Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-08-02

!
met and discussed the ordinance sub
/ mitted by the finance committee pro-
yiding for the Issue and sale of bonds
for the purchase of site for pG9iic
library. and for their payment and re-
dempton.
President Bowers called the board TO
order, after which the first section of
the proposed ordinance was read. this
provided for the issuance Of bonGs
/ dated November 1st, 1901, fos an
amount aggregating not more tam
/ $4,000 OF the denomination of $500
each. That the bonds be payable on or
before November lst, 1885, at the Bank
! OF the Ohio Valley, with interest at :
rate of per cent, payable on the LIST
day of November, 1902, and annually
thereafter until 1885. The bonds were
| TO be in coupon form
Mr.. a l.. White stated that lie
thought the rate of interest was UNI
usually high and that the section did
not provide for the issuance of bonds
| In series. He offered an amendment
| providing that the rate of interest he
reduced to per cent, and that 81 900
worth OF bonds be redeemed each year
after November LIST, 1906 This will
make the issue run out in twenty five
years. were $50 900 worth issued. and
would save the tax payers much money.
Col. Miller stated that the reason OF
the committee in placing the rate OF
| interest at per cent WAS to avoid lie
trouble the city experienced in floating
| their 4 per cent bonds for the Main
street creek bridge.
The question was demanded on Mr..
Whites motion to change the rate from
To 4 per cent, and the amendment
was carried.
The amendment to redeem $4,000
worth of bonds each year was then
taken UP and lost.
On motion, the section was passed
with the rate only amended.
Section 2, provided for the appoint
| ment OF special commissioners to sell
the bonds. Mr. White stated that he
thought the special commissioners were
a needless expense, and that the board
could do the work, as it was done in
several other States.
Mr.. Batelle stated that when the
Bellare bonds were hoated the board
of education did the work and saved a
considerable amount.
Mr. White then placed his remarks IN
a motion that the portion of the Gec'
ton requiring the appointment of spe.
cial commissioners be stricken out, and
that a CLAUSE be inserted giving the
board power to advertise and sell the
bonds. The motion was carried by a
vote of eight to four.
The section as amended was thea
passed
Section 3, providing that the said
commissioners shall pay out the pro-
eeeds of the bond sale for the purchase
of library site, as directed by the
+board, was then read Mr.. Ford moved
to amend it by striking out the words
"by the said commissioners. This
amendment was adopted and the sec
ton as amended was then passed.
Section 4, providing that no debt shall
be contracted under the ordinance by
the board, unless provision be made for
a direct annual tax sufficient to pay the
interest and debt within thirty forr
years be made nor unless all questions
connected with the debt receive vote
of three-ffths of the total vote cast.
1t also provides for the collection of
the tax. This section was passed unan!-
mously.
The next section provides for the pay
ment of interest and the outstanding
bonds. Mr. White made motion to
strike out a portion of it, but 1t was
4 lost.
Mr.. Williams made motion that
wherever the word commissioners oc-
cur that it be struck out. Adopted.
Section seven was then read and
adopted 1t requires the bonds to be
cancelled or redemeed and turned over
to the clerk of the board, who shall pre-
serve them.
Section seven, providing for the keep
| ing of a record of the receipts and dis
bursements in connection with the bond
issue to he reported in each November
meeting to the board. was adopted.
The section referring to the boards
power to remove any commissioner or
to fill vacancy among them was struck
! out.
The next section, providing for the
bond of the commissioners, was also
struck out.
Section ten, providing for the adver-
tisement and sale of bonds was adopted.
Section eleven, relating to the COM
pensation of the special commissioners
| was struck out.
Section twelve, providing for a spec
ial election on August "a, 1901, was
| read Mr. Williams motion that the date