Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1917-04-14

expended in the construction and
sewers to care for the storm water
on the streets of the City of Mar
tinsburg.
Said bonds shall be issued in the
several denominations of $4,000,
100000 and $1sO0.00, not exceeding
in the aggregate, however, the sun
Of S210,000,00 and shall be
payable to bearer at the office of the
Treasurer of the City of Martins
burg at Martinsburg, West Virginia,
thirty-four years after date. and re-
deemable at any time after twenty.
years after date. with interest a. the
rate of per cent per amman, pay
able annually on the list day of jan
uary of each year after the year in
which they are issued at the office
aforesaid according to the tenor and
effect OF interest coupons to be at
tached to each bond respectively;
and said bonds shall be dated the
list day of January, 1917, and shall
be signed in the corporate name OF
| the City by its Mayor. countersigned
by the Auditor and sealed with the
| Wi VOAatt otal vi tAst caAd ny AS
name of the Treasurer of said City
in office when said bonds are Issued
shall be signed to each coupon, but
| said name may be either printed or
engraved thereon.
Sec. II. That II. II. Emmert. c. A.
| Miller and John T. Nadenbousch,
who are hereby appointed Commits
| sioners of the City of Martinsburg
for the purpose-be, and they are
| hereby authorized and empowered to
! sell publicly said GENERAL I'M
| PROVEMENT AND PAVING
| BONDS" for cash, at not less than
| their par value, to the highest bid
| der in writing, to be approved by
| said Commissioners; but before any
| such sale shall be made the same
! shall be advertised in some conven
| lent newspaper or newspapers, as
| the said Commissioners may elect. at
| least four weeks previous to such
sale. The proceeds derived from the
sale of said bonds. as fast as realiz,
| ed, shall be payable TO the Treasurer
| of the City of MartiRsburg and de-
| posted by him in the Treasury of
] said City to the credit thereof in a
| separate and distinct account, known
| as General Improvement and Paw
ing Bond Account" and said account
shall be kept separate and distinct
from other accounts OF said City and
the funds in said account shall not
be appropriated or expended for any
purpose than that hereinabove spec
flied.
Sec. Ill That the amount collect.
| ed from the direct annual tax here
matter provided for, remaining over
and above the amount necessary to
| pay the interest due upon said bonds
each year-which said amount shall
be ordered by the council paid to the
| Treasurer to be held in a special
fund by him for that purpose-shall
be payable to the Commissioners
named in Sec. H. hereof. The Com
missioners shall invest said fund
known at the SINKING FUND-iE
| United States bonds or the bends
of the City of Martinsburg, as the
council of said City may direct. A
record shall be kept by the Commits
sioners OF all investments of said
sinking fund made by them. Said
Commissioners shall each furnish a
bond payable to the City of Martins
burg, with some good surety com:
pany as surety. and conditioned that
they will faithfully discharge their
duties under this ordinance and &C.
count for and pay over to the City
of Martinsburg, when demanded, all
funds, securities and moneys coming
into their hands by reason of their
appointment. Whenever the 'ffice OF
any OF said Commissioners shall be
come vacant by reason of death,
resignation, removal from the City,
or any other cause the Mayor shall
Immediately nominate his successor
or successors to the ouncil, which
nominations shall be made and con
filmed as other officers of the City
Of Martinsburg are nominated and
confirmed. The bonds provided for
by this Section shall be approved by
the council. The amount of such
bonds shall be fixed by the council
from time to time. The premium on
the bonds shall be paid by the City
Of Martinsburg.
Sec ~. The sinking fund herein
provided for shall be kept by the
Commissioners hereinabove appoint
ed for the purpose of paying the
principal of said bonds, and all In
vestments of said sinking fund shall
be for the purpose Of redeeming said
bonds, and no part of said fund or
the investment thereof shall be paid
by said Commissioners except upon
the special warrant of the council di-
rected to them and specifying that
the amount OF the warrant Is for the
purpose of discharging so much OF
the principal OF said bonds.
The Commissioners shall make a
report in writing to the Mayor OF the
CITY of Martin shurp on the lat day