The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-05-15

~ THE BORROWING Or TWO HUN
DRIED THOUSAND DOLLARS FOR
pANiNG AND IMPROVING THE
sTMEETs AND AYkNUEs OFF THE
WnlR sAs, By au act of the General AS
OF the St.ic OF Delaware, passed
at Dover May s. A, n. Is9 the Mayor
and Council oil Wilinii goa was author
izca and empowered 10 borrow. by an or
dinnncc OF the Council to b passed With
the concurrence Of two thirds of all the
members thereof for the time being. n
sum or sums Of money not exceeding in
the aggregate I'VE hundred Thousand dol
lars. TO be appropriated, appi ed and eN-
pended for paving and Improving the
streets and avenues CT the city of Will
inington and TO issue bonds OF tho sail
the Mn or ana Counc of Wilmington for
the payment thereof. with interest. Mt
such Times Rnd in such manner as the
said the Council shall by ordinance pre-
scribe aud appoint. And
WuEMEAs. 1t was further provided by
9 ID acs hat any aud all sums Of money
borrowed undor the authority of said net
shall be borrowed by the SAID the Mayor
and Council OF Wilmington at such fine
aud in such amounts rs the Board OF d.
rectors OF the street aud Sewer Dcpart-
ment of the city OF Wilmington may d.
rect. provided that In no event shall the
amount TO be borrowed under the pro-
visions oil said act eNcuod the sum OF two
hundred thousand dollats IN any one
WHEREAS. The said Board of Directors
OF the STREET aud sewer Department, III
conformity with the provisions of said
net, did ON February IS. 1893 request tie
Mayor aud Council OF Wilmington to
provide by ordinance for tho borrowing
OF two hundred thousand dollars for the
year y 9J ror ptVing ami Improving the
streets aud avenues of the said citV, and
TO authoriHc the issunnce OF bonds OF the
said the Mayor and Council Of Whining
ton for payment oil the sum OF moley 50
to be borrowed, copy of which said re.
quest has been presented 10 the Council
and Med among tho records thereof And
WHEREAS The aHgrcaatc amount al
money hrrrt oforc borrowed as authorized
by said set IL the suIn Of three hundred
Thousand dollars;
Therefore. In pursuance and by virtue
Iot The power nnd authority by The said
iaci oil lie u neral Assea bly, In that he.
half.
be q oridio"d By NE coHacH or T.Iau,a.
ron V"o-ihilbs or an Hte members thPiPof
cOHrhfTiHg heJPfhl;
SECTION /. That there shall be issued i'm
lie name ol tie Mayor aud Council OF
wilmington. bonds 10 the amount OF two
hundred thousand dollars In the ayure-
gate, ON the day and in the amounts fol-
lowing, TO wit: Immediately after the
passage OF this ordinance th"re shall lie
lssuoh bonds to the amount of seventy
ltlNc thousand dollars; on the first dny OF
october y. ID. 1899, there shnli be Issued
thousand dollars; and OH the FIRST day of
April. A. u. 1891, there shall DC issued
lbohds TO tho amount OF NIFTY thousand
llolinrs. Suci bohdS shall be Issued zach
l. 4 tue sinl al my dollars. o" nultiplles
thereof, ami sha fail dur mud be made
payable III the manner following, TO Wit
Forty-fNc thousand and four hundred
collars part thereof on the first day ol
APRIL A. u. ISL; iltty thousand nine
hundred ana iifty dollars part Thereon,
on the first day OF October A u. 1874,
thlty-two Thousand and five hundred dol.
iihrs. Part thereof. OIL the nrs5 day Of
April a d. 1872. and iiity-one thous ln.l
one hundred aud iirty dolinrs tine balance
ithercof. ON Inc first day OF October A, d.
~; SUCH bonds shall lie denominatc
Wilmington city bonds. and shall bcar In.
4tefcst from tho date of tho issue thereof
a. the rnte of four per cent. peg unu,Im
payable senIi-annuaiIy on the ilrsi Iay ft
/ April aud ciobcr In each and every yeat
latter the date OF the Issue therpof nnd
snail 10 signed by the Mayor aud co,In.
I lersigned by the City Treasurer and Civ
Auditor an the same manner as OF hor Gil
Doihs ana tho record thereof kopt by
INC ttN Aunitor aud city Urea. urer re.
spcCtiNcIy
Z SECTION >. The Finance Committoe or
inc Council are hereby authorized and
directed Immediately after the pnssugf OF
TINS ordinance, to 81 II ard spose Of ali
ioi the bonds mentioned la iii" ilrst sec.
ition to the highest and host bidder there.
v.
which said bonds shall be issue !, deliy.
cred aud phid Tor AT the times and n the
shloullts mention In the first section
hereof, anh the proceeds 81 such sales
shnil he received 10y the Board Of Diree
Tors Of the Street and Sew r Department.
anu shall b. placed uron spee al dcpos
% me credit OF Shid department IN suca
iphhk OF tlust COIN pany III the city OF " II.
Iinington as shall he determined by the
Isnlh load. All orders or warrants for
me payInoi Of money to be drawn nnnina
sa Il lund shall be signed by tho president
r.! sud board nad countersigned v tile
ltitS Treasurer and City Auditor. ant
isha ! be spc ,iliel thereon t'e word,
thVihg ana Improving TIVE streets am
avenues. No warrant or order Tor III,
payment of money shall be drawn agains
said und except u be for payment TO
,wo' done In paving and Improving III,
'mlneron. "a
!. Passed at the City Hall. Nav u, 1907.
/ \. u. BENSON,
/ 60, President city Council,
iml3 clerk City ,-ourcit
Approved BY the Mayor May II. 1898