Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-09-14


law Ut a regular meeting OF the Council Of the
city OF Wheeling. said Ordinance provides iol
the issue and sale OF the Bonds OF the City OF
Wheeling in the amount a2gregSting not more
than the sum OF $50 so, said sum to be used ano
expended for the following purpose only. VIZ:
or the purpose Of providing means LOT the
construction and building of "a permanent ne"
bridge on Main street, over Wheeling creek
At special election to be held on the
goth Day of September. A. d. 1891,
the qualified voters of the city OF Wheeling
shall vote upon the question Of the ratincatlon
or rejection OF the ordinance aforesaid, whlcn
Ordinance Is In the words and figure following
to-wit:
AN ORDINANCE To PROVIDE FOR THE ISSUE
AND SALE OF BONDS OF THE CITY OF WHEELS G,
TO BE KNOWN AS THE MAIN STREET BRIDGE
BoNDs-SEcOND SEsIEs." AND FOR THE RE
DEMPTIoN AND PAYMENT THEREOF.
WHEREAS, Under the ordinance adopted by
the council of the city on March ii, 1880, ana
ratified by the qualified voters at an election
held on April l5 1890, bonds of the municipal
ity designated as "Main Street Bridge Bonds,
and amounting, according 70 their face value 10
one hundred thousand dollars, bearing IN crest
az the rate OF four and one-half per centum per
annum, were made and executed, and by the
commissioners named in said ordinance oTered
for sale. and certain OF them, amounting IN the
aggregate to thirty thou and five hundred dol
cred: and
WHEREAS. 1t is deemed advisable to pr vide
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 10 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 as follows:
SECTION /. The Mayor and Clerk of the
city of Wheeling are hereby directed to
make and deliver 70 the commissioners herein
after named bonds of the city TO the amount OF
SiNty-nine thousand and five 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 five
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 aud twenty-four. at the Bank OF
the Ohio Valley in the city OF Wheeling, and
shall bear interest at the rate OF six per centum
per annum, payable annual y az said bank, the
first payment of interest TO be on the first day
of November, A. D. 1892, for which interest,
COUPONS in proper form shall be attached TO
each bond, with the signature OF the clerk of
the city engraved thereon, the said bonds shall
be signed by the Mayor and countersigned by
the clerk and sealed with the seal of said city.
SECTIoN2 r. P. Jepson, p. b. Dobbins and
j. h. Hughes are hereby appointed commission
ers, and are empowered TO sell the bonds Of the
city authorized by this Ordinance, NJ not less
than their par value, and to perform other acts
aud duties hereinafter mentioned. Provided
however, that neither or 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 8. The commissioners shall proceed
without ayoldable delay, Is sell such bonds To
the highest bidder for cash aud al not less than
their par value, conforming in all things to the
provisions OF chapter al Acts OF lo72-3 OF the
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
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 tnereof shall be expended for any other
purpose than for paying for material used in
the construction OF apd for labor and other
expenses incurred ia and about the
of a permanent bridge on Main
street in the city OF Wheeling over Wheeling
creek.
SECTION $40 secure the payment Of said
bonds and the punctuai payment Of the interest
thereon according to their tenor and effect the
ssse {yan IN s,o.sero on cfe nrst ua3 4,vyvIn'
Der, on thousand eight hundred and ninety
two and on the first day OF November OF each
and every year thereafter until sucn bonds ana
coupons shall be fully paid, out OF any Moneys
Of the city OF Wheeling in his hands, sufllc.
lent sum to pay the annual interest on SAID
bonds not redeemed, and on the FIRST day OF No
yember, A. D., 1909, and on the first day or No
yember each and every year thereafter until
such bonds are fully paid, IN addition thereto
sum sufficient TO redeem in each year thereafter
the one Jwenty-ffth of said bondS,and for such
sums the Receiver shall take the receipt OF the
and file the same with the clerk.
q nay no al A44l
est on said bonds not redeemed and the said
additional sum sufficient to redeem the one
twentv-iifth OF said bonds on the first day OF
November, A. D., 1870, and on the first day OF
Noyem DER 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 "A rate
not greater than heir par value. III said bonds
cannot be redeemed with the consent Of the
less then in such cases the
said bends TO be redeemed shall be determined
by lot by said commissioners, who shall the re-
upon give notice 10 the holder or holders there
OF bv 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. It 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 AS the Council may direct.
ms1.w.r hall al hos
are redeemed and deliver to the Clerk Of The
city the bonds and coupons redeemed by them.
At east Cnce in every year, and ouener II re-
ouired by the Council; and the said Clerk shall
preserve the same in book Kept Tor that pur-
pose. .
nance shall be exempt from municipal taxes By
the city OF Wheeling.
SFcrIoS O. For cause. the Council Of the city
Of W heeling 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
filled by Council in joint session. and bond
shall be required of every new commissioner as
in the FIRST instance.
SECTION H. IL 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 Oh the part u
any one OF the commissioners to comply with
and perform any duty prescribed by this ordl-
nance shall be deemed forfeiture VI his bond:
SECTION IL Before the commissioners shall
make any sale Of said bonds they shall adver-
iise in the daily newspapers OF the city OF
Wheeling. stating the tim and place In said
city that they VIII receive bids In writing for said
bonds. And In the event that the subscription
exceeds the aggregate Of the bonds there shall
be an appor,ionment pro rats among those bid
ding the highest price.
SECTION 12 The commissioners and their sue.
cessots shall receive IN the way OF compensa-
al snffa
of the amount discussed by them under this or
dinance in the resumption Of the bonds and thu
payment Of interest on said bonds. and in ad-
dition thereto sum not 70 exceed hfty dollars
pep annum for clerical services and said com
missioners shall receive no other compensation
Tor their services under this ordinance.
SEcTIoS Is. Before any OF the Onds herein
provided for are signed or countersigned, the
Nd ID