The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-05-13

A N ORDINANCE TO PROVIDE FoR
Ia THE BORROWING OF TW y HUN
IphEp TiIousANP DoLLAlss FOR
sTREsTs AM mp A1 MFH2yiN On TIE THE
CITY OF WILMINGTON.
WnrR AS by an act of the General As
Isembiy OF the State of Delaware, passed
ut Dover May 3. A. d. 1s9, the Mayor
,ard Council oil Wilmington was author
lied and empowered TO borrow. by an or
dinance OF the Council to b passed. with
1.-The concurrence of two birds of all the
mcmbcrs thereof Tor tho time being, Il
sum or sums OF money not exceeding in
the aggregate five hundre thousand dol
inr- TO 10 appropriated, applied and OK
pended for paving and improving tho
IstrCels ana avenues CT the city OF Will
lniingtOn. and to issue bonds OF the sal I
The Mn tor and tcunc of Wilmington for
thu payment thereof. with Interest, at
such lines aud in such TannCr as tile
said the Council shall by ordinances pre-.
scribe and appoint. Aud
| WHEREAS II was further provided by
Z ID act that any uud all sums Of money
borrowed under the authority Of said act
shall be borrowed by the sad the Mayer
land Council OF Wilmington al such time
and in such amounts as the Board OF Dl-
rectors OF the street aud Sewer Depart
mcnt Of tho City OF Wilmington may d.
rect. provided that In no event shall the
amount to be borrowed under tho rro-
Visions OF said act exceed the sum of two
-lhun'reI thousand dollars iii any one
lyrar. And
WHEREAS. The said Board OF Directors
lof tho Sire I Hrd sewer Department, IN
con :ortnity with the provisions of said
act, did on February 3. lll9 request no
lNayor and Council oil Wilmington TO
provide Nv ord AAncH for the borrowing
iuf two hundred thousan dollars FOR the
year i 81 Tor y wing aud Improving the
streets ana avenues of the said city, and
o. auth Jri2e the issuance of bonds ot tho
"A Mn a ~
ton Tor payment oil tine sum of muIey so
TO 10 borrowed, n copy of which said re-
Iqnest has been presented TO tho Council
and Me aunnH The records thereof And
i NhEiiEt The hRgte2ate amount Of
Nmoney heretofore borrowed MS authorized
by edt1 ct Is the sum Of three hundred
. thousand dollars;
Their fore, In pursuance and by virtue
oI the power aud authority by tile said
act OF the neral Asse bly, IN that be.
half,
Bc Il ordaiaed bp Tie Connect OF Witf,,g,
TON UtrO-thirtiS Of ali The members thereon
| CDHc1rriH9 hr,TitO.
SECTION =. That there shall be issued In
|, tho nuiuc OF tho Mayor and Council OF
!. Wilmington bonds to the amount of two
hundred Thousand dollars in the a.grc.
. gate, ON the days and in the amounts fol.
lowing. to vii: Immediately after the
Ipassaye of this ordnance th,rp shall be
issued bonds to the amount of seventy
Ave thousand dollars; on the first dny of
October. 4. D. 1893 there shall be issued
bonds to tue amount Of srvynty.tivo
Thousand dollars; and on the first ,]ay of
April. A. y. 1885, there shall be issued
IhOnd5 to The amount OF iiiy Thousand
dollars. such bonds 81 vi lie issued each
ltUr the sun Of nifty dollars, or multiplie |
thereof ana sha fail due and be made
payable IN the manner following, to wit
Iurty-hvo thousand and four hundred
dollars, part thereof on the first day OF
lAprll, a. II. i!sl liGty thousand niue
II ali llEt1E 4
on the first day OF October, \ -. 1871
lntty.t Thousand ana five hundred dol
liars. part thereof OIL the rra duy oi
April. ID. IO-2, and ftty-onc thousAnl
lonc hutfdrr d aud iiffy dniiars mo balance
tllorcDi. on the hist day oil October, A, ID
W. such bonds shall he denumiuatc
n Wilmington city bonds. aud shall boar In
- itorcsi FROM Inc date ut the Iss ~ thereof
a. me rate G; l"ur per cent. per annun
lpayab seniiruunuuliy on tire tlrst day nl
April ana Ctnber in tach and every yea
after the date Of the is3tic tn fpof, am
shall lie slEnei 10y the Mayor ana cuun
terslHned by the City Treasurer and Cit,
Auditor In the Same manner as o. her cit
ponds and tho record thereof kent b.
the ty Auditor and City Urea, lrer re
spactireiy.
, SECTION ?. The Finance Committee o
the Council arc hereby authorized an
directed Immediately Il ter the passlQs o
n this ordinance to - II and Il etose Of HI
~ the bonds lnentoYed ia III fi,.t see
Ton 10 the highest ana lest bid Ter there
Tor, aud TO the best advantage to the cl Is
which said bonds shall be s-uei, deli,
'iered aud paid ior at the times aud ia ii,
amounts mentioned In the first sectio
hereof; aud the proceeds OF such sale
Il shall lie received by the Board of Dire,
tors Of the Street and Sew, i Department,
and shall b. placed uron specai depos
20 the credit or said department In sue
bank or trust company in the city of " /
imington as shall tie Determined by tn
said board. All orders or warrants ia
vi the payment of monay 10 be drawn a. I'M
sad fund shall be EiYnod by the preslden
LOT said board and countersigncd ~ iii
city Treasurer and City Auditor, an
sha he spe itied thereon wore
Paving and Improving tie Streets az
Avenues" No warrant or order Tor ii
payment OF money shall be drawn again
laid fund except 1t be for payment 4,
work done In paving and Improving Il
streets and avenues oil the city OF WI
- mington.
= Passed at the City Hall. May 10, I9l
81 N. X. BENSDN,
y President city Council.
Attest: 3. HERsEY.
mia Clerk CITY Council.
Approved by the Mayor NAV II lslj8