The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1903-06-09
AN ORDINANCE,

An Ordinance to Extend the Time of
Payment of Certain Indebte dness OF
the City of Canton, Ohio, which from
its Limits of Taxation said City is
Unable to Pay at Maturity, and to
Issue Thirteen 13) Bonds of said City
Therefore.
Whereas. There Is now outstanding and
will become due, as hereafter stated certain
indebts dness against said City of Canton,
ohio. evidenced by storm water sewer
boCds, amounting In the aggregate to the
sum of thirteen thousand (sl3,cO) dollars
and
Whereas, All OF said outstanding and un.
paid Indebtedness against the City of Can
ion, Ohio has been duly and legally Great
said City, from It's limits OF taxation, is un-
able to pay at maturity, and the time OF pay
ment of which It appears for the best in
terest of said City to extend; and
Whereas, Said City has full power to ex-
tend the tine Of payment OF said indebted
ness by authority OF section 27Ol of the Re-
BE II ordained by the Council of the City
OF Canton, state fohio.
Section /. That the Mayor and Auditor of
said City are hereby authorized and directed
to issue thirteen ll3) bonds OF the CITY of
Canton, Ohio, for the purpose of extending
the time Of payment OF said indebtedness'
standing bonds OF SAID city, OF amounts,
dates and times of maturity as follows:
Ch1rteen (l3l storm wafer sewer DOnds, each
for the sum of one thousand $1,000 dollars
all dated August 20, 1860, and all due August
20. 1909.
SAID bonds to be for the sum OF one thou
Fsand IS ,O0J) dollars each and to be due and
| payable In twenty l20) years after date there
of with Interest at a rate not to exceed four
and one half az per cent per annum, pay
able semtannualiy, and represented by
coupons bearing on the face thereof the
| number of the bond to which II Is attached
| and which shall be payable at the banking
| house OF Kountze Brothers, New York city,
| or at the office of the city Treasurer Of the
City of Canton. at the option of tha buyer
| Sec. q Said bonds shall be dated August
20, 1907 shall have plainly written upon the
face thei eof the purpose for which the same
are Issued; said bonds shall be first offered at
| par and accrued Interest to the trustees OF
| ihe sink King fund In their official capacity
| and II the sinking fund trustees refuse to
take any or all OF said bonds, at par and
| interest, then said bonds not SO taken shall
| be advertised for public sale and sold In the
manner provided by law bat not for less
| than their par value and ace ued Interest
| The proceeds from the sale of sai bonds,
| except the premiums and accrued Interests
/ thereon, shall be used for the purpose OF
paying the Indebtedness aforesaid and for
no other purpose; and the premiums and
accrued interest received rom such sale
shall be transferred to the trustees OF the
sinkingiund 10 be applied by them In the
manner provided by law; For the payment
revenue and good faith OF said city are here
| by pledged.
sec. ). This ordinances shall take effect
and be In force from and after It's passage
! and legal publication.
Passed June I. 1908 -
GEO. II, LEGGETT,
u q. LLOYD, President of the Council
Approved June 4, io0s, by W. II. Smith,
Ps6iishsa in the News. Democrat June ssh
| - - i.s rt "a &