Martinsburg statesman-democrat. [volume] (Martinsburg, W. Va.) 1906-1921, 1909-11-19

IFOu1 LQG ulFeCt dU0udI TAX hereinafter
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 special fund by him for
that purpose) shall be payable to the
Commissioners named ia section two
hereof, The Commissioners shall in
vest the same in some good, safe in
vestment netting not less thay three
per centum per aDnum interest, which
investment shall be recorded in book
kept for that purpose, II bond, in the
name of the Commissioners OF the
Water Works Extention Fund of the
City of Martinsburg, West Virginia, y
and II otherwise, the investment shall
be made payable 10 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 and interest
shall be payable, and everything per-
tainining thereto. The Commissioners
shall each furnish a bond payable to
the City of Martinsburg, with some
good surety company 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, when 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 and 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
bords shall be paid by the City OF
Martinsburg and the Board OF Affairs
are hereby authorized to psy such pre-
MUM upon the bonds that may be
given by the said commissioners from
time to time.
Sec A. The said sinking fund here
after provided for shall be kept by the
commissioners for the purpose for
which the same is levied and collected
after being paid over to Them, and
they shall pay such part thereof, or
all Of it, only upon the special 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
treasurer of the City of Martinsburg,
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
preceding year. The report when made
shall be transmitted by the Mayor to
the Council of the City of Martins
burg.
Sec. 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 Martinshurg will not produce sutfi-
cient funds to pay the interest on such
bonded Indebtedness hereby created
and provide sinking fund for the
discharge of the principal in thirty
four years. That sinking fund be Gre
ated for the redemption of Faic bonds
and that the Council shall proviCe for
| the collection of direct nnual tax to
| pay annually theinterest on said bonds
and the principal thereof at maturity,
and for that purpose may direct rate
of levy each year up to an amount OF
! five cents, which rate of levy may pro-
| duce sufficient funds necessary IN each
| 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 as provided III the
| succeeded section shall be in favor OF
| such authorization.
| Section 6. The Mayor shall issue a
proclamation reciting this ordinance
| and appoint day on which an cleo
ton 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.
| ify in said proclamation the aggregate
amou-t % Indebtedness of the said
city issued, authorized and existing at
| the date of the proclamation This
! proclamation shall be published IN all
the newspapers published IN The cry
of MartInshurg, at least once weeh
for four successive weeks, the frs
publication thereof being at least thfr-
ty days before the date fixed for such
special election, and suetl proclama-
tor shall be posted at The same time
at the 'front.' door of the County Count
House of Berkeley County, West Wiz
ginia, and at the front door OF the
City Hall of Martinsburg, West V1r-
n,.,.n I'D nj n ,Iaca Within q ach NOt