The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-09-18

special council committee on the refund
ing of the city's bonded indebtedness
was held. Those present included
Chairman Morris Horkheimer, Council
men Berry and Hazlett, City Receiver
Forgey, City Solicitor Nesbitt and As
sistant City Clerk Nolte. Councilman
Ahl, member Of the committee, came In
later. The ordinance to be reported TO
council which Will authorize the refund
ing project, was taken up in detail, and
after the blanks had been filled in, was
as follows;
Section l. The ordinance Is for the pur-
pose OF paying on the outstanding bonds
OF the city loans OF 1871 1881, 1885, that por-
ton of the Main street bridge loans re-
naming unpaid July |. 1900, the compro-
mise loan, outstanding city orders, the
outstanding unbonded debt on the MAN
| street stone bridge, the oYerdratt OF the
city board OF gas trustees, the water
hoard loan. The mayor and city clerk
to deliver TO the three refundins loan
commissioners on December |, 1891, or as
! soon thereafter rs practicable. the sum
OF 500, 900 in bonds OF the following de-
nominations; $40 bonds OF $500 each 500
| OF $1,000 each, 800 OF 800 each, numbered
from l TO l,liO. payable on or before De-
| cember /, 1881, bearing interest at the rate
| OF per cent per hllnulllt Hdghult uhuh-
| ally on December l, the bonds TO bear the
signature OF the mayor and to be coun-
terslgned by the city clerk the bonds not
| subject to taxation.
Section 2 Names three commissioners OF
the loan, who are charged to sell the bonds
at not less than par, I5lSOO0 to be sold at
once. and $4,000 to be kept until 1901,
when they will be placed on the market,
Section 3. The bonds are to be Issued for
the following purposes RedeeminE old
loans, city orders, unbonded indebtedness,
| board OF gas trustees overdratt, water
works debt, Out Of the first sale OF the
| new bonds the commissioners are charged
| TO keep not less than S2l,7OO for outstand-
| ing city orders, $4,000 for the unbonded
Main street bridge. $500 for the board OF
gas trustees oyerdraft, and 100000 for
the water board loans then out OF the
proceeds Of the first sale the commission
| ers will redeem the outstanding bonds OF
the loans OF ISL, 1881 and 1885. The pro-
ceods OF the second sale, provided Tor
| above, TO be devoted 10 redeeminR the
| compromise loan, and the first and second
series Main street stone bridge loan.
Section I. Provides for annual tax levy
to pay the interest on the bonds sold,
and after 1906 a levy TO pay annually one
twenty-iifth OF the loan, commencing in
1905.
Section :. Provides that the city re-
ccver shall pay TO the commissioners on
the first day OF December, 1905, and annu-
ing the loan. The funds are to be kept
IN bank where the best rate Of interest
is had.
Section c. Commissioners are to pay the
interest coupons as they become due.
| The redemptlon Of the bonds TO be deter
mined by lot between December and u,
| 1907, and annually thereafter, when the
| commissioners shall advertise that the
| bonds chosen by lot cease TO bear interest.
| The city reserves the right TO redeem any
I "a Ia
Section I. The commissioners to properly
cancel all redeemed bonds,
Section s. The commissioners TO Keep an
account OF their receipts and disburse-
ments.
Section 10. The commissioners to give Sc
curIty for the performance Of their trust.
Section II. Any failure OF the commits
| sloners to carry out the provisions OF theiT
trust to be cause for the forfeiture OF the
surety bonds.
section II. Before the sale Of the refund
| Ing loan bonds, the commissioners shall
advertise In the Wheeling daily, newspa-
pers for mt least four weeks, giving the
| time and place of receiving bids.
Section 10. Provides for the compensu-
tlon for services Of the commissioners az
| the rate OF three-elChths OF one per cent
on all monies handled. The sum OF $50
Section "A. When date OF payment fails
| ON Sunday. the Indebtedness shall be
| llquidatcd on the following Monday,
Section i5 The ordinance to take effect
| after ratification by the qualified voters
| Of the city at n special election to be held
on date that has not yet been deter
mined by the special committee.
There was an Informal discussion OF
several matters at the opening of the
meeting, and some talk as to the
matter OF including the second series of
the Main street bridge loan in the re-
| funding Of the city Indebtedness. This
matter was not decided, the committee
awaiting written opinion from the So
| lictor. which will be given the commit
tee before the next meeting OF council,
and in time for the presentation OF the
ordinance to council at that meeting.
II was considered matter Of import
| anCe to get the matter before council
very soon, in order that the election
may be held before the end OF the year.
When the clause naming the commits
sioners Of the refundlng loan was reach
ed. II was suggested that Messrs. l.. It.
| Stlfel. w. r. Peterson and l.. Il. Sands
| he recommended to council. and this
was done with but one vote In Opposi-
| ton, that Of Mr. Ali. who objected TO
the two Democrats selected as commits
| sioners.
MIR Ahl-where's the Democrat In
this?
Chairman Horkhcimer Oaughing)-
| Charles, do you want everything
What's the matter with Mr. Sands and
Mr. Sufcl? They are Democrats.
| Mr. Ahl-No, they're not Democrats;
they are gold-bugs and voted for Me-
| Kinlcy last fall No Democrat did that,
|
| have been q lot Of them, Charles.
| Mir Ahl-You bet there We're
when this little exchange Of pleas
antrlcs had ended. Chairman Hork-
| hemer addressed the committee and
| said his desire had pcen that there
should be no politics In the deliberations
OF this committee. He would not OBJ
lect to three Democrats being commits.
| gloners. II Is a matter Of men-not Of
| politics, which should have no place
| whatever IN this matter.
When the amount Of compensation for
| the commissioners Of the loan came up,
| there was discussion as TO whether II
| should he three elghths Of one per cent
| or onc.half OF one per cent, and the re-
suit was that threc.clghths carried the
day. with about Sl,OOO,0OO to be ham
| died by the commissioners, each viii
make the muninccnt salary Of $3.50 per
| year For clerk hire, $50 per year was
allowed
Tho matter Of fixing the date Of tho
special election when the rcfurdlng loan
| will be voted upon by the people, was
not considered by the committee, which
| adjourned 10 meet again NJ the call Of
Chalrman HorkhcImor
MR. COTS DPFEkTED