Martinsburg statesman-democrat. [volume] (Martinsburg, W. Va.) 1906-1921, 1909-12-03


provided for remaining over and above
the amount of the interest due upon
said bonds (which amount necessary
to pay the interest shall be
paid by the council to the treasurer to
be held in a special fund by him for
that purpose) shall be payable to the
Commissioners named in section two
hereof The Commissioners shall in
vest the same in some good, safe in
ves'ment netting not less than three
per centnm per annum interest, which
investment shall be recorded in book
kept for that purpose, If bond, in the
name OF the commissioners or the
Water Works Extention Fund of the
City of Martinsburg, West Virginia, y
and if otherwise, the investment shall
be made payable TO the Commission
ers of such fund. A record shall be
kept by the Co nissioners of all in
vestments made, their character, the
amount of interest TO be derived there
from, when principal aud interest
shall be payable, and everything per-
tainining thereto. The Com missioners
shall each furnish bond payable to
the City of Martinsburg, with some
good surety com pany as security, con-
ditioned that they will faithfully dis
charge their duties under this ordi-
nance and account for and pay over to
the City of Martinsburg, whea de-
manded, all funds, securities ard
moneys intrusted TO them. Whenever
either of the commissioners shall va
cate their office by reason of death,
resignation, removal from the city or
any other cause, the Mayor shall i'm
mediately nominate his successor to
the Council, which nominations shall
IN all respects ana the confirmation
thereof be made as provided in section
thirty one, article ninteen, chapter
six Of the Acts of the Legislature of
West Virginia, of 1909. The bonds
given as provided in this section shall
be approved by the Council; the
amount Of such bond shall be fixed
and determined by the Council from
time to time. The premium upon the
bonds shall be paid by the City of
Martinsburg and the Board of Affairs
are hereby authorized to pey such pre-
miufn upon the bonds that may be
given by the said commissioners from
time to time.
Sec. L. The said sinking fund here
after provided for shall be kept by the
commissioners for the purpose for
which the same is levied ana collected
after being paid over to them, and
they shall pay such part thereof, or
all Of it, only upon thespecial warrant
of the Board of Affairs directed to
them and specifying that the amount
Is to discharge so much of the princi-
pal of said bonds, when the amount
therein specified shall be paid to the
IF of AZ ri inn,
for the purpose of discharging the
principal or part oft, of said bonds.
The commissioners shall make re-
port in writing to the Mayor of the
City of Martlnsburg at least once IN
each yea which report shall embody
all things done by them during the
shall be transmitted by the Mayor to
the Council of the City of Martins
burg.
See. 5. That the maximum rate of
levy which the council of the City of
Martinsburg may now levy for general
purposes under the Charter of the City
of Martinsburg will not produce suf1i-
cient funds to pay the interest on such
bonded Indebtedness hereby created
and provide sinking fund for the
four years. That a liking fund be ere
ated for the redemption of said bonds
and that the Council shall provide for
the collection of direct nnual tax to
pay annually the il teiest on said bonds
and the principal thereof at maturity,
and for that purpose may direct a rare
of levy each year up to an amount of
five cents, which rate of levy may pro-
emf tpin fttp sle,1 al,
year to pay the interest and to provide
such sinking fund; but before the
Council shall make an additional levy,
a majority of the votes cast for and
against said levy SIS provided III the
succeeded section shall be in favor of
such authorization.
Section 8. The Mayor shall issue
proclamation reciting this ordinance
and appoint day on which an cleo
lion shall be held by the quail
flied voters of said city to determine
whether they shall reject or ratify
this ordinance; and he snail also spec
fly in said proclamation the aggregate
amount Of Indebtedness Of the said
city issued, authorized and existing at
,he date of the proclamation This
proclamation shall be published IN all
AK INNai 20 t'SAo iJhDliotiS'i III VIC VI y
Of aiarti1sburg, at least once week
for four successive weeks, the frs
publication thereof ueing at least thir-
ty days before the date fixed for such
special election, and such proclama-
tior shall be posted at The same time
at the front door of the County Court
House of Berkeley County, West Viz
ginia, and at the front door of the
City Hall of Martinsburg. West Vlr-
gtnia, aud at place within eachrvot