Wheeling majority. [volume] (Wheeling, W. Va.) 1907-192?, 1915-05-13

=
said Board Of Control shall designate,
such bank or banks after every 0ank
Of the said city has ten days notice,
in writing, Of opportunity to bid on the
l.e o. lnLe. rs. to be paid ror the
same. On t.eJtenth day all bids re-
ceived shall be onAAed, with opportun-
lty TO eaca Ink ~ nave a represent
alive preseni at the said opening. In
Board of Coftsol shall tim designat
he highest bidder to be the depository
II this fund; and if two or more DIG
are the same and higher than any
others. the said Board of Control shall
order the distribution of said fund
among the banks making such highest
bids. Provided, however, that no DID
IF less than 3 per centum per annul-
shall be considered.
Sec. 4. And there shall be annual!
levied by the council Of the CITY Q
Wheeling, at the same time that thf
lnual levy of city taxes for other pun
'oses is made, until all of the Dond
ssued under the provisions OF this OF
nance, and all interest on the same
paid, direct tax upon all rea'
state and personal property assesset
y the said city for taxes. which dTec
lax shall be levied as a separate ta>
ind in addition to all other taxes tina
nay be levied for the benefit OF sail
city, and which shall be sufficient t
produce in each year until and incluo
ing the year 1949, a sum sufficient t.
pay the interest annually accruing VI
on. the said bonds SO issued, and Wnlc
levy shall, after the year 1924. until
the said bonds shall be fully redeemed
and satitied, be sufficient to pay an
nually the interest on such bonos a
shall be unredeemed, and in addition
: ereto;E to redeem in each year there.
3fter one-twenty4fifth (1-25) OF salu
rds issued hereunder and not pit.
,efore the LIST day of July, 1879. Inc
laid tax shall. be collected in sue
manner as is or may be provided py
law and the ordinances OF the sal
city for the collection of other take
on real estate and personal propert.
The Treasurer of the said city sha
pay into the treasury at the same
| time and in the same manner as ne :
now required by law to pay over taxes
collected for said city for general n''.
poses, the total amount which he shall
have collected of the taxes levied ana
assessed in pursuance of the require
khnts and provisions of this ordln-
Eshce. The said taxes shall be by the
Treasurer while in his possession, and
| oy the city depository into which the
same are paid, kept and accounted
separate from all other moneys OF the
| said city of Wheeling. :,
Sec. 5. The Treasurer of the said
city of Wheeling shall, on or before
1.-The 18th day Of June, 1915, and on o.
1 before the 18th day of June in each
and every year thereafter, until the
bonds issued hereunder ar fully paid
off, nav to the said commissioners all
moneys which shall have heretofore
been paid into the treasury upon and
on account of the direct taxes levied
in pursuance of the requirements CT
this ordinance. While the said funds
remain in the treasury, it shall be the
duty of the council and City Treas
urer to keep the same deposited If
some bank or banks of the city OF
Wheeling at the best rate of interest
they can obtain, which interest shall
be accounted for and paid over into
the treasury upon making payments
to the commissioners of the principal
of the funds derived from such taxes
The receipts of said commissioners
for moneys shall be fled by the Treas.
urer with the Auditor Of said city and
shall by the said Auditor be pre-.
served.
i Sec. 6. The said commissioners out
of the moneys received by them under
this ordinance shall pay the coupons
issued with the bonds issued under
this ordinance as they become due on
the LIST day of july 1916, and on the
fst day of July in each and every year
thereafter until the bonds bonds is
sued hereunder are fully paid; and on
the 1st day Of July, 1925, and on the
| 1st day of July in each and every year
Hereafter until the bonds issued here
under are fully paid they shall apply
the money coming into their hands for
that purpose to the payment OF the
outstanding bonds issued hereunder
at a rate not greater than their par
value with interest, if any, accrued
/ and unpaid. The bonds to be redeem
ed shall be determined by the COM
missioners annually; that is to say,
on the hlth day of June, 1918, the said
commissioners shall determine the
bonds to be redeemed on the follow
ing st day of July, and on the 25tf
day of June in each and every yea
thereafter until the bonds issued here
under are fully paid. the said com
missioners shall determine the bonds
to. be redeemed on the following 1st
day of July, and the said commission
ers shall thereupon Immediately give
notice to, the holders thereof by ad-
1vertisement published daily, Sundays
excepted, for two weeks in the daily
newspapers printed and published in
the city of Wheeling, stating the num-
Der of the bonds to be redeemed, that
the same will be redeemed !. at the
said Office of the Treasurer of the
City of Wheeling on and after. the LIST
day Of July next succeeding, And will
cease to bear interest thereafter
Provided further, however, - that if
the holder of all Of the said bonds
drawn by lot shall be known to the
said commissioners, the said commits
sioners, the said commissioners may
give actual notice in writing to said
holders within ten days after such
drawing, which. notice shall be the
same as that herein otherwise requir-
| ed to be published. and such actual