Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1891-02-07

SENATE BILL No. I5.-Introduced
by Mr.. Parks, and now on second read
ing.
A bill to authorize the county of
Berkeley, to fund at at lower rate of
interest, one hund:ei and five thous-
and dollars of its bonds authorized
under act passed March s, 1879.
Be it enacted by the Legislature of
West Virginia:
That the county of Berkeley is here
by authorized, at any time within two
years from the passage of this act, to
issue not exceeding one hundred and
five thousand dollars of coupon bonds
Of the said county in such form as may
be provided for by the court, and of
the denominations of one hundred dol
lars and FIVE hundred dollars, bearing
four per centum interest, payable semi
annually, the principal of which bonds
shall not be demandable from said
county from thirty-three years from
the date of issue
That they may be paid or any por-
ton thereof, at any time after one year
from the date of issue, and this proviso
shall be expressed on the face of the
bonds.
I The county court of Berkeley county
shall sell and dispose of the bonds
issued under this act, not less than
their par value, or so many Of them as
is necessary to pay off the unpaid bond
ed debt of the said county, authorized
and issued under the act passed Feb
ruary 20, 1879.
They may exchange the last men
toned bonds, or any other portion of
them, for the bonds authorized under
this act, the subscriber paying the pre-
MUM, if any on the new bonds taken
in exchange
The county court shall ask for sealed
proposals or bids for the bonds
authorized under this act, with authori-
ty to accept or reject any or all of them
as in their Judgment they may think
proper. The proposals shall beopened
on day to be fixed by the county,
and if the proposals or bids are for a
larger sum than that authorized by this
act, they shall award the same to the
highest bidders to the amount author
lied under this act, or so much thereof
as, together with the premiums, if any,
is necessary to pay off the existing in
debtedness.
The advertisement for proposals foI
bids for the bonds authorized under
this act, shall be published for at least
three weeks, in one or more newspa-
pers, at such time or times within the
period of the two years authorized by
this act, as said county court may deem
advisable
The county court shall provide for
the payment of the interest, and also
the payment and cancellation OF the
bonds authorized by this act, in the
sum of not less than one thousand dol
lars per year, and as much more as the
county court in its discretion may
order.
The bonds ordered to be paid shall
be designated by their numbers, and
public notice of the time of such intend
ed payment shall be given for three
weeks by advertisement in one or more
newspapers in said county, and the in
terest on the particular bonds so called
in to be paid, shall cease at the expir-
alton of one month from the last pub
fishing of such notice.
The bonds authorized under this act
may be exempted from taxation for
county, district and municipal purposes
as part of the contract with the pur-
chase thereof.
Nothing in this act shall authorize
any increase of the bonded debt of the
said county, nor shall the bonds issued
under this act, or the proceeds thereof,
be used or applied for any other pur-
pose than the payment and redemp-
ton of the outstanding bonds of said
county.