The Marion daily mirror. (Marion, Ohio) 1892-1912, 1909-03-29

| for the issuing OF bonds I'm the
sum of three thousand dollars ($3,-
000O0), whirh amount is not in ex-
cess OF one per cent. Of the total
valuation of the property Of the
City of Marion, Ohio. as listed and
assessed for taxation, to pay the
cost and expense OF repairing streets.
BE II ordained by the Council OF
the City of Marion, State of Ohio:
Section 1. That to raise money
to pay the cost and expense OF re-
pairing streets, bonds of the City of
Marion, Ohio, not dn excess of one
per cent. of the total valueation of
the property of the City of Ma
rion, Ohio. as listed for taxation,
shall be issued and sold in the
amount of Three thousand dollars
| ($3 600 .00). 1t is therefore declared
necessary by the Council of the
city of Marion, Ohio, TO issue said
bonds in said amounts for the pur-
pose herein mentioned.
| Section 2. Said bonds shall be
issued under authority OF an act of
the General Assembly of Ohio, en-
| titled ''An act to amend sections
1886. 1886 and 2S57 and to repeal
sd.tions 2S37-A of the Revised
Statutes, authorizing the issue of
bonds by cities, villages, hamlets
and townships" passed April 20, 1902
(95 Ohio Laws Page 31s to 1927 and
all amendments thereto including
the amendment passed by the Gen
eral Assembly of Ohio April %, %
and 25. 1904 (97 Ohio Laws, page
POI, 1870 and $40 respectively and
March %, 1906, COS OHIO Laws, page
63.) They shall bear date not later
than the first day of March, 1909,
and be due and payable as follows:
One September 4, 1910; one March
/, 1911; one September i, 1911; one
March 4, 1912; one September !,
1912; one March 1, 1913.
They shall be of the denomination
of five hundred dollars each and
shall be numbered from one to six
both inclusive.
Section 8. Said bonds shall bear
interest at the rate of four per cent
per annum, payable semi-annually,
and all the interest accruing on said
bonds shall mature and be payable
on the first days of March and Sep
tember Of each year and for which
the proper interest coupons shall
be attached and made part of said
bonds. Both principal and interest
shall be payable at the office of
the treasurer of the City of Marion,
Ohio.
Section 1. Said bonds shall lbe
signed by the mayor and auditor of
the City of Mrion, Ohio, officially
in their own Handwriting, and have
affixed there to the corporate seal
OF said city. Each coupon shall
have printed theron a 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 irreyoc-
ably pledged for the payment OF
said bonds and the interest there
on at maturity.
Section 8. Said bonds shall ex-
press upon their face the purpose
for which they are issued in pur-
suanfe of this ordinance, and shall
be prepared, issued and delivered
under the direction of the finance
committee of the city council and
the city auditor, and after having
the same duly recorded In the Of
fees OF the city auditor and the
trustee S 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 6. Said bonds shall be
first offered at par and accrued in
terest TO the trustees of the sink
ing fund in their official capacity,
and ii the sinking fund trustees
refuse to take the same at par
and interest, then said bonds shall
be offered at public sale and sold
In the manner provided by law, but
not for less than their par value
and afcrued interest.
Section z. The proceeds OF the
sale Of said bonds shall DE paid in
TO the city treasury by said COM
lmittee OF finance and set aside in a
fund designated as public service
street repair fund. All premiums
and accrued interest received from
the sale OF said bonds shall be
transferred on warrant of the city
auditor TO the sinking fund trus-
tees, to be by them applied in the
manner provided by law.
Section 8. This ordinance shall
be in force from and after its pass
age and the earliest period allowed
by lw.
Passed March %, 1909.
s.. n. RAUSAUSER,
President of City Council
Approved by the Mayor, Louis
Scherif.
Attest Charles M. TObin. city
Clerk