The Marion daily mirror. (Marion, Ohio) 1892-1912, 1909-12-22

which amount is not In excess 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 for pur-
chasing or condemning certain
tract of land on Herr street described
In Ordinance No. 80, passed by the
City Council of the City of Marion
Ohio, April 20 1908, to appropriate
property for street purposes.
BE 1t ordained by the Council of
the City of Marion, State of Ohio:
Section 1. That to raise money to
pay the cost and expense for pur-
chasing or condemning certain
tract of land on Herr street in the
City of Marion, Ohio. as described in
said Ordinance No. 80 passed by the
City Council of the City of Marion,
Ohio, April 20, 1908, bonds of the
City of Marion Ohio, not in excess
of one per cent. of the total valuation
of the property of the CITY or Marion,
Ohio, as listed and assessed for taxa
ton, shall be issued and sold in the
amount of Five Hundred dollars
($5O0.00) It is therefore declared
necessary by the Council of the City
of Marion, Ohio, to issue said bonds
in said amount for the purpose here
in mentioned.
Section 2. Said boncs shall be is-
sued under authority of an act of the
General Assembly of Ohio. entitled
An act to amend sections 1885, 1855,
and 1887 and to repeal section 2S3T-
A of the Revised Statutes authorizing
the issuing of bonds by cities, viii
lagos, hamlets and townships
passed April 30, 1902, COS Ohio
Laws, page 31S to 1922, including all
amendments thereto, including the
amendment passed by the General
Assembly of Ohio, April 22, 23 and
25, 1904, COZ Ohio Laws page 291,
100 and $50 respectively and
March 90, 1906, COS Ohio Laws, page
SO and 81, inclusive) and March g.,
1909, Goo Ohio Laws page 53) They
shall bear date not later than the
1st day of September 1909, and be
due and payable as follows: One
March 1, 1911, one September l.,
1911. They shall be of the denomi-
ration of Two Hundred and Fifty
dollars each and shall be numbered
from one to two both inclusive.
Section 3. 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 coupons shall be attached
and made part of said bonds. Both
principal and interest shall be pay
able at the office of the treasurer of
the City of Marion, Ohio.
Section 4. Said bonds shall be
signed by 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
printed thereon n 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 irrevocably
bonds and the interest thereon at
maturity.
Section 5. Said bonds shall express
upon their bace the purposes for Which
they are issued in pursuance to this
ordinance, and shall be prepared. is
sued and delivered under the direc-
tion of the finance committee of the
city council and the city auditor, and
after having the same duly recorded
i'm 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, i'm the manner provided by law.
Section 6. Said bonds shall be
first offered at par and rccrued inter-
est to the trustees of the sinking
fund in their official capacity, and If
the sinking fund trustees refuse TO
take the same at par and interest,
then said bonds shall be offered at
public sale and sole I'm the manner
provided by law, but not for less
than their par value ana accrued in
terest.
Section Z. The proceeds of the
sale of said bonds shall be paid into
the city treasury by sasG committee
OF finance and set aside In fund
designated as the Herr street appro-
priatlon fund. ALI premiums and
accrued interest received from the
sale of said bonds shall be trans
ferred on warrant of the city Audi
tor to the trustees of the sinkinS
fund of the City of Marion, Ohio, to
ne by them applied in the manner
prescribed by law.
Section 6. This ordinance shall be
in force from and after IT'S passage
and the earliest period allowed by
law.
Passed December 20, 1903.
s. r.. RAUHAUSER,
President of the Council
Approved by the Mayor, Louis
Scherff.