Martinsburg statesman-democrat. [volume] (Martinsburg, W. Va.) 1906-1921, 1909-11-26


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 in section two
hereof The Commissioners shall in
vest the same in some good, safe in
vestment netting not less than three
per centum per annum interest, which
investment shall be recorded in book
kept for that purpose, If bond, in the
name of the commissioners OF the
Water Works Extention Fund of the
City of Martinsburg, West Virginia, y
and if otherwise, the investment shall
be made payable 10 the Commission
ers of such fund. A record shall be
kept by the Co missioners of all in
yestments made, their character, the
amount of interest to be derived there
fiom, when principal aud interest
shall be payable, and everything per-
tainining thereto. The mmissioners
shall each furnish 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 and
moneys intrusted to them. Whenever
either of the commissioners shall va
cate their Cf1lce by reason of death,
resignation, removal from the city or
any other cahse, the Mayor shall i'm
mediateiy 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
bonds shall be paid by the City of
Martinsburg and the Board of Affairs
are hereby authorized to ply such pre-
MUM upon the bonds that may be
given by the said commissioners from
time to time.
See. 4. 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
treasurer of the City of Martinsburg,
for the purpose of discharging the
principal or part of it, of said bonds.
The commissioners shall make re-
port in writing to the Mayor of the
City of MartInsburg at least once IN
each year 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. s. 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 suffi-
Gent 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 sale bonds
and that the Council shall proviCe for
the collection of direct nnual tax to
pay annually the interest on said bonds
and the principal thereof at maturity,
and for that purpose may direct a 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 in the
succeeded section shall be in favor of
such authorization.
Section 6. The Mayor shall issue
proclamation reciting this ordinance
and appoint a day on which an cleo
ion shall be held by the quail
fled voters of said city to determine
whether they shall reject or ratify
this ordinance; and he snail also spec
fy in said proclamation he aggregate
unou-t OF Indebtedness of the said
ity issued, authorized and existing at
he date of the proclamation This
PROCLAMATION shall be published N all
he newspapers published in the City
II Martlnsburg, al least once a week
Tor four successive weeks, the frs
publication thereof ualng al least thir
~ days before the dne fixed for such
special election, and such proc anna
tion shall be posted at the same time
al the front door of the County Court
House of Berkeley County, West VIr-
ginia, and at the front door of the
City Hall of Martinsburg, West Vlr-
ginia, aud at a place within each vot