The Marion daily mirror. (Marion, Ohio) 1892-1912, 1908-02-03

ing on February 10Th, 1yOS, at lV
o'clock a. m.
q. II. FOSTER, probate Judge.
January 20, 1908.
3tmon
ORDINANCE NO. 4. To provide
for the issue of bonds of the City OF
Marion, Ohio, in the sum of Seventy
Three Thousand and Five Hundred
Dollars, (s735OO .OO) for the purpose
of extending the time of payment of
certain Indebtedness which, from Its
limits of taxation, said City is unable
to pay at maturity.
PREAMBLE.
Whereas certain Indebtedness OF
the City of Marion, Ohio. consisting
of notes heretofore incurred by said
City, to-wit: That incurred in pay
ing the costs and expense of improv-
ing certain streets and alleys as fol-
lows:
Girard Avenue paving, $6700.OO.
Grand Avenue paving, $5500.0 90.
Cherry Street paving, $500.
Park Boulevard paving, $4,000 90.
Prospect street paving, $4,000 90.
Sidewalks. $2O,5OO 90.
Sewers, $4,000. 90.
|To the amount of Seventy-Three
Thousand and Five Hundred Dollars.
Jail of said Indebtedness, which is
hereby determined and declared to
lbe an existing valid and binding OBJ
lligation of the City of Marion, Ohio.
And Whereas said Indebtedness
bears interest at the rate of six per
cent per annum, it appears to the
Council of the City OF Marion, Ohio,
to be for the best interests of said
City to refund said Indebtedness and
thereby reduce the rate of interest
thereon.
Therefore, Be 1t ordained by the
Council of the City of Marion, State
of Ohio:
Section /. That for the purpose OF
refunding said Indebtedness there
shall be issued bonds of the City Of
Marion, Ohio, in the sum OF Seventy
Three Thousand ard Five Hundred
Dollars, ($7350O. 00) which said bonds
shall be issued OF the denomination OF
Five Hundred Dollars $500. .00) each
and be numbered consecutively from
One to One Hundred and Forty,Seven
inclusive. to be paid at the Treas
urer's office of the City OF Marion,
Ohio, bearing interest at the rate OF a
per cent. per annum, payable semi
ANNUALLY at the same place, said
bonds shall be dated not later than
1.-THE first day of March, 1908, and
shall be due and payable as follows:
| -Four bonds March 1, 1908.
Five bonds September /, 1908.
Nine bonds March 1, 1909.
Ten bonds September 1, 1909.
Nine bonds March !, 1910.
Ten bonds September 1, 1910.
Ten bonds March /, 1911.
Ten bonds September /, 1911.
Ten bonds March /. 1912.
Ten bonds September 1, 1912.
Five bonds March /, 1913.
Five bonds, September 1, 1918.
Five bonds March /, 1914.
Five bonds. September /, 1914.
Five bonds March 1, 1915.
| Five bonds September I, 1915.
| Five bonds March 1, 1916.
1 Five bonds September 1. 1916.
Five bonds March /. 1917.
| Five bonds September 1, 1917.
Five bonds March /, 1918.
/ Five bonds September /, 1918.
Section 2. Said bonds shall express
upon their face the purpose for which
they are issued and that they are is
sued in pursuance of this ordinance
They shall be prepared, issued and
delivered under the direction of the
Finance Committee of the City Coun-
Gil and the City Auditor, and shall
be signed by the Mayor of said City
and by the City Auditor in their Of
fetal capacity, and shall have af-
fixed thereto the corporate seal OF
the City OF Marion. Ohio.
Each coupon shall bear the sigma
ture or the fac-simile of the same OF
the City Auditor of the City of Ma
lrion, Ohio. And the faith, credit and
property OF the City of Marion, Ohio
are hereby irrevocably pledged for
the payment of said bonds and the in
terest1thereon at maturity.
! Section 3. The Finance Commit
tee of the Council after having the
same duly recorded In the office 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. in the manner
provided by law.
| Section 4. Said bonds shall be first
offered at par and accrued interest to
the Trustees OF the Sinking Fund In
their official capacity and II the Sink
ing Fund Trustees refuse to take the
same at par and accrued interest then
|said bonds shall be offered at public
|sale and sold In the manner provided
,by law and not for less than their
ipar value and accrued interest.
Section s. The proceeds from the
sale OF said bonds, except premium
and accrued interest. shall be used for
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