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liability thereunder by the payment of the principal and interest due thereon, at any time after ten years from the date of said bonds.
Sec. 4. The said bonds shall be sold and disposed of to the highest bidder, after due notice and advertisement, at such times and in such amounts as the said city council may ordain, and the proceeds arising therefrom shall be applied in payment of the present outstanding indebtedness of said city, whether bonded or otherwise, and to the redemption of all bonds heretofore issued by said city, except the bonds issued in the year one thousand nine hundred and one and thereafter to the improvement of the water works plant of said city, and if the said city council shall so ordain, to the paving of the streets and the extension of the sewerage system in said city, the amount for each of said purposes to be specified in any ordinance or resolution submitting same to a vote as hereinafter provided.
Sec: 5. The common council of the said city of Clarksburg shall provide annually for the collection of a direct annual tax, sufficient to pay annually the interest on the debt and the principal thereof, within the period of thirty years; and out of said revenues or the income arising from the said water works, they shall provide annually a sinking fund for the payment of the said interest and principal within the time expressed on the face of said bonds, which said sinking fund as it annually accumulates shall be by the common council of the said city immediately invested in good and safe securities, at a rate of interest not less than that paid on the said bonds, and shall be kept so invested until such time as the said bonds or any part thereof, may become due and payable. Provided, however, that the said common council shall have the right from time to time to apply the said sinking fund in lieu of investing the same, to the redemption of the said bonds, the bonds to be so redeemed to be selected by lot and after due notice to the holder thereof, either in person or by publication for four weeks in some newspaper published in the city of Clarksburg, of the desire of said city to redeem said bonds, no further interest shall be payable thereon.
Sec. 6. Bonds authorized to be issued under this act shall not be sold or negotiated for less than par value, and shall be exempt from taxation for municipal purposes which fact shall appear upon the face thereof as a part of the contract with the purchaser.
Sec. 7. The issuance and sale of said bonds shall be covered so far as not inconsistent herewith, by the statutes in such case made and provided, as the same appear in chapter one hundred and forty-one of the acts of one thousand eight hundred and seventy-two and one thousand eight hundred and seventy-three and in chapter ninety-one of the acts of one thousand eight hundred and ninetyseven and of chapter fifty-one of the acts of one thousand nine hundred and five.
(Senate Bill No. 191.)
AN ACT to authorize and empower the council of the city of Graf
ton, in the county of Taylor, to issue additional bonds to pay outstanding orders, to build a crematory, to improve the water-works and to rebuild the cemetery road.
Be it enacted by the Legislature of West Virginia:
Sec. 1. That in addition to the bonds heretofore issued by it, and now outstanding, the council of the city of Grafton, in the county of Taylor, be and the same is hereby authorized and empowered to issue bonds to an amount not exceeding the sum of thirtyseven thousand, five hundred dollars, in the aggregate, at any rate of interest not exceeding six per centum per annum; provided, that such indebtedness shall not exceed, in the aggregate, including existing indebtedness, two and one-half per cent of the taxable property in said city of Grafton, to be ascertained by the last assessment made for state and county taxes next before the incurring of such indebtedness.
Sec. 2. That said bonds and the proceeds arising from their sale, shall be used only to pay for extending the intake water pipe and to purchase and construct another water tank in connection with the water works, to build a crematory, to rebuild the cemetery road, and to pay the present outstanding orders heretofore issued by said council, and that any one legally holding such a claim shall be authorized, at his option, to take bonds in exchange for said orders, or such evidence of debt, at their then market value, to be ascertained and determined by the said city council.
Sec. 3. That the principal of said bonds shall be payable after ten years, at the option of the said council, but not to exceed thirtyfour years from their date, at such times and place as are designated on the face thereof, and that the said city council shall annually provide a levy that will pay the interest on said bonds and will pay the said bonds within thirty-four years.
Sec. 4. That the interest on the said bonds shall be payable semi-annually at such times and place as may be determined by the said council, all of which shall be expressed on the face of the coupons for the payment of said interest, attached to the said bonds.
Sec. 5. That the bonds authorized to be issued under this act shall be exempt from taxation for municipal purposes, which fact shall appear on the face thereof as part of the contract with the purchaser; and that none of the said bonds shall be sold, delivered or exchanged for less than their face value.
