Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1901-06-22

burg
Sec. /. That pursuant to the au-
thority conferred by an act of the
Legislature of the State of West Var
ygina, passed on February, 2, 1901,
being Chanter 1913 of the Acts OF 1901.
an issue of bonds is hereby directed -
the amount Of s76, 10000 or so much
thereof, as with the premium bid
thereof. II any, will be sufficient to
paw. cancel and redeem the existing
bonds of the Corporation OF Martins
burg. heretofore issued under and III
accordance with an act OF the Legis-
lature of West Virginia, passed on
the 27th. day Of February, 1872, and an
ordinance passed in pursuance thereof
on the 2nd day Of August, 1872. tie
proceeds from the sale of which bonds
when issued, shall.be used in the pay
ment and redemption of said outstand
ing bonds. and for no other purpose
Sec. IT, The said bonds, when is
sued, shall be Of the denomination Of
$500 they shall bear interest at the
rate OF 3l5per centum payable semi
annually. ON the 18TH day Of January
and of July of each year; the INSTALL
ments of interest and also the prinei-
pal thereof, when payable or redeem
able as therin crowded, shall be pay
able at any state or national bank in
the CITY of Martinsburg, West Vir-
| pinia. or at the National Park Bank
of the City of New York, in the State
of New York.
sSec. III. The principal of said
bonds shall be payable at the option Of
the Corporation of Martinbsurg any
time after twenty years from the
date of issue, and shall be demand
able by the holder thir;v-three years
after the date of issue. Should the
corporation of Martinsburg after said
bonds become redeemable. elect TO pay
part thereof, those so TO be paid,
shall from time to time be selected by
lot and designated by their numbers:
and public notice of such intended
payment, and of the place where
payment will be made, shall be
given by advertisement for three
successive weeks in some news
paper published in the city of Mar
tinsburg, and interest on the partieu-
lar bonds called in, shall cease at the
expiration of thirty days from the
date of the last publication of such
notice. Whenever the Corporation of
Martinsburg shall elect to pay all of
said bonds, like notice shall be given,
and interest thereon shall cease at the
expiration of thirty days from the
date of the last publication of such
notice.
Sec. ". A Board to be known as
the Bond Refunding Commissioners,
consisting of three persons, shall be
appointed bv the Mayor to act as the
agents of the Corporatin of Martins
burg, in advertising for proposals, /
negotiating the SALE and superintend-
ing the issue of said bonds, and in APP t
plying the proceeds thereof to the
and redemption of the out
bonds, but no compensation
shall be allowed to any person for his
services on such Board.
Sec. Y. Said Board shall advertise
not less than three weeks in some
published in Martinsburg
West Virginia, and in some financial
journal published in New York City,
md in such other manner If any, as
they may deem advisable for sealed
bids for the bonds. authorized under
his ordinance, with the right TO re-
iect any or all bids, reserved to the
Council Of the Corporation of Mar
i.burg All bids shall be accom-
panied bv certified check for two
and hale per cent of the amount
thereof, all such bids shall be opened
bv the Board on the date fixed i'll the
III the presence of the
council in open session; and, If the
bids are for larger sum than that
by this ordinance the /
same shall be awarded to the high
est bidders to the amount authorized,
or so much thereof together with the
premium bid if it is necessary to pay |
off the existing Indebtedness
Section VI. The said Board shall
designate one of the Banks of the
CITY of Martinsburg, as the deposit
tory, to which as soon as practicable,
after the sale of said bonds the
Mayor and Clerk of the Corporation
shall on the joint order Of said Board
deliver the new issue OF bonds duly
signed and executed as herein pre-
vided. To be delivered by SAID deposl-
tory. to the purchasers on the Joint
order of the Board. when the terms
of sale are made good and the said,
DID sboH raduirp the proceeds