Pioneer press. [volume] (Martinsburg, W. Va.) 1882-19??, 1917-04-14

Ao' ooy VI JaHudIy, 1S1l, ana snail
be signed In the corporate name OF
the City by It's Mayor, countersigned
by the Auditor and sealed with the
Corporate zeal of the said City. The
name OF the Treasurer Of said City
Il office when SAID bond are issued
shall be signed to each coupon, but
said name may be either printed or
engraved thereon.
Sec. II. That H. II. Emmert, G. A.
Miller and John T. Nadeubousch.
who are hereby appointed Commis-
s1oners Of the City of Martinsburx
for the purpose-be, and they arc
hereby authorized and empowered to
sell publicly said GENERAL I'M
PROVEMENT AND PAWN
BONDS" for cash, at not less .hao
their par value, to the highest bii
der in writing, to be approved bv
said Commissioners; but before arr
such sale shall be made the sar
shall be advertised in sclnc CT
lent newspaper or rew3.ape. aa
the said Commissioners may olect. 81
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 do.
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-
filed.
Sec. III. That the amount collect.
ed from the direct annual tax here
matter provided for remaining over
and above the amount necessary to
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. H. hereof The Com
missiOners shall invest said fund
known at the SINKING TITNH- :
United States bonds Or the n@l
f the City OF MartI1sHHrg as IL
council Of said City may direct =
record shall be kept by the Co2m;5
Sioners Of all investments Of al
sinking fund made by them Sd
Commissioners g:a!l co"': s""...-.,
hGni payable tC tho City o. u: .
burg, with some GOOD sir
pany as surety, and conditioned that
they will faithfully discharge their
duties under this ordinance IN.
p01lnf for and r tho riI,-
Of Martinsburg, when demanded. al:
funds, securities and moneys comm.
into their hands by reason of their
appointment. Whenever the 'fFice o.
any of said Comm; ssioners 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 upoa
the special warrant of the council d.
rected to them and specifying that
the amount Of the warrant is for the
purpose Of discharging 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 Let 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 It's regular meeting In July of each