Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1917-05-05

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 puTpose-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. 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 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 ac-
count for and pay over to the City
Of MaTtinsburg. when demanded. all
funds, securities and moneys coming
into their hands by 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 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 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 Martinsburg
at its regular meeting in July of each
year.
Sec. V. That the maximum rate OF
levy which the Council Of the city OF
Martinsburg may now levy for gen
eral purpose under the Charter OF
| the City Of Martinsburg will not pro-
duce sufficient funds to pay the In
crest on such bonded Indebtedness
hereby created and provide a sink
| ing fund for the discharge or the piin
cipal in thirty-four years. That
sinking fund Is hereby created for
| the redemption OF said bends and
that the Council shall provide for the
collection of a direct annual tax to
nav annually the interest on sair
bonds and the principal thereof at
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 pre-
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 a
proclamation reciting this ordinance
and appoint day on which an cleo
ton shall held by the qualified
voters of the said city to determin
whether they shall reject or ratify
this ordinance: and he shall also
specify in said proclamation the ag-
gregate amount OF Indebtedness of
the said City issued, authorized and
existing at the date Of the proclama.
ton. This proclamation shall be pub
lished in all the newspapers publish
ed in the City of Martinsburg. at
least once a week for four consecut-
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 the
City Hall OF Martinsburg, West Vir-
ginia, and at a place within each vot-
ing precinct the Mayor may desig-
nate The said election shall be held
and conducted in the same manner
as other municipal elections of the
said City are held, and all persons
qualified TO vote at such elections
of said City. and no others, shall
vote at such election.
The persons voting for the ratifica-
ton of the ordinance and for the