Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-07-10
LOAN ORDINANCE.
BONDS OF 1895.

BONDS OF 1893.
AN ORDINANCE to provide for the issue
and sale OF Bonds of the CITY OF w hetI7
ing. 10 lie known as Bonds Of 1879, ana
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 Ior pay lus
the Main Street Bridge Indebtedness, me
deficit or OVercheCk of the Gas bOaIu OF
the CITY of Wheeling. ana such OF the
bonds issued under the loan oroih {asa
adopted on ..........-....... 100, -,
O<nOWn as the Electric Light Loan are
not vet paid or provided for by the Iunus
I'm the hands Of the Commissioners APP
pointed by. or under said ordinance, lhe
Mayor and Clerk of the City of wheeling
are hereby authorized ana instructed 10
make, and on the first day OF August, A.
d. 1895. or as soon thereafter as prdcllca-
BILE. deliver TO the Commissioners herein.
after named and appointed, the Dohus OF
the City of Wheeling, dated the irsl Gay
of August, a. ID. 1880, Tor an amount az
creating one hundred and tWenty-hN e
thousand dollars. which bonds shall be OF
the following denominations: 100 OF sald
bonds 10 be of the denomination OIL SlVV
each: 100 of the said bonds 10 be OF the de
nomination of $500 each; ana o. OF tllc Sal,t
bonds TO be of the denomination OF SLOD
each.
Said bonds shall be numbered from ! to
go inclusive The said bonds shall be
PAYABLE on or before the lst DAY OF Al
gust. A. d. 1929. at the Dollar Savings
Bank OF Wheeling, with interest," az I .Le
rate of per cent. per annum' payapie an
nually on the list Gay of August, leso' anu
ON the lst day of August in each year
thereafter. until and including the year
1921, at the Dollar Savings Bank OF
Wheeling for which interest coupons IN
proper form shall be attached 10 eacn
bond. with the signature OF the clerk OF
the City engraved thereon. me SUI
bonds shall be signed by the Mayor, coun-
tersigned 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 OF
Sec. .. lie il further ordained. that John
Frew. L. y. Sands and II. T.. Benrens ne
and they are hereby appointed Conill >
siOners and empowered ana instructed 70
sell the bonds at not less than lnelr par
value. and in the manner provided IN
CHAPTER 14l of the Acts of 1872 and 1913, OF
the LEGISLATURE of West Virginia.
Sec. 8. The said bonds shall be issued
only for the following purposes:
First-Taying and redeemlng the UNPAID
bonds now due and falling due TINS year
of the loan of June 9, 1891, known as the
Electric Light Loan.
Second-Payng the Main Street Brluse
Indebtedness.
Third-Paying the deficit or overcheck
of the Gas Board of the City of Wheeling.
Fourth-FOr the purpose OF auOrding
means 10 purchase the plant of the Wheel
ing Electrical Company. If the said city
and said Wheeling Electrical Company
Fail to agree upon the price and terms Of
said Electric plant and the same being
submitted to arbitration according TO the
act of February l., 1891. OF the Legislature,
and that failing or the said company fail
ing to appoint an arbitrator within thirty
DAYS after notice. in writing, from the
city of its desire that such appointment
shall be made. then that portion of the
loan named in within ordnance 10 be useQ
i'm purchasing said Wheeling Electrical
Company's plant shall be used TO pur-
chase, erect build, improve and maintain
any and all buildings, works. plants. pipes,
pipe lines, and 10 use, generate, distribute,
Sell and control electricity and gas for
light and heat and for the purpose of fur
nishug 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 aggregating the sum of one hun
dred and twenty-five thousand dollars.
The proceeds arising from the sale of
said bonds shall be paid out by the said
Commissioners to the amounts for which
IL is hereinbefCre provided, that they shall
be issued. for the purpose herein provided.
and to such persons as the Council of said
city shall from time to time direct but
only for the purposes aforesaid.
Sec l. There shall be annually levied
hy The Council of the City of Wheeling at
the same time that the annual levy Of this
city taxes for other purposes is made, I'M
til all the bonds issued under the provis-
ions Of this ordinance ere paid, direct
tax upon all the real estate and 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
aXes that may be levied for the benefit of
produce I'm each year until and including
the year 1924 a sum sufficient TO pay the
interest annually accruing upon the said
bonds. and which levy shall, after the
year 1904. until the SAID bonds shall be
fully redeemed and satisfied be sufficient
to pay annually the interest on such of
the said bonds as shall he unredeemed,
and iu addition thereto, the one-tWeuty-
ffth of said bonds issued hereunder ana
MOI paid before the LIST day of August, 1906.
The said tax shall be collected i'm 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
total amount Of the taxes levied and as
sessed 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
denository. into which the same is paid
kent and accounted foD separate from
oll other moneys of the city.
Sec. s. The Receiver or the city shall. on
or before the 18th day of July. A. ID. 1856.
and ON or before the 18th day Of July i'm
ch year and every year thereafter. un-
Nh the bonds issued hereunder are fully
Maid. nay 10 the said Commissioners all
he moneys which shall have heretofore
been paid into the treasury on account Of
the direct tax levied in pursuance OF the
reouirements of this ordinance
While the said funds remain I'm the
trea eurv 70 shall be the duty Of the Coun-
cn 10 keep The same deposited in some
bank or banks in the City of Wheeling. az
ne highest rate of interest they can OBJ
tain. which interest shall be accounted for
and paid over into the treasury. upon
making payment to the Commissioners OF
he principal of the funds derived from
said tax.
the said moneys shall be filed by the Re
ceiver with the Clerk Of the City, and
shall be preserved by him.
Sec. 8. The said Commi ssioners. out OF