Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1902-08-16

patton of the collection of taxes, or
special assessments, but the amount
to be borrowed shall not exceed the
amount anticipated from the collec-
tion of taxes.
Council shall have power to issue
deficiency bonds for periods not ex-
ceeding fifty years, and at rate of in
terest not exceeding per cent, pro-
vided, that the total amount Of such
deficiency bonds shall not exceed l
per cent Of the total value Of all prop
erty listed and assessed for taxation,
and provided further, that the issuance
of such bonds shall be approved by the
votes Of two-thirds of the Council, and
approved by the votes of two-thirds
of all the electors OF the corporation
voting upon such question at regu-
lar or special election to be provided
for by the Council.
All municipal corporations shall have
power to issue bonds for the various
purposes to the amounts and with the
limitations provided in the Longworth
law.
On or before the first Monday OF
each year. trustees of the sinking fund
shall certify to the Council the rate
of tax necessary to provide a sinking
fund for the future payment of bonds
and for the payment of judgment final
against the corporation. except in con-
demnation of property cases, and for
the amount necessary for the payment
of interest ON all bonded Indebtedness
| and the rents due on all perpetual
leaseholds not payable from special
| fund, and the expenses incident to the
the Council shall place the several
amounts so certified In the tax Ordi'
nance before and in preference to any
other item, and for the full amount
certified, and taxes shall be in addition
to all other taxes authorized by law
The trustees of the sinking fund
shall invest all moneys received by
them in bonds of the United States
the State of Ohio, or of the municipal
corporation in which they serve, and
all interest received by them shall be
reinvested in like manner.
The trustees of the sinking fund, fol
the purpose Of refunding, renewing ol
extending the bonded debt at lower
rate of interest, or for buying the fee
simple of real estate held by the cor
poration under special leases wherein
is secured to the corporation the op
tion to buy the fee simple at fixet
price, and where the money to buy
can be procured at a small rate Of in
terest on the price that is represented
by the stipulated rents, shall have th'
power TO issue bonds of the corpora
tion with coupons, or registered TO
such periods not exceeding fifty years
In such denominations, payable at sucl
place and at such rate of interest no
exceeding 9 per cent, as the trustee
may determine; provided that the ag
gregate amount Of bonds so ISSUED
shall not exceed that Of the bonds 81
refunded, renewed or exchanged.
The Board OF Public Service shall b
the chief administrative authority o
the city and shall manage and super
wise all public work and all public In
stitutions, except where otherwis
provided in this act.
Its duties include the improvement
of and repair of streets. bridges, etc
the lighting, sprinkling, and cleanin
of all public places, and the cinstruc
ton of all public works. provided tina
In any city where a public improve
ment of any. character is being mad
by board Of trustees or a commissio
heretofore established BY law for tina