Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1917-04-21

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 special
fund by him for that purpose-shall
be payable to the Commissioners
named in Sec. IL hereof. The Com
missioners shall invest said fund
known at the SINKING FUND--in
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
bond payable to the City OF Martins
burg. with some good surety com
pany as surety, and conditioned that
they viii faithfully discharge thei
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 or 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 Martinsburg on the 1st day
of July, 1917, and on the LIST day Of
| July in each succeeding year until
| the maturity or refunding of the
| bonds herein authorized; said re-
| port shall embody all things done by
| said Commissioners up until the date
| of said report. The report shall be
transmitted by the Mayor to the
Council of the City of Martinsburg
at its regular meeting in July of each
| year.
| Sec. v. That the maximum rate OF
| levy which the Council of the City oil
| Martinsburg may now levy for gen
| eral purpose under the Charter OF
| the City of Martinsburg will not pro
duce sufficient finds to pay the in
.srest on such bonded indebtedness
hereby created and provide sink
| ing fund for the discharge OF the Dfin
| cipal in thirty-four years. That a
| sinking fund is hereby created for
| the redemption of said bonds and
| that the Council shall provide for the
| collection OF a direct annual tax to
paw annually the interest on saie
| bonds and the principal thereof al
| maturity, and for that purpose may
direct a rate of levy each year up to
an amount OF 20 cents which
rate of levy may produce
| sufficient funds necessary in each
year to pay the interest and to pro
vide 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 succeeding section shall be in
favor of such authorization.
| Sec. VI The Mayor shall issue j
/ proclamation reciting this ordinance
and appoint a day on which an cleo
ton shall held by the qualifie.
| voters of the said city to determin
whether they shall reject or ratify
| this ordinance; and he shall also
/ specify in said proclamation the az
| gregate amount of Indebtedness OF
| the said City issued. authorized and
existing at the date of the proclama.
ton. This proclamation shall be pub.
| lshed in all the newspapers publish.
| ed in the City OF Martinsburg, az
least once week for four conseeut-
| i've weeks, the first publication
| thereof being at least thirty days be
| fore the date fixed for such special
| election, and such proclamation shall
| be posted at the same time at the
| front door of the County Court
| House of Berkeley County. West
Virginia, and at the front door OF tbT
City Hall Of Martinsburg, West Vir.
| ginia and at a place within each vot
ing precinct the Mayor may desi';
nate. The said election SHALL be he'll
and conducted in the anne manre
as other municipal cleo ions of til
said City are held, and all person
qualified to vote such election
| of said City. and no others Oh