Pioneer press. [volume] (Martinsburg, W. Va.) 1882-19??, 1917-04-28

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
De signed in the corporate name Of
the City by it's Mayor, countersignad
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.
Sec. IL. That H. H. Emmert, G. A..
Miller and John T. Nadenbousch.
who are hereby appointed Commits
sioners of the City Of Martinsburg
Tor the purpose-be, and they arc
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; burt before any
such sale shall be made the same
snail 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
separate and distinct account, known
q Tn,
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. II. 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 al the
council OF said City may direct. A
record shall be kept by the Commits
s1oners 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 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 wby 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 az 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 MartinsburE.
Sec. ". The sinking fund herein
provided for shall be kept by the
Commissioners hereinabove appoint
cd for the purpose Of paying tho
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 Commissioners 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 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 list day o.
July in each succeeding year until
the maturity or refunding Of tho
bonds herein autherized; said re-
port shall embody all things done by
said Commissioners up until the date