The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-10

ing n Autographed lac-SlHllIe OF MS Sly
nature.
Section 4. When the bonds shall have
been prepared as provided in section
) hereof, they shall be executed ON be-
half of the city by the Mayor and City
Treasurer with the corporate seal of the
city affixed, attested by the City Clerk,
and shall be sold and disposed of under
the supervision of the Finance commit
zee at the best possible price, but not
Tor less price than their par value and
accrued interest, the proceeds to be
used only for the purposes for which
they are issued as set forth in section
one hereof. If any of the bonds shall
be sold after the maturity date of any
OF the coupons, such coupons shall be
detached and destroyed under the SUI
pervision of the Finance committee, who
who shall make record of such cancel
lation and file the same with the City
Clerk.
Section 5. That the City Clerk and
the City Treasurer shall each keep in
the Number, date of sale, denomination
of and price paid for each bond issued
under the provisions of this ordinance
cCStlOll O luG UOHuS W utu cAcCuleu
as herein provided shall be placed in a
box or package, securely sealed by the
Mayor, City Clerk and Chairman of the
Finance committee, and containing an
endorsement signed by them that the
same is to be opened only by the said
officers Jointly and placed on deposit
with the City Treasurer, and when and
as often as opened for the pupose of is
suing any of the bonds less thanthe
whole number, shall be again similarly
sealed and deposited"
The form of the bond which appeared
in the ordinance is omitted.
Alderman Boushall said that it was
thought that the best price could be
obtained for the bonds by making them
of a larger denomination and he was
therefore in favor of making them in
the denomination of one thousand dol
lars.
Alderman Drewry held the same
opinion, and the thought that by hav-
ing the bonds in the denomination of
$1,000 and selling the whole block to-
gether and making the interest payable
in some northern city the best possible
price could be obtained for them.
In reply to a question from Alderman
Johnson Alderman Drewry said that
the matter ofselling the bonds in lots
at different times had been considered
but it was thought that it would be
more advanta geous to the city to issue
and sell the $4,000 at once and if the
money was not needed Immediately to
invest part of it in State bonds for a
time.
Alderman Hamlin said he knew moth
ing about bonds but he had confidence
in the committee so he moved that the
denomination he made one thousand dol
lars. The motion was carried.
Alderman Boushall said it had been
suggested that the place for paying the
interest be made at the Farmers and
Merchants Bank of Baltimore, but he
thought it well to leave this blank so
they could be made payable where the
purchasers preferred.
Alderman Drewry moved that the
place be left open. 1t was so ordered,
and the matter was left open to the
Finance committee.
An invitation was read from the city
of Columbus extending a cordial invita-
ton TO the Mayor and the members OF
the city council TO attend and parucl-
nate in the proceedings Of the National
Conference of Mayors and Counclimen
at Columbus, Ohio, September Is, 20,
30 and October list.
Alderman Drewry moved that Alder
man Hamlin go and represent the city
council, paying his own expenses anu
while Alderman Hamlin was expressing
his thanks to Alderman Drewry for the
motion. Alderman Boushall moved to
ndionrn and the motion prevailed.