Sec. 6. Said bonds shall not be issued and no debt contracted under this act, unless and until all questions connected with the same shall have been first submitted to a vote of the qualified voters at a regular or special election held for the purpose within the corporate limits of the said city of Grafton, and shall have received threefifths of all the votes cast for and against the same, pursuant to section eight of article ten of the constitution of the state of West Virginia.
Sec. 7. The council of the said city of Grafton shall have the authority to carry into full force and effect by proper ordinances the provisions of this act.
(House Bill No. 309.)
AN ACT authorizing the county court of Monongalia county to is
sue its orders for the purpose of building and completing a new bridge across the Monongahela river from the city of Morgantown to West Morgantown, in place of the old suspension bridge now located there.
Be it enacted by the Legislature of West Virginia:
Sec. 1. That for the purpose of building and completing a new and substantial permanent bridge at the present location of the old suspension bridge at Morgantown, in Monongalia county, West Virginia, across the Monongahela river from the city of Morgantown to West Morgantown, in Grant district, in said county, the county court of Monongalia county be and is hereby authorized to issue its county orders, bearing interest, payable at the option of the county court on or before one, two, three, four and five years from the date of the issue, for a sum not to exceed one hundred thousand dollars, notwithstanding any existing law to the contrary; and said orders shall constitute a valid indebtedness against said county, payable out of levies of said county for county purposes in equal amounts for each respective year, and according to the terms of said orders.
Sec. 2. Before such orders are issued and said indebtedness incurred the same shall be authorized by a three-fifths vote of the voters of said county to be ascertained by a special or general election to be called and held in said county.
Sec. 3. The county court of Monongalia county shall by a resolution entered of record, specify the particular purpose or purposes, and amount for which said orders are to be issued and the rate of interest said orders shall bear, not exceeding six per centum per annum; said resolution shall appoint a day on which the election shall be held by the qualified voters of said county, to decide whether or not said orders shall be issued; such resolution shall be publishin two newspapers of opposite political parties, if such be published in said county, if not, then in some newspaper of general circulation in said county, for at least four weeks prior to said election.
Sec. 4. Such election shall be provided for, conducted aud the result ascertained and declared as provided by law for holding and ascertaining and declaring the result of general elections, and the ballots to be voted at such election, after containing a statement of the amount and kind of orders to be issued and the purpose or purposes for which they are to be used, shall contain the words, “ for the orders”, and the words, “agrinat the orders”.
(House Bill No. 262.)
AN ACT authorizing the common council of the city of McMechen,
to issue bonds to the amount of thirty thousand dollars, to pay for the construction of a system of sewerage for said city.
Became a law without the
(Passed February 11, 1907. In effect from passage.
approval of the Governor.)
1. 2. 3. 4.
Council authorized to issue bonds.
Sale of bonds; exempt from taxaInterest; when payable ; levy.
tion for municipal purposes. Principal; when payable ; levy.
Notice by publication ; submitted Proceeds; how applied.
to vote. Be it enacted by the Legislature of West Virginia:
Sec. 1. That the common council of the city of McMechen is hereby authorized and empowered to issue bonds to an amount not exceeding the sum of thirty thousand dollars, in the aggregate, at any rate of interest, not exceeding six per centum per annum.
Sec. 2. That the said common council of the said city shall designate whether the interest on said bonds shall be paid annually or semi-annually, and the place where the same shall be payable, all of which shall be expressed on the face of the coupons for the payment of the interest attached to said bonds. Sec. 3. The principal of said bonds shall be payable in not less
. than ten and not exceeding thirty years after the date of their issue.
The common council of the said city of McMechen shall provide for the collection of a direct annual tax upon all the real estate and personal property subject to taxation in the said city of McMechen, which direct tax shall be levied as a separate tax, and in addition to all other taxes that may be levied for the benefit of said city, sufficient to pay annually the interest on said bonds, and the principal thereof within the time which the said bonds shall be made payable.
Sec. 4. The proceeds arising from the sale of the said bonds shall be applied in payment of all claims, demands and evidences of debt against the city of McMechen, arising out of the construction of a system of sewerage within the corporate limits of the said city of McMechen, and all labor performed thereon, including all fixtures, pipes, rights-of-way and all other materials necessary and useful in the construction and completion of the said system of sewer