city Of
Wheeling, OF the numbers OF the bonds to be
redeemed Such bonds shall cease to bear in
terest from the first day Of November Of the
same year.
SECTION Z. 1t shall be the duty OF the COM
missioners to keep true and accurate account
Of their receipts and disbursements, and shall
report the same to the Council annually. and
at such other times as the Council may direct.
And said commissioners shall CANCEL as they
are redeemed AID deliver to the Clerk OF the
city the bonds and coupons redeemed by them.
at least once in every year, and oitener IL re-
ouired by the Council; and the said Clerk shall
preserve the same in a book kept for that pur-
pose. .
SECTION s. The bonds issued under this ordi-
nance shall be exempt from municipal taxes by
the city OF Wheeling.
SECTION g. For cause, the Council of the city
Of Wheeling may remove any one or more OF
said commissioners, or their successors, and
the commissioners aud their successors may
or Clerk OF said city. Any vacancy shall be
filed by Council in joint session, and bond
shall be required OF every new commissioner as
In the first instance.
SrcTIoN 10. 1t shall be the duty Of the com.
missioners 70 enforce each and every provision
OF this ordinance according to its tue intent
and meaning. And any failure on the part OF
any one Of the commissioners 70 comply with
and perform any duty prescribed Dy TINS ordi'
nance shall be deemed 8 forfeiture Of his bond.
SECTION IL. Before the commissioners shall
make any sale Of said bonds they shall adyer
tise in the daily newspapers OF the city OF
Wheeling. stating the time and place In said
CITY that they Will receive bids In writing for said
bonds And in the event that the subscription
exceeds the aggrt gate Of the bonds there shall
be an apportionment pro rata among those bid
ding the highest price.
SECTION ls. The commissioners and their sue
~
ton for their services one-half OF one per csntum
of the amount disbursed by them under this or
dinnnce in the redemption OF the bonds and th'
payment Of interest on said bonds. snd In adj
dition thereto q sum not TO exceed fifty dollars
per annum for clerical services and said com.
mlssioners shall receive no other compensation
for their services under this ordinance
SEcTIos b. Before any OF the onds hereir
provided for are signed or countersi9ned, the
commissioners acting under said former ordi
nance shall deliver .he bonds In their posses