The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-12-21
RECOMMENDS
THE REFUND
ORDINANCE.
This Action Taken by Councils
Special Committee, and Council
WIN Act Next Tuesday.
ELECTRICAL PLANT PURCHASE
Is Included In the Provisions Of the
Ordinance, as Redrawn BY City
Solicitor Nesbttt


The special committee of council In
whose hands was placed the prepare
tion Of an ordinance covering the re-
funding Of the major portion of the
city's bonded indebtedness. held an Inn
portant meeting last night. at which
the ordinance as redrawn by City solic-
itor Nesbltt, was recommended favor
ably to council, and is to be taken up
by that body at Its regular meeting
next Tuesday evening.
Members Of the committee present In
cluded Mayor Sweeney. chairman;
Councllmen Maxwell, waterhouse,
Chew, Korn and city Solicitor Nesbitt.
At the last meeting of the committee
1t viii be remembered, it was decided
to incorporate a section providing for
the inclusion In bonds of sufficient
amount to acquire the plant OF the
wheeling Electrical Company. thus
enabling the city to enter the business
of selling electric light This was In
corporated in new section, as follows;
Section l4-Inasmuch as It Is required by
the constitution and laws Of the state Lhat
the payment OF the interest or anu re-
demptI0n Of the bonds TO be issued uh9eE
this ordinance must be provided tor by
tho levy Of direct annual taxes, ana II Is
intended on the adoption Of this loan Or
dinance not TO cause any UNNECESSARY
taxation, therefore TO provide SO tar y
possible against any such Increase, II y
further ordained that there shall be paid
into the city treasury from tho revenues
Of said proposed electric plant, on or before
the first day Of January, 1901, ana on o.
year thereafter until all the bonds issued
under this ordinance are tully pald. tne
sum OF S2TSS and also O further amount
equal to the one-hfth Of the interest com:
ing due on the next ensuing 3D.. day OF
80. on all Of the bonds Issued hereunder
and unredeemed at the time such payment
Is made Provided, however, that T. IN
the opinion OF council, the revenues OF the
said electric plant in any year are not
sGIficlent to justify such payments either
in part or whole, the sum so paid out Of
the revenues OF the said electric plant
shall be applied toward the payment Of the
current expenses Of the city
The ordinance provides for a total
issue Of bonds aggregatlng $4,000. of
which $s4.SOO is for the acquiring Of the
wheeling Electrical company's plant,
eaulppIng the same and making addi-
lions to 1t.
Inquiry was made as to when the city
would be in need of money coming from
the refund for paying bonds about to
become due, and Receiver Forgey said
not until June, next year.
AS to the condition OF the money mar !.
Ieet It was stated the Wheeling banks
have an abundance of money, the pres
ent eastern strlngency not extending
here.
1t was decided to date the bonds June
i, but the committeeman favored hav-
ing the refund election at as early q
date as possible.
city Solicitor Nesbitt read the follow
ing from Caldwell & Caldwell, the well
known law authorities:
WHEELING, W, Va. Dec. IS, 1883.
Frank W. NesbItt, ESQ. City Solicitor
Wheeling, W. Va
DEAR SIR:-The draft Of the ordinance
to be submitted to the committee Of the
council Of the city OF wheeling, entltle1
sale OF bonds OF the city OF wheeling 20
| IN known az the refunding and electric
| light bonds OF 1900, and for the redemption
| and payment thereof, has had our care
| ful consideration In conjunction with your
! self on a number OF occasions, as wei as
| during your absence, and We feel that the
proposed ordinance complies with the con-
| stitutIon and laws OF the state OF West
Virginia, and Is free from any NaHu 0O-
Our attention has been particularly and
especially called to the provisions respect.
| ing the Issue OF bonds for the purpose OF
| enabling the city to enter Into the business
| OF selling electricity to private consumers,
! The provisions on this subject have been
| carefully prepared and fully considered
| and our opinion Is that, II the Ordinance
Is adopted by council and ratified by the
people. no successful attack could be made
upon these bonds, or the right oil the city
to issue the same.
Yours very truly. ,.u,-,,
After a short discussion the commit
tee voted recommendation Of the ordi-
nance to council favorably.
The committee has completed its
work expedltiously and with thorough
ness, and the ordinance 1t reports to
council is an instrument conceded to be
strong and sound legally, thanks to the
industry and ability of Solicitor Nes-
bltt, whose work has been passed upon
by the best legal talent and pronounced
good, It now remains for council to
place the matter before the people in a
special election, and the impression is
that the refund will meet with more
general support than was accorded an
other attempt to refund, that of two
years ago. The present refund measure
differs materially from the other. and
in addition there has not been shown 50
far any indication that the matter will
be made political issue, and 1t should
not, for the committee has endeavOred
to act only for the best interests Of the
city, and both Democrats and Repubh-
cans on the committee have agreed on
the plan that is now presented to coun'
Gil and later to be submitted to the
people for their final consideration.
DIAMONDS bought from US at the
present prices will be worth in the
near future more than one hundred