Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-09-25
26th Day OF September. a. y. 1881,

DUrDOB6
construction and building OF . permanent new
bridge on Main street, over wheeling creek.
At special election 70 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 ratification
or rejection of the ordinance aforesaid, which
Ordinance is in the words and figure following,
to-wit:
AN ORDINANCE TO PROVIDE FOR TIE ISSUE
AND SALE OF BONDS or THE CITY OF NHEELlSe,
TO BE KNOWN AS THE MAIN STREET BRIDGE
BoNps-SEcoND SEXES" AND FOR THE RE-
DEMPrIoN AND PAYMENT THEREOF.
WHEREAS, Under the ordinance adopted by
the council of the city on March IL, 1890, and
ratified by the qualified voters at an election
held on April IS, 1890, bonds Of the municipal
ity. designated as main Street Bridge Bonds,
and amounting, according to their lace yalue, 70
one hundred thousand dollars, bearing interest
at the rate OF four and one-half per centum per
annum were made and executed, and by the
commissioners named in said ordinance oHerea
for sale, and certain OF them, amounting IN the
aggregate to thirty thousand hve hundred DOL
lars and no more, were in fact sold and deliy-
cred; and
WHEREAS. 1t is deemed advisable to provide
for the issue and sale of other and similar
bonds OF the city, in lieu of those remaining
unsold, and bearing a higher rate OF interest
with a view to realizing funds to secure the
completion of the new Main street bridge, and
to meet the indebtedness of the city; there
fore,
Be it ordained by the Council of the city Of
Wheeling us follows:
city of Wheeling are hereby directed to
make and deliver to the commissioners herein
after named bonds Of the city to the amount oil
sixty-nine thousand and nye hundred dollars,
which bonds shall be of the following denom-
nations, to-wit: Twenty-Five Of said bonds
shall be Of the denomination OF one hundred
dollars each: sixty OF the denomination OF hve
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, A. ID. one thousand
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 centnm
per annum payable annually at said bank, the
hrst payment Of interest 10 be on the FIRST day
of November, A. d. 1892, for which interest,",
coupons In proper form sRoll DO atIacheS 20
each bond with the signature OF the clerk OF
the city engraved thereon, the said bonds SHAH
be signed by the Mayor and countersigned by
the clerk and sealed with the seal OF said city.
SECTIONS r. 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, Ut not less
than their par value, and to 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 avoidable delay, u sell such bonds to
the highest bidder for cash. and at not less Than
their par value, conforming in all things to the
| provisions Of chapter li1. Acts OF le72-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 or said city shall from time to time or
| der and direct. Provided, however, that no
part thereof shall be expended for any other
| purpose than for paying for material used In
| the construction OF and for labor and other
| necessary expenses incurred Ia and about the
| construction OF permanent orloge on MAIN
street In the city OF Wheeling over Wheeling
| creek.
SECTION TO secure IA the IN payment Of said
bonds and the thsr tenor N he es interest s
| Receiver OF the city OF Wheeling shall pay {.
| said commissioners on the first day OF Novemo
Der, ons thousand eight hundred and ninety
| two and on the htst day OF November OF each
and every year thereafter until such bonds aud
| coupons shall be fully paid, out Of any moneys
OF the city OF Wheeling in his hands, suf1c-
| lent sum to pay the annual interest on said
bonds not redeemed, and on the fst day OF No.
vember, A. d., 1900, and On the first day OF No
vember each and every year thereafter until
such bonds are fully paid, In addition thereto
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 Gle 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
twentY-ffth OF said bonds on the first day OF
November, A. D., 1900, and on the first day OF
November each and every year thereafter until
such bonds are fully paid, shall be included in
the annual estimate and levy Of the Council.
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 IL 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. II said bonds
cannot be redeemed with the consent OF the
holder at their par value or
less then In such cases the
by lot by said commissioners, who shall there
upon give notice to the holder or holders there
Of by advertisement published two weeks in
the daily newspapers 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 frst day Of November Of the
same year.
SECTION z. It shall be the duty OF the COM
missioners to keep 8 true and accurate account
OF their receipts ard 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 and deliver to the Clerk Of the
city the bonds and coupons redeemed by them,
81 east cnce in every year, and oftener IL re-
quired 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 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 to 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 FIRST Instance.
SECTION 10 1t shall be the duty Of the CON-
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 o forfeiture Of his bond.
SECTION IL. Before the commissioners shall
make any sale Of said bonds they shall adver-
tise in the daily newspapers OF the city OF
Wheeling. stating the time and place In said
city that they wall receive bids in writing for said
bonds. And In the event that the subscription
exceeds the aggregate Of the bonds there shall,
be an apportionmeat pro rata among those b -
ding the highest price.
SECTION 70. The commissioners and their NC
cessors shall receive In the way OF compensa-
ton for their services one-half Of one per centum
OF the amount disbursed by them under this or
dinAnce in the redemption Of the bonds and the
payment OF interest on said honda. and in adj
dition thereto q sum not 20 exceed Fifty dollars
per Annum for clerical services, and said com
missioners shall receive no other compensation
for their services under this ordinance.
SEcTIoS Is. Before any Of the londs herein
presided for are signed or countersiRned, the
commissioners acting under said former ordi-
nance shall deliver :he bonds in their posses
sion ard remaining unsold to the Finance
COMMITTEES, and such unsold bonds shall be by
the committee forthwith destroyed. and no 9TH
er bonds shall be reissued under the said former