Pioneer press. [volume] (Martinsburg, W. Va.) 1882-19??, 1917-05-05

Ast Jay Oh JANUARY, 4S1I, ana snail
be signed in the corporate name OF
the City by it's Mayor. couutecsisoal
by the Auditor and sealed WITH the
Corporate seal Of the SAID City. The
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.
Soc. IL. That II. H. Emmert. c. A.
Miller and John Il. Nadenbousch,
who are hereby appointed Commits.
sioners Of the City Of Martins burg
for the purpose-be, and they are
hereby authorized and empowered to
sell publicly said "GANBRAL IN.
PROVHMBNT 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; hut 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 re ?liZ-
ed, shall be payable to the Treasurer
Of the City Of Martinsburg 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 special
fund by him for that purpose-shall
be payable to the Commissioners
named in Sec. IL. hereof. The Com.
missoners shall invest said fund
known at the SINKING FUND-in
United States bonds or the bends
of the City Of Martinsburg. AZ 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
Com missiOners shall each furnish
honl payable to the City Of Martins
urg, with some good surety com
)anv as surety, and conditioned thar
they will faithfully discharge thei.
lutieS under this ordinance and &C
count for and pay over to the City
If MartinSburg when demanded, all
FUNDS. securities and moneys coming
INTO their hands by reason of their
appointment. Whenever Tie ,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 Martinsburs 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 tho council
from time to time. The premium on
tho bonds shall be paid by the City
Of Martinsburg
Sec. ". The sinking fund herein
provided for shall be kept by the
Commissioners hereinabove appoint
cd 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
tho investment thereof shall be paid
by said Commissioner except upon
the special warrant of the council d.
rected to them and specifying that
the amount OF the warrant Is for the
purpose OF discharsing 80 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 authorlzed; 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 Martin3burg
at its regular meeting in July Of each
year.