| From the Lynchburg Virginian |
| |
| December 23, 1864 |
| |
| In Council of the City of Lynchburg |
| December 12th, 1864 |
| |
| The following preamble and
resolutions were adopted and ordered to be published. |
| Jas. O. Williams |
| Clerk of the City Council |
| |
| Whereas, under an ordinance of
the 28th of December, 1849, passed in pursuance of the act of the
General Assembly, of the 24th of March, 1848, incorporating the
"Virginia & Tennessee Railroad Company," certain
Stockholders in said Company, were, by the City of Lynchburg,
guaranteed six per centium per annum on the par value of their Stock;
and they, to indemnify the City therefor, executed powers of attorney,
authorizing its Treasurer to demand and receive from the said Company
all dividends declared upon such guaranteed stock. |
| And, whereas, the Stockholders
at their last annual meeting, on the --- day of ---, 1864, declared a
dividend of 110 per cent.: $100 thereof to be paid by the issue of
certificates of new stock, and $10 in currency, on the 1st of January,
1865, to which, and all future dividends, so long as that guarantee
and the said powers of attorney remain in force, the city of Lynchburg
is, and will be, entitled. |
| And whereas, by the 5th Sec.
of the ordinance aforesaid, the holders of the said guaranteed stock
or any of them are authorized, when they elect so to do, to give up
the guarantee and hold the stock with right to dividends as though it
had never existed; in which event the powers of attorney aforesaid,
are to be cancelled, and the city from the guarantee discharged; and
whereas, to all such as may now so elect, the city is willing and
offers to surrender the dividend of 110 per cent. declared as
aforesaid. |
| And, whereas, by the 6th Sec.
of said ordinance, the Treasurer of the city is directed when so
required by holders of said guaranteed stock, over and above thirty
shares, to take a transfer thereof to the city, and in lien thereof to
give its bonds, bearing six per cent. interest, payable half yearly
redeemable in 30 years and afterwards at its pleasure; and whereas, in
the opinion of the Council, the time has arrived when the relations of
these stockholders and the city of Lynchburg to this stock should be
defined, and their respective future rights permanently fixed. |
| Therefore Resolved: |
| 1st. That all holders of the
said guaranteed stock be and they are hereby invited and requested, on
or before the 29th day of December, instant, to make known in writing
to the Treasurer of the city of Lynchburg, whether they choose to hold
their stock as now guaranteed, leaving all future dividends to
be received by the city; or, in accordance with the offer above
made, elect to cancel their powers of attorney, discharge the
guarantee and henceforth to hold the stock unconditionally; or, prefer,
as provided for in the 6th Sec. of the ordinance, to exchange it for
city bonds. |
| 2d. That as to all such as
elect the second proposition, the Treasurer of the city is directed at
once to cancel the guarantee and powers of attorney aforesaid, and
such stock holders may demand and receive the dividend aforesaid of
110 per cent. and all future dividends upon their stock declared. As
to all such as prefer the last proposition, the Treasurer is directed
to issue bonds and take transfers, as provided for in the said 6th
Sec., and as to those who accept neither, the Treasurer is directed to
take no future step (except to pay the guaranteed 6 per cent.) unless
in obedience to an express order of the Council. |
| 3d. That the Treasurer keep an
accurate account of his action hereunder and report the same to the
Council, to be spread on the minutes. |
| 4th. That the Secretary cause
the foregoing preamble and resolutions to be published semi-weekly in
the city newspapers until the 29th day of December, inst., and
semi-weekly in Richmond to same date. |
|