The Marion daily mirror. (Marion, Ohio) 1892-1912, 1908-03-26
100000
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and and Six Hundred Dollars, all OF
said Indebtedness, which Is hereby de-
termined and declared to be an exist
ing, valid and binding obligation OF
the City Of Marion, Ohio.
And whereas said indebtedness bears
interest at the rate Of six per cent
per annum, 1t appears to the Council
OF the City of Marion, Ohio. to be
for. the best interests Of said city To
refund said Indebtedness and there-
by reduce the rate OF interest there
lon.
Therefore, BE it ordained by the
Council of the City Of Marion, State
lof Ohio
Section /. That for the purpose OF
lrefunding said Indebtedness there
Ishal be issued bonds of the City Of
Marion, Ohio, in the sum of Twenty
Four Thousand and Six Hundred
Dollars C$2i,GOO OO) which said bonds
shall be issued of the denomination Of
Five Hundred Dollars $4,000 each
Except the first bond which shall be
lone Hundred Dollars ($lOO OO) and
be numbered from One TO Fifty in
elusive, TO be paid at the Treasurer's
iofficc Of the City Of Marion, Ohio,
lbearing interest at the rate of I per
! cent. per annum, payable semi-an-
Inually at the same place, said bonds
| shall be dated not later than the
! first day Of March 1908 and shall be
due and payable as follows;
one bond March 1903
Three bonds September I, 1908
Three bonds March T. 1909
| Three bonds September /, 1902.
Three bonds March /, 1910.
-Four bonds September /, 1910.
Four bonds March !, 1911.
-Four bonds September l. 1911.
Four bonds March /, 1912
Five bonds September !, 1919.
Five bonds March L. 1913.
| Two bonds September !. 1919.
Two bonds March /, 1914.
One bond September I, 1914.
one bond March /, 1915.
One bond September /, 1915.
one bond March ]. 1916.
} One bond September /, 1916.
| nv ''l" Nlf.ANll lil
One bond September /, 1917.
Section =. Said bonds shall OK
press upon their face the purpose
for which they are issued and that
they are issued In pursuance of
this ordinance They shall be pre-
pared, issued and delivered under
the direction Of the Finance Com
mittee of the City Council and tho
City Auditor, and shall be signed
by the Mayor of said city and by
the City Auditor in their official
capacity. and shall have affixed
thereto the corporate seal of the
city of Marion, Ohio.
Each coupon shall bear the sig
nature or the fac-simile of the
; same of the City Auditor of tbf
City Of Marion, Ohio. and the rajtb
credit and property of the CITY
OF Marion. Ohio, are hereby ire.
Nocably pledged for the payment OF
said bonds ana the interest thereon
p 'at maturity
section 3 Tho Finance Com.
mittee Of the Council after bav
ing the same duly recorded in the
toilice of the City Auditor and the
Trustees of the Sinking Fund shall
negotiate and sell the same for
ana on behalf of the City OF Marion
ONO, in the manner provided by
law.
Section T. Said bonds shall be
FIRST offered at par and accrued
interest to the Trustees of the
Shining Fund in their official ca.
pacity and if the Sinking Fund
Trustees refuse to take the same
at par and accrued interest ther
said bonds shall be offered at pub,
lie sale and sold in the manner
provided by law not for less than
their par value and accrued in
terest.
Section 8. The proceeds from the
sale of said bonds except premiums
and accrued interest shall be used
! for the purpose Of paying the in
debtedness aforesaid and for nc
, other purpose. And the Mayor and
City Auditor under the supervision
) of the Finance Committee. of In,
J City Council, be and they are here
} by authorized to cancel and de
, stroy the Indebtedness above men
} toned, and the premium and ac
} crued interest received from tn,
sale of said bonds shall be trans
ferred to the Trustees of the Sink
inIs Fund to be by them applied
in the manner provided by law.
Section O. This ordlnanc
shall be in force from and afte
its passage and legal publication.
Passed March 1G 1903.
s. r RAUHAUSER,
President of City Council
Approved by Louis ScherG, Mayor.
Attest; Charles NJ. Tobin, City Clerk
Star 3-lS-25-'0S. Mirror 3-l9 2G OS
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