The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-11-29

IuficiIcu inSJdiiiuCiV3 VI dSScSSlucuts
land other necessary expenses
d. That tho assessment 70 to bs
levied shall be paid m ten annual
!installments, With interest on de-
ferred payments not to exceed six
(6) per cent. per annum, providing
Ithat the owner Of asy property as
isessed may. at his option pay such
assessments In cash or any number
|of installments Of the same at any
thine after such assessment has been
'levied, with interest to the next
semi-anual interest day Of said bonds
next following the date OF payment.
az. That bonds Of the City of Ma
rion. Ohio. shall be issued in antIci-
lpation Of the collection of tho NO.
sessments by fnstallmcnts and in an
amount equal thereto. ''s'
+. That the remainder of the en-
tire cost shal be paid by the issu-
lance OF bonds as provided by law.
Passed November 1s, 1907.
s. r.. RAUHAUSER.
President OF the City Council.
Approved by the Mayor, Louis
iScherff.
Attest: William Fies. City Clerk. Z
Star 11-21-2s-07. Mirror 11-22-29-O7.
ORDINANCE no. ~ 1O3. Providing
for depository for the funds of
the City OF Marion. Ohio and pre-
lscribing the manner the same shall
be done.
BE it ordained by the Council
of the City of Marion ad state
OF Ohio:
Section /. That for the providing
of depository for the funds of
the City of Marion, Ohio the, City
Auditor be and he is hereby au-
thorized and directed to advertise
for bids from the local banks sit
uated within Marion County, Ohio.
under, the following conditions:
First. All bids shall be sealed and
deposited with the City Auditor
by l2 O'Clock noon OF the DIST day
of December, 1907. and immediate
ly thereafter in the presence OF
the mayor and finance committee,
in full publicity he shall open said
bids and make full report of
same to the Council at their
next regular meeting. The council
can then award to the highest and
best bidder the contract of acting
as the City's depository.
second. The bank bidding the
highest rate OF interest, which
they shall pay on deposited funds
of said city shall be the one to
whom the award Is made, provided
however that In case of tie the
money shall be divided pro rata
among all OF the said banks.
Third. The banks or banks re-
ceiving said contract shall give a
bond to the City OF Marion upon
which the surety shall be re-
sponsible surety company authoriz-
ed to do business In the State OF
Ohio. The bond shall be approved
by the council OF the City OF
Marion and shah be % per cent
more than the maximum amount
to be deposited at any one time
providing that the said surety bond
may be increased or diminished ac-
cordlng to the amount OF de-
posit.
Fourth. The contract for acting
as depository for the FUNDS OF
the City of Marion Ohio. shall be
made between the city and the
highest bidder for term of two
years from the lst day OF .Ianu-
|ary, 1908.
Fifth. Each. bidder shall [ ,osIt
with said bid certified check
for the sum of Five hundred (%lOO)
dollars payable to the City OF,
Marion and should the bid
ders to whom the contract Is
awarded refuse or neglect to,
accent said contract or fail to file
the surety hond provided within
ten days after the award is made
the said deposit shall he retained
by the City OF Marion, Ohio, as
liquidated damages for said fail
ure.
sixth. The City auditor shall
have on file In his Office an esti-
mate of the amount OF funds TO
be deposited and form or con-
tract and bond required by said
successful bidder.
Seventh. lhe bank or banks to
whom said contract Is awarded
must pay the interest due on
city's funds SO deposited. to the
City Auditor at least every six
months and furnish him an
itemized statement OF the interest
account the correctness OF which
he shall Immediately proceed to
ascertain, and the interest funds
$50 received by the City Auditor
shall be Immediately placed by
him to the credit OF the sinking
fund. N
Eighth. No bids shall be received
by the Council unless In strict COM
pliance with this ordinance.
Section 2. The City Treasurer and
city Auditor be and are hereby
authorized and directed to deposit
all moneys in the bank or banks