Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-10-24

MI EnESEINl l.. l1E SESSlUN
WAS ADJOURNED u TIL
THURSDAY EVENING FOR DIS
CUSSION AND FINAL RECON-
MENDATION TO COUNCIL-THE
MEASURE NOT DIFFERENT
FROM THE OUTLINE PREyI-
OUSLY GIVEN.
The special Council Committee on
Refunding was called to meet last even
ing to listen to the reading of the draft
of the ordinance prepared by City So
licitor Nesbitt, in compliance with the
instructions given some five weeks or
more ago, by the Committee, and which
were fully presented at the time in the
Register. Those present at last even
ing's session were Mayor Sweeney,
President Maxwell. of the Second
Branch, Councilmen Chew and Water
house and Solicitor Nesbitt. Owing to
the absence of Messrs. Korn and
Marschner, the ordinance, after being
read, was laid aside until Thursday
evening, for discussion and final adop-
ton. AS result it will not come be-
fore Council this evening.
In review of the measure. which
has evidently been very carefully pre-
pared, its scope and meaning will be
found very fully presented in the first
section, which, emitting the unimport-
ant schedule Of the bond series. is as
follows:
Section l. For the purpose of providing
means for redeeming and paying such of
the bonds issued under the Compromise
Loan Ordinance adopted on November n h,
1860: such of the bonds issued under the
loan ordinance passed by Council on Aug
ust. 23rd, 1881, and ratified by popular cleo
ton, on August 23rd, 1881; such of the
passed by Council on May 18th, 1885, and
ratified by popular election on May 18th,
1885; and such of the Main Street Bridge
Bonds" issued under the. loan ordinance
passed by Council on March 18th, 1890.
and ratified by popular election on April
18th. 1880 as are not yet paid or provided
sloners appointed by or under said ordin-
ances:' and for the purpose of providing
means ms for paving outstanding city orders
interest thereon: the Mayor and Clerk of
The city of Wheeling are hereby author
I'D and instructed to make. and on the
soon thereafter as practicable, deliver to
the commissioners hereinafter named and
appointed, the bonds of The City of
Wheeling. dated the first day of December
A. D 1899. for an amount aggregating
four hundred and twenty-five thousand
dollars which bonds shall be of the fol-
said bonds shall be of the denomination OF
one hundred dollars, and numbered from
- to 200 inclusive: three hundred and
six of said bonds shall be of the denomi-
nation of five hundred dollars, and mum,
bered from t201' to SOC inclusive: and
two hundred and fifty-two Of said bonds
shall be of the denomination of one thou
sand dollars. and numbered from 5Jf to
''75S inclusive The bonds issued under
and by virtue of this ordinance snah pc
arranged in twenty-five serse s, each series
twelve thousand and five hundred dollars
except the rst se SCI or - t 1eri s8,o1ani
Of one hundred and twenty-five thou-
sand dollars
This section further provides that
the bonds shall not be sold for less
than par, and that they shall be so
sold by the commissioners as soon as
practicable after December /, 1899.
In section it is provided that the
bonds so sold shall be solely for the
purpose of taking up the outstanding
loans of the city as follows: Compro-
mise loan, $4,000; loan of 1881, 1884,,
500; loan of 1885, $218,20O; Main
street bridge loan, first series, $780,
500, and in addition city orders to the
amount of $4,000, making a total of
SAFE, 900.
In section 4 it is provided that a
direct tax shall be levied, in addition
to all other taxes, sufficient to pay the
interest upon said bonds, and in addi
ton one-thirty- fourth of the principal
annually up to and including the year
1888.
In section it is stipulated that the
Receiver shall, on the 25th day of
November, 1900, and to and including
the year 1903, pay to the commission
ers of the proposed loan, out of the
proceeds of the direct tax provided
for, an amount sufficient to pay the
interest coupons falling due, and be-
fore November %, 1909, and annually
thereafter he shall pay over to the
commissioners all the moneys paid in
on account of such direct tax, which
shall be applied by the commissioners
to the payment of interest and the re-
demption of bonds. The money in the
hands of the Receiver, the proceeds
of such direct tax, is to be deposited
in bank, at the best rate of interest
obtainable, and said interest accruing
is to be paid into the general city
treasury.
BY the provisions Of Section 6, the
commissioners of the loan are to pay
the interest on the issue from Deem
Der 1, 1900, to December l, 1909. and
on the first day Of December, 1909,
and annually thereafter shall take up
4ba bonds hepinuing with series "a y