Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-09-15


Wb.siin, in the amount asgregating not more
than the sum OF 800 500 said sum 70 pe oSsu az.
expended for the following purpose only, W. ~.
For the purpose Of providing means Ioi snv
construction and building OF pelnahon sxasr
bridge on Main street, over Wheehhg cfeeA'
AT a special election to be held on the
26th Day OF September. A. d. 1891
the qualified voters Of the city Of Wheeling
shall vote upon the question OF the hioh
or reiection of the ordinance Aforesaid, wnlch
Ordinance ia in the words and figure following,
to-wit
AN ORDINANCE TO PROVIDE FOR THE ISSUE
Avn SALE OF BONDS OF THE CITY OF WHEELING,
TO RE KNOWN AS THE ''MAIN STREET BRIDGE
BoSDs-SEcoSD SEaIEs." AND FOR THE RE-
DEMPrIoN AND PAYMENT THEREOF.
WHEREAS. Under the ordinance adopted by
the council OF the city on March III, 1891 anu
ratified by the qualified voters at an eieGsl oI
held on April 10, 1890, bonds OF the municipal,
ity. designated as main Street Bridge 6onds,
and amounting according TO their face value, 10
one hundred thousand dollars, bearing interest
at the rate Of four and one-haf per cent9tn PCT
annum. were made and executed, and by the
commissioners named in said ordinance oHereu
for sale. and certain Of them, amounting In the
aggregate to thirty thou and five hundred dol
lars. aud no more, were in fact sold ana DENY
cred; and IA,
for the issue and sale Of other and similar
bonds of the city, in lieu of those remaining
unsold and bearing higher rate OF interest
with a view TO realizing funds TO secure tIis
completion of the new Main street bridge, and
10 meet the indebtedness OF the city; there
fore,
BE it ordained by the Council Of the city OF
Wheeling AS follows:
srcTIoS 1. The Mayor and Clerk OF the
city of Wheeling are hereby directed 10
make and deliver to the commissioners hereln-
after named bonds OF the city to the amount OIL
sxty-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 lVe
hundred dollars each, and the residue OF lne
denomination of one thousand dollars eacn,
and shall be when made, payable on or before
the first day OF November, A. ID. one thousand
nine hundred and twenty-four, at The BANK OF
the Ohio Valley in the city OF Wheeling, ana
shall bear interest at the rate Of six per centum
per annum, payable annually 81 snid bank, Inc
frst payment OF interest 10 be on the first DAY
OF November, A. ID. 1892, for which interest,
coupons in proper form shall be attached 10
each bond, with the signature OF the clerk OF
the city engraved thereon, the said bonds shall
be signed by the Mayor and countersiened by
the clerk and sealed with the seal OF said city.
SECTION g F. P Jepson, p. 3. Dobbins and
J. E. Hughes are hereby appointed commission
ers, and are empowered to sell the bonds OF the
city authorized by this Ordinance, at not less
than their par value, and to perform other acts
and duties hereinafter mentioned. Provided,
however, that neither oil 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 s. The commissioners shall proceed
without avoidable delay, "a sell suc0 bonds TO
the highest bidder for cash. and at not less than
their par value. conforming In all things to tue
provisions Of chapter 141, Acts of ls72-3 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 t1ereof shall be expended for any other
purpose than for paying for material used in
the construction of ana for labor and other
necessary expenses incurred in and about the
construction OF permanent bridge on Main
street in the city OF Wheeling over Wheeling
creek.
SECTION $40 secure the payment Ct said
bonds and the punctuai payment OF the interest
thereon according to their tenor and effect the
Receiver OF the city OF Wheeling skell pay TO
said commissioners on the first day OF Novem
Der, one thousand eight hundred and ninety
two and on the first day OF November OF each
and every year thereafter until such bonds and
coupons shall be fully paid, out Of any m neys
OF the city OF Wheeling in his hands, a sufTic-
lent sum to pay the ANNUAL interest on said
bonds not redeemed, and on the fest day OF No
vember, a. D., 1902 and or the first day of No
vember each and every year thereafter until
such bonds are fully paid In addition thereto a
sum sufficient to redeem in each year thereafter
the one twenty -ffth 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 necessary TO pay the annual inter
est on said bonds not redeemed and the said
additional sum sufficient to redeem the one
% It ks,,,. le
November, A. D., 1900, aud 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 Council.
SECTION g. 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 1t 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 OF the moneys then remaining in their
hands TO the redemption OF the outstanding
bonds issued under this ordinance, at rate
not greater than their par value. If said bonds
cannot be redeemed with the consent OF the
less, then in such cases s the
said bends to be redeemed shall be determined
by lot by said commissioners, who shall the re-
upon give notice TO 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 os the Council may direct.
And said commissioners shall cancel as they
are redeemed and deliver to the Clerk OF the
city the bonds and coupons redeemed by them,
at least once in every year, and oftener if re-
Quired by the Council; and the said Clerk shall
preserve the same in a book kept for that pur-
pose.
SECTION 8. The bonds issued under this ordi.
nance shall be exempt from municipal taxes By
the city OF Wheeling.
SECTION 9. For cause, the Council Of the CITY
Of Wheeling may remove any one or more OF
said commissioners, or their successors, and
the commissioners and their successors may
resign by giving notice in writing 70 the Mayor
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 hrst Instance.
SECTION 10. 1t shall be the duty of the COM
missioners to enforce each and every provision
of this ordinance according to its true intent
and meaning. And any failure on the part OF
any one OF the commissioners to comply with
and perform any duty prescribed by this ordi-
nance shall be deemed a forfeiture Of his bond
SECTION II Before the commissioners shall
make any sale Of said bonds they shall sdver-
uSe In the daily newspapers OF the city OF
Wheeling. ststing ;he timE and place ir said
city that they will receive bids in writing Tor said
bonds. And In the event that the subscription
exceeds the Aggrsg gate Of the bonds there shall
be an superintendent pro rata among those bid
ding the highest price.
SECTION ~ The commissioners and their sue.
ce ;sotS shall receive in the way OF compensa-
uon for their services onehalf Of ore per centum
OF the amou ut disbursed by them under this or
6inance in the redemption OF the bonds and the
psyment OF interest said bonds and in ad-
dition thereto 3 sum not TO exceed fifty dollars
per annum for clerical services, aud aid COM
missioners shall receive no other compensation
for thsir services under this ordinance
SECTION Is. Before any OF the onds herein
provided for are signed or countersiened the
commissioners acting under sand former o.di-
nance shall deliver the bonds IN their posses
sion AID remaining unsold 10 the Finance