The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-12-07

| II, 20, IL, 6, 07.
AN ORDINANCE NO. 105. 10 pro-
vide for the issuing of bond to pay
the part of the cost and expense OF
lof constructing sewers on Mound
street from Buckeye street to Wood
and on Pleasant and Chase streets
from Columbia to west end Of Pleas
ant and Chase, for which special
assessments may be levied. chargeable
by law against the City of Marion,
Ohio.
Be it ordained by the Council of
the City of Marion, and State of
Ohio:
Section /. That to raise money to
Ipay the part of the cost and expense
of constructing storm water sewer
on Mound street from Buckeye TO
Wood and on Chase and Pleasant
streets from Columbia TO west end
thereof for which said Improvement
special assessments may be levied.
chargeable by law against the City of
Marion, Ohio, bonds of the City
of Marion. Ohio, shall be issued and
sold in the amount of Mound street,
$3.50. Pleasant and Chase streets
$3.50, total of four hundred dollars.
Sec. 2. Said bond shall be issued
under authority of an act Of the
General Assembly of Ohio, entitled
I"An act to amend section 2S35, 1886
and 1887 and to rtpeal section 2S37A
of the Revised Statutes authorizing
the issue of bonds by, cities. villages,
hamlets and townships" passed
April 30, 1905, COS Ohio Laws, page
31S to 1929 and all amendments
thereto including the amendment
passed by the General Assembly of
Ohio, April %. % and 25, 1904. t97
Ohio Laws, page 291, 1870 and 800,
respectively, and March %, 1906, 80,
10 l.. pages 63 to 67 inclusive. They
shall bear date not later than the
1st day of January 1908. and be due
and payable as follows:
March lat, 1908.
Said bonds shall he of the denom-
Iination Of four hundred dollars and
shall be numbered one.
Sec. 3. Said bond shall bear in
Iterest at the rate of FIVE per cent.
per annum payable semi-annually
and all the interest accrulng on said
bond shall mature and be payable on
the lst days of March and September
of each year, and for which the prop
er interest coupons shall be attached
and made part of said bond. Both
principal and interest shall be pay
able at the office of the Treasurer
of the City of Marion, Ohio.
Sec. A. Said bond shall be signed
Iby the mayor and auditor OF the
City of Marion, Ohio, officially in
their own handwriting and have af-
fixed thereto the corporate seal OF
said city Each coupon shall have
Iprinted thereon facsimile OF the
signature Of the City Auditor of the
City of Marion, Ohio. And the
faith. credit and property of the City
,of Marion, Ohio, are hereby irrevoc-
ABLY pledged for the payment OF
said bond and the interest thereon at
maturity.
Sec. 5. Said bond shall express
upon its face the purpose for which
lit Is issued and that 1t Is issued In
pursuance of this ordinance, and
shall be prepared, issued and deliv-
cred under the direction OF the FL
nance Committee of the City Council
and the City Auditor. and, after hav-
ling the same duly recorded In the
offices OF the City Auditor and the
Trustees of the Sinking Fund, shall
negotiate and sell the same for and
on behalf of the City OF Marion, Ohio,
and in the manner provided by law.
Sec. 6. Said bond shall be first Of
fered at par and accrued interest TO
the Trustees of the Sinking Fund In
their official capacity and II the
Sinking Fund Trustees refuse to take
the same at par and interest then
said bond shall be offered at public
sale and sold in the manner provid-
ed by law, but not for less than its
par value and accrued interest.
Sec. Z. The proceeds of the sale
of said bond shall be paid into the
lCity Treasury by said committee OF
finance and set aside in a fund desig-
mated as public service fund to pay
the cost OF the Improvements above
set out.
All premiums and accrued interest
received from the sale of said bond
shall be transferred on warrant OF the
lCity Auditor to be by them applied
in the manner provided by law.
Sec. 8. This ordinance shall be
in force from and after its passage
and the earliest period allowed by
law.
Passed November %, 1907.
S r. RAUHAUSER,
President of the City Council.
Approved by the Mayor, Louis
Scherf.
Attest William Flies CITY Clerk