The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1891-07-27
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 ID, A. D., 1891. the mayor
and Council of Wilmington was authorlz-
ed and empowered to borrow by an ordl-
concurrence OF two-thirds of all the mem
beers thereof for the time being, II sum or
sums of money not exceeding In the aR-
gregate 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 the said the Mayor and
Council of Wilmington for the payment
thereof, with interest, at such times and
In such manner as the said the Council
shall by ordinance prescribe and appoint;
And whereas 1t was further provided
by said act hat any and all sums OF money
borrowed under the authority OF said act
shall be borrowed by the said the Mayor
and Council OF Wilmington at such time
and In such amounts rs tho Board of Di-
rectors OF the Street aud Sewer Depart
ment of the city of Wilmington may di-
rect, provided that In no event shall the
amount TO be borrowed under the provi-
sions OF said act exceed the sum of two
hundred thousand dollars in any one
year
And whereas The said Board of Dlrec-
tors OF the street and sewer Department,
in conformity with the provisions of said
act did on May p, A. d., 1891, request the
Mayor and Council OF Wilmington to pro-
vide by ordinance for the borrowing of
one hundred thousand dollars for the year
! 1891 for paving aud improving the streets
and avenues of tho said city, and to au-
thorZe the Issuance of bonds OF the said
| Mryor and Council of Wilmington for
/ payment OF the sum of money so TO be
! borrowed, copy of which said request
has been presented to the Council and ILL
cd among the records thereof
Thereof. IN pursuance and by virtue of
the power and authority by the said act
of the General Assembly in that behalf.
| DO IL ordained, by the Council OF Wilm-
ington. two-thirds OF all the members
\ thereof concurring therein
section l. That Immediately after the
passage OF this ordinance there shall he is
sued In the name OF the Mayor and Coun-
| Gil of Wilm npton bonds TO the amount
of one hundred thousand dollars in the
aggregate. such bonds shall be issued
each for the sum of fifty dollars. or null
| tiplcs thereof and shall fall due and be
made payable In the manner following, to
wit; Twenty-elght thousand and one hun.
| drcd dollars part thereof on the frat day
OF October 4, D., 9l7;forty.one thousand
and l0OdollarA part thereof on the LIST day
of April, 4. d., 1913 and thirty thousand
and five hundred dollars the balance
thereof, on the first da, OF October a. d.
| 1918. Such bonds shall be denominated
Wilmington City Bonds and shall bear in
terest at rate not exceeding four and
! one half per cent per annum, payable
| semi annually on the first day OF April
and October In each and every year after
the date of the issue thereof; and shall be
signed by the mayor and countersigncd by
the city treasurer and city auditor In the
same manner ns other city bonds and the
record thereof kept by the city auditor
and city treasurer respectively.
| Section Z. The Finance Committee oil
the Council are hereby authorized and d.
rected Immediately after the Issuance OF
the bonds provided for by this ordinance
to sell and dispose ofthe same to the high
est and best bidder therefore, and 90 tht
bost advantage OF the city and the pro
cee1s Of such sale shall be received by thu
| Board of Directors of the street and Sew
| er Department, and shall be placed upoI
special deposit to the credit of said depar'
ment in such bank or trust company In
the city of Wilmington as shall be deter
mined by tho said board. AL orders d
warrants for the payment of money TO b,
drawn nFainst said fund shall be slgnel
by the president Of said board and coun
tcrsigncd by the city treasurer and cit,
auditor, and shall have specified thereof
the words paving and improving TIL
streets and avenues" No waIrunt or o.
drawn ugHinst said fund exec ii II Is TO
payment for work done In paving aul I'm
proving the streets and avenues OF tn
city Of Wilm ngton.
Passed At the City Hall, July % 1901.
N. II BENSON.
President OF the Council.
ATTEST: n. +. MESS lex, Clerk of tn
Council.
APPROVED, 5. j. WILEY, Mayor.