Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-07-05
LOAN ORDINANCE.
BONDS OF 1895.


AN ORDINANCE 20 provide for the is nc
and sale of Bonds of the city OF nee
ing to be known as Bonds OF 1872 anu
for the redemption and payment thereof
BE it Ordained by the Council Of the City
Of Wheeling:
Section ]. For the purpose Of providing
means Tor purchasing the plant OF tAe
Wheeling Electrical Company; Tor paying
the Main Street Bridge indebtedness lHe
deficit or oyerchecH of the Gas 1oalu %
the City of Wheeling, ana Such on IH1
bonds issued under the loan ordinance
adopted on NEUTRALITY-SUSPICIOUS.. $500 i'''' -
QInoWn as the Electric Light Loan are
not vet paid or provided FOR by the IuHIS
in tie hands of the Commissioners dP-
pointed bv or under said ordinance, the
Mayor and Clerk of the city OF w neellhS
are hereby authorized and instructed 10
make and on the first day OF August, A
D. 1886 or as soon thereafter as praclca-
bic. deliver TO the Commissioners herein
after named and appointed. the bonus OIL
the City of Wheeling, dated the trst cay
of August, A. d. 1893, for an amount AZ
gregatng one hundred and twenty-five
thousand dollars, which bonds snail be or
the following denominations: l0J or sald
bonds TO be of the denomination OF %lOV
each: 100 Of the said bonds 10 be Of the de-
nomination of $500 each; ana 90 or the stlS'
bonds to be Of the denomination OF $LovV
each.
said bonds shall be numbered from to
90 inclusive The sad bonds snail be
payable on or before the lst day OF Au-
gust. A. y. 1926 at the Dollar savings
Bank OF Wheeling, with interest az the
rata Of per cent. Per anlun, payaDle an
nualIy on the 1st day OF August. 1870, 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 snail be attached 20 CdcI
bond. with the signature of the Clerk OF
the City engraved thereon. The said
bonds shall be signed boy the Mayor, coun-
tersiFncd by the Clerk, ana sealed with
No.tfer the said bonds nor the coupons
thereto attached shall De subject 70 taxa
ton. under the authority of the city oil
Sec. 2 BE il further ordained, that John
Frew. L. IL. Sands ana ID. r. 3ehrens be
and they are hereby apponled CoHlnls-
si0ners and empowered and instructed 10
sell the bonds at not less than their par
value and IN the manner provided IN
CHAPTER lf of the Acts OF l5f- ana $40, OF
The LEGISLATURE OF West Virginia.
Sec. 3. The said bonds shall be issued
only for the following purposes;
FIrst-Payng and reGeemlng the UNPAID
bonds now due and falling due this year
Of the loan OF June o, 1891, known as the
Electric Light Loan.
Sccond-Paying the Main Street Bridge
indebtedness.
Third-Paying the deficit or overcheck
of the Gas Board of the City Of Wheeling.
Fourth-For the purpose Of auOrdns
means to purchase the plant of the Nheci-
ing Electrical Company. II the Silu CITY
and aaid Wheeling Electrical Company
fail to agree upon the price ana terms OF
said Electric plant. and the same being
submitted to arbitration according TO the
9ct of February II. 1881, Of the Legislature
and that failing or me sara company ld!l-
iag TO appoint an arbitrator Wlthih lhiIty
lays after notice, in writing, from me
citv OF it's desire that such appointment
shall he made. then that portion OF the
loan named in within ordnance 10 ne use9
in purchasing said Wheeling EIeclflcai
0ompany's plant shall be used TO pur-
chase. erect, build, improve ana MAINTAIN
any and all buildings. works. plants pipes,
u.Ie lines. and TO use, generate, distribute
-cll and control electricity and gas TOT
ieht and heat, and FOR the purpose OF FUR
rishine light for the Streets, buildings,
stores and other places in ana about sa.d
city. and also for the purpose OF heating
furnaces. factories, buildings and houses.
I'm all aggrcg2uug me SUM OF one nun
bred 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 hereinbcfore provided, that they shall
De issued for tho purpose herein provided
and to such persons as the Council OF SAID
city shall from time 10 time direct, but
only for the purposes aforesaid
See & There shall be annually levied
Hv the Council of the city of Wheeling, al
The same time that the annual levy OF tho
civ taxes for other purposes is made, UNI
iii all the bonds issued under the prOvis-
ions of this ordinance are paid, direct
tax upon oil the real estate and personal
property assessed by the said city for tax
alton. which direct tax shall he levied as
separate tax. and ia addition to all other
taxes that may be levied for the benefit Of
the city. and which shall he sufficient TO
produce in each year until ana including
the year 1929. "a sum sufficient TO pay the
interest annually accruing upon the said
bonds and which levy shall. after the
iully redeemed and satisfied, be sufficient
I'D pay annually the interest on such Of
the said bonds as shall DE unrodeemed,
and in addition thereto. the one-tWenty-
fr;h eft said bonds issued hereunder ana
not paid before the lst day az August, 1873.
The said tax shall be collected in such
manner as IS orr may De provided by law.
and the ordinances of tine said city, for
the collection of other taxes on real cs-
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 I'm 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 ~ the city
depoe tcry into which the same is paid
kept land accounted for) separate from
an other moneys Of the city.
Sec 5. The Receiver Of the city shall. on
or before the 18th day OF July. A. D.. 1895
and on or before the 18TH day of July in
each year and every year thereafter. un-
tl the bonds issued hereunder are fully
paid. pay 10 the said Commissioners all
the moneys which shall have thcretofore
been paid into the treasury on account of
he direct tax levied in pursuance Of the
requirements cf this ordinance.
While the said funds ROMAN I'm the
treasury. il shall be the duty OF the Coun-
ell 10 keep the same deposited in some
bank or banks IN the City Of Wheeling. al
the 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
The principal Of the funds derived from
said tax.
The receipt Of said Commissioners for
the sold moneys shall be filed by the Re
ceiver with the Clerk Of the City, and
shall he preserved by him.
see G. The said Commissioners. out Of
the moneys received by them under this
ordinance shall lay the coupons issued
with said bonds as they become duo ON