The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-09-01

Last evening the special committee OF
council charged with arranging for the
refunding of the several city bonded
debts and the debts that are not bond
ed, agsregatIng somethlng Ike 100000
held meeting in the office of CITY
Clerk Watkins, at the city building.
Chairman Horkhelmer presided, and
Messrs, Higgins and Hazlett, of the
committee, We're present, together with
City Solicitor Frank Nesbitt, City Clerk
Watkins and City Receiver Forgey'
There was a lengthy discussion re-
garding the ordinance that was hand
ed the committee by Solicitor Nesbltt,
Finally the committee adjourned with
out completing It's consideration OF the
provisions of the ordinance. Another
meeting Will be held on Friday even
ing, when the ordinance viii be further
considered and placed In shape for rec
ommendation to council at its meeting
on Tuesday evening Of next week.
The ordinance provides as follows;
Section 1.-The ordinance is for the
bonds of the city loans of 1877, 1881 1885,
that portion Of the Main street bridge
loans remaining unpaid July l, 1900, the
compromise loan, outstanding city or
ders, the outstanding unbonded debt on
the Main street stone bridge, the over
draft OF the city board OF gas trustees,
the water board loan. The mayor and
city clerk to deliver to the three re-
funding loan commissioners on Decem-
ber /. 1887. or as soon thereafter as
practicable the sum OF 100000 in bonds
OF the following denominations: $40
bonds of $500 each; 500 of $1,000 each;
300 of 800 each, numbered from to ll4O,
payable on or before December l, 1881,
bearing interest at the rate of per
cent per annum, payable annually on
December /, the bonds to bear the sig
nature OF the mayor and to be counter
signed by the city clerk; the bonds not
subject to taxation.
Section 2-Names three commission
ers OF the loan, who are charged to sell
the bonds at not less than par, $5lS,OOO
to be sold at once, and $lS2,OOO to be
kept until 1901. when they will be plac-
ed on the market.
Section 3-The bonds are to be issued
for the following purposes: Redeeming
old loans, city orders, unbonded lndebt-
edness, board OF gas trustees over
draft, water works debt. out OF the
first sale of the new bonds the commits
sloners are charged TO keep not less
than S2l.7OO for outstanding city orders,
$4,000 for the unbonded Main street
bridge, $1,000 for the board of gas trus-
tees overdraft, and 100000 for the wa
ter board loans; then out OF the pro-
ceeds of the first sale the commission
ers will redeem the outstanding bonds
OF the loans OF 1877, 1881 and 1855. The
proceeds OF the second SALE provided for
above, to be devoted to redeeming the
compromise loan, and the first and sec
ond series Main street stone bridge
loan.
Section 4-Proyides for an annual tax
levy TO pay the interest on the bonds
sold, and after 1906 levy to pay annu-
ally one-twenty-fiftho of LIE loan, COM
mencing IN 1908.
Section 5-Provldes that the city re-
celver shall pay to the commissioners on
the first day of December, 1908, and
annually thereafter sums to be used In
decreasing the loan. The funds are TO
be kept in n bank where the best rate
OF interest is had.
Section 6-Commissloners are to pay
the interest coupons as they become
due. The redemption Of the bonds to be
determined by lot between December l,
and IL, 1907, and annually threaten,
when the commissioners shall advertise
that the bonds chosen by lot cease 90
bear interest. The city reserves the
right to redeem any or all bonds on or
after January /, 1908,
Section 1.-THE commissioners to pro-
perly cancel all redeemed bonds.
Section S-The commissioners TO keep
an account OF their receipts and dis
bursements.
Section 9-Council has power to re-
move commissioners or they may re-
sign their trust.
Section 1O-The commissioners to give
security for the performance of their
trust.
Section 11-Any failure of the COM
missloners to carry out the provisions
OF their trust to be cause for the for
fixture of the surety bonds.
Section 12-BefOre the sale OF the re-
funding loan bonds, the commissioners
shall advertise In the Wheeling daily
newspapers for at least four weeks,
giving the time and place of receiving
bids.
Section 13-Provldes for the compen-
sation for services OF the commission
ers. The sum OF $50 annually is set
aside for clerical services.
Section 1I-When date Of payment
falls on Sunday, the indebtedness shall
be lIuuldated on the following Monday
Section l5.-The ordinance to take ef-
feet after ratification by the qualified
voters OF the city at a special election to
be held on date that has not yet been
determined by the special committee.