Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-07-06
LOAN ORDINANCE.
BONDS OF 1895.

BONDS OF 1895.
AN ORDINANCE to provide for the issue
ard sale Of Bonds Of the city OF W heei-
ING. to be known as Bonds of 1893, and
for the redemption and payment thereof
BE it Ordained by the Council Of the City
Of Wheeling:
Section /. For the purpose Of providing
means for purchasing the plant OF me
Wheeling Electrical Company TOR paying
the Main Street Bridge indebtedness the
deficit or oVercheck of the Gas boaFd on
the CITY OF Wheeling, and SUCH OF the
bonds issued under the loan ordinance
Glnowu as the Electric Light Loan are
not vet paid or provided FOR by the FUND
IN the hands OF the Commissioners an
pointed by, or under said ordinance, Inc
Mayor and Clerk Of the city OF Nheein6
are hereby authorized and Instructed 70
make. and on the first day OF August q.
y. 1895. or as soon thereafter aS practlCa-
bic, deliver TO the Commissioners heren-
after named and appointed The bonds OF
the City of Wheeling, dated the first doy
of August, =. d. 1873, Tor an amount az
gregating one hundred and twenty
thousand dollars, which bonds shall be OF
the following denominauons: ZOO OF sald
bonds TO be OF the denomination OF 500
each: JOE of tho said bonds 10 be OF the de-
nomination of 500 each, and 55 OF the sac
bonds to be Of the Denomination OF $L00J
each.
Said bonds shall be numbered from to
2e5 inclusive. The said bonds shall be
payable on or before the LIST day OF Au-
gust. A. d. 1927, at the Dollar savings
Bank OF Wheeling, with interest ~ lne
rate OF . per cent. per annun, payable an
nually on the 1st day Of August, 1896, ana
on tie lst day of August IN cach year
thereafter, until and including the year
1924. at the Dollar Savings Bank or
Wheeling. for which interest coupons in
proper form shall be attached 70 each
bond with the signature OF the Clerk OF
the City engraved thereon Inc Sdld
bonds shall be signed by the Mayor coun-
tersiened by the Clerk, and sealed with
the seal of the city
Neither the said bonds nor The coupons
thereto attached shall be subject TO TAXA
ton. under the authority Of the CITY OIL
Sec. ?. BE it further ordained. that John
Frcw. /. T.. Sands and ~. j.. BenieH5 ile
and they are hereby appointed Ooihl,iIa-
sioners and empowered and instructed 10
sell the bonds at not less than their par
value and in the manner PsoElee1 IN
Chapter al Of the Acts OF 1872 ana le'5 o.
tho Legislature of West Virginia.
See. 8. The said bonds shall he lssueu
only for the following purposes
First-Payinc and redeeming the unpaid
bonds now due and falling que TINS year
of the loan OF June 9, 1891, known as the
Electric Light Loan.
Second-Paying the Main Street Brluse
Indebtedness
Thlrd-Paying the deficit or oyercheck
of the Gas Board of the City OF w nee4hs.
Fourth-For the purpose of anording
means TO purchase the plant OF the Nheel-
ing Electrical Company If the SAID CITY
and said Wheeling Electrical company
fail to agree upon the price ana terms On
said Electric plant, and the same pelES
a. H.H 2
act OF February II. 1891, Of The Legislature,
and that failing or the said company taJl-
ing to appoint an arbitrator within thirty
DAYS after notice in writing, from 'he
city OF its desire that such appointment
shall be made. then that portion OF me
loan named in within ordinance 20 be used
i'm purchasing said Wheeling Electrical
CCmpauys plant shall be used 10 pur-
chase. erect. build, improve and maintain
any and all buildings, works plants, pipes,
pipe lines, and TO use, generate, distribute.
sell and control electricity and gas for
light and heat, and for the purpose of fur
nishing light for the streets. buildings,
stores and other places IN and about said
city, and also for the purpose OF heating
furnaces, factories, buildings and houses.
In all aggrecating the sum Of one hum
dred and twenty-five thousand dollars.
The proceeds arising from the sale of
said bonds snail be paid cut by the said
Commissioners TO the amounts for which
Il is hcreinbeiOre provided, that they shall
be issued, for the purpose herein provided:
and 10 such persons as the Council of said
city shall from time TO time direct, but
only FOR the purposes aforesaid.
Sec. !. There shall be annually levied
by the Council Of the City of Wheeling al
the same time that the annual levy of tho
city taxes for other purposes is made. I'M
til all the bonds issued under the pr0Nis-
ions of this ordinance are paid, direct
tax upon all the real estate ana personal
property assessed by the said city for tax
alton. which direct tax shall be levied as a
separate tax, and in addition TO all other
taxes that may be levied for the benefit of
the city, and which shall be sufficient 70
produce in each year until ana including
The year 1922, a sum sufficient TO pay the
interest annually accru!nE upon the said
bonds. ana which levy shall after tine
year 1901, until the SAID bonds shall be
fully redeemed and satisfied, be sufficient
10 pay annually the interest on such or
the said bonds as shall be uuredeemed
and in addition thereto. the oue-tWeuty-
ifth OF said bonds issued hereunder and
not paid before the lst day OF August, 1893.
The said tax shall be collected IN such
manner as is or may be provided by law
and the ordinances Of the said city, for
the collection Of other taxes on real es-
tate and personal property.
The Collector Of the city shall pay into
the treasury on each second Friday the
scsscd in pursuance Of the requirements
OF this ordinance. which shall have there
fore been collected by him.
The said tax shall be. by the Collector
while In his possession. and by the city
depository. into which the same IS paid
kept land accounted for separate from
ali other moneys OF the city.
Sec. .. The Receiver Of The city shall, OF
or before the 18th day Of July. 4 D. 1895.
and on OF before the 18th day OF July i'm
each yea and every year thereafter. un-
ul the bonds issued hereunder are fully
paid. pay 10 the said Commissioners all
the moneys which shall have heretofore
been paid into the treasury on account Of
the direct tax levied IN pursuance OF the
requirements OF this ordinance
While the said funds remain in the
treasury. IL shall be the duty OF the Coun-
ell 20 keep the same deposited in some
bank or banks In the City OF Wheeling at
the highest rate Of interest they can OBJ
tain. which interest shall be accounted for
and paid over into tho treasu-y upon
making payment 10 the Commissioners Of
the principal OF the funds derived from
said tax.
The receipt of said Commissioners for
the said moneys shall he fled by the Re
ceiver with the Clerk Of the City, and
shall be preserved by him.
Sec s. The said Commissioners. out of
the moneys received ly them under this
ordinance, shall pay the coupons issued
with said bonds as they become due on