Pioneer press. [volume] (Martinsburg, W. Va.) 1882-19??, 1917-04-21


and said bonds shall be dated the
lst day OF January, 1917. and shall
be signed in the corporate name OF
the City by its Mayor. rounterSignod
by the Auditor and sealed with tn"
CORPORATE seal OF tho 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.
Sec. IL. That II. Ii. Emmert. c. \.
Miller and John r. Nadenbousch,
who are hereby appointed Commits
sloners Of the City of Martinsburg
for the purpose-be, and they ars
hereby authorized and empowered to
sell publicly said GENERAL 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 Martinsburg and de-
posted by him in the Treasury OF
said City to the credit thereof in n
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 CIV and
the funds in said account shall not
be appropriated or expended for any
purpose than that hereinabove spec
filed
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-shaIl
be payable to the Commissioners
named in Sec. II. hereof The Com
mssioners shall invest said fund
known at the SINKING FUND-in
United States bonds or the bends
Of the City of Martinsburg az the
L.
record shall be kept by the Commits
sloners 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 thai
they will faithfully discharge thei
duties under this ordinance and ac-
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 >fficc 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
Soc. ". The sinking fund hercia
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 d.
rccted 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 tho
City Of Martinsburg on the 1st day
OF July, 1917, and on the 1st 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 Martjn5burg