The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1891-07-25
PROPOSALS.

An ordinance to provide for the bor-
rowing of one hundred thousand dollars
for paving and improving the streets and
avenues OF the city of Wilmington.
WHEREAS, by an act of the General As.
sembly of the State of Delaware. passed
at Dover May Is, A. D.. 1891. the mayor
and Council of Wilmington was anthorlz-
ed and empowered TO borrow, by al ordi-
nance of the Council TO be passed with the
concurrence of two-thirds OF all the mem-
beers thereof for the time being, sum or
Sums OF money not exceeding In the ag-
Rregate five hundred thousand dollars, TO
be appropriated. applied and expended
for paving and improving the streets and
avenues OF the city of Wilmington, aud to
issue bonds of tho said the Mayor and
Council of Wilmington for the payment
thereof, with interest, at such times and
in such manner ms the said the Council
shall by ORDINANCE prescribe and appointj
And whereas, 1t was further provided
by said act that any and all sums of money
borrowed under the authority OF snld act
shall be borrowed by the said the Mayor
and Council Of Wilmington Ut such time
and In such amounts nA the Board of Di-
rectors Of the Street and Sewer Depart
ment of the city Of Wilmington may d.
rect, provided that in no event shall the
amount TO be borrowed under the provi-
stons OF said act exceed the sum OF two
hundred thousand dollars in any one
year .I-....-.
And whereas, The said board OF Dircc-
tors of the Street and sewer Department
In conformity with the provisions OF said
act, did on May II, A. D.. 1871, request the
Mayor and Council of Wilmington to pro-
vide by ordinance for the Borrowing OF
one hundred thousand dollars for the year
1891 Tor paving and improving the streets
aud avenues OF the said city, aud 20 nti-
thorlze the issuance of bonds OF the said
Mpyor and Council of Wilmington for
payment of the sum of money SO to be
borrowed. a copy of which said request
has been presented to the Council aud Ill
cd among the records thereof
Thereof In pursuance and by vlttuc of
tho power and authority by the said act
OF the General Assembly in that behalf,
BE IL ,rlalnc1, by the Council of wilm-
ington, twc-thirds Of all the members
thereof concurrlng therein;
section /. That Immediately after the
passage of this ordinance there shall be is-
sued IN TIE name Of the Mayor and Coun.
ell Of Win ngton bonds 10 the amount
OF one hundred thousand dollars IN the
aggregate. such bonds shall be issued
each for the sum of nifty dollars or null
| tipns thereof. aud shall fall due and he
| made payable in the manner following to
wit: Twenty eight thousand and one hun
| dred dollars part thereof on the first day
| of October. 4. d., 1917; fotty-onc thousand
and 40 dollars. part thereof on the list day
of April, a. d., 1913, and thirty thousand
and five hundred dollars the balance
thereof, on the first da, of October, a. d..
1918. Such bonds shall he denominatud
i Wilmington City Bonds aud shall bear in
terost al rate not exceeding four and
one bali per cent per unnum, payable
senIi-annually on the first day OF Apri
and October I'm each aud every year after
the date Of the issue thereof; aud shall be
signed by the may or and countcrsgucd by
| the city treasurer and city auditor In the
same manner rs other city bonds, and the
record thereof kept by the city auditor
and CITY treasurer respectively.
| section .. The Finance Committee oil
the Council are hereby authorized and d.
rectod Immediately after the Issuance Ui
to sell and dispose of the same to the nigh
est and best bidder therefore. aud to the
best advantage Of the city, and the pro
cerds OF such sale shall be received by thu
Board of Directors of the Street and Sew
or Department, and shall be placed upot
special deposit TO the credit of said hepHr
ment in such bank or trust company In
tho city of Wilmington as shall be deter
mined by the said board, All orders Oh
warrants for the payment of money TO be
drawn against said fund shall he signed
terslgnCd by the city treasurer and city
auditor. and shall hive specified thcreol
tho words paving and improving tn,
| streets and avenues" No wal ram or or
der for the payment of money shall ID
drawn against said fund except II is fO
payment iUr wOrN done in paving and i'm
proving the streets and avenues OF tht
city of Wilm ngtun.
Passed at the city Hall, July %, 1891.
N. r. BENSON,
President of thC Council.
ATTEST : a. T. MEsslck. Clerk of tn
Council. Z-L-z-. .r
APPROVED, :. j. WILEY. Mayor.