The Marion daily mirror. (Marion, Ohio) 1892-1912, 1909-09-25

ORDINANCE NO. 20. To provide
for the issuing of bonds of Thirteen
hundred and fifty dollars ($1 $780, OO).
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 taxa
ton. TO pay the cost and expense of
finishing the repairing Of Prospect
street from Church street to the
south line of the Erie right of way.
BE II ordained by the Council of
the city of Marion, State of Ohio.
Section !. That 10 raise money to
pay the cost and expense of finishing
the repairing or Prospect street from
Church street To the south line of the
Erie r. X. right of way bonds Of the
city Of Marion. Ohio, not I'm excess OF
one per cent of the total valuation
of the property of the City of Ma
rIon, Ohio, as listed for taxation,
shall be issued and sold in the amount
OF Thirteen hundrrd and fifty dol
lars G1.35O.O0). 1t Is therefore de-
cided necessary by the Council Of the
city of Marion. OHIO. to issue said
bonds in said amounts for the pur-
pose herein mentioned.
-
sued under authority of an act of the
General Assembly OF Ohio, entitled
IAN act to amend sections '2S35,
2S36 and 1887 and to repeal section
2S37--A OF the Revised Statutes au-
thorizing the issue OF bonds by cit
les, villages hamlets and townships,
passed April 20. 1902. COS Ohio
Laws, 31S to 322) and all amend
ments thereto, including the amend
ment passed by the General Assem-
bly, OF Ohio, April 22, 20 and 25, 1904.
(97 Ohio Laws page 291, 100 and $40
"espectively) and March 22, 1906,
COS Ohio Laws page go. They
shall bear date not later than the
st day of September. 1909, and he
lue and payable as follows: One
March 1st 1912; one September 1st,
1912: one March 1st, 1913. They
hall be of the denomination of Four
hundred and fifty collars, and num-
5ered each from one to three inclu'
sive.
Section g. Said ponds shall bear
interest at the rate of four per cent.
Ier annum, payable semi-annually,
nd all the interest accruing on said
londs shall mature and be payable on
he first days of March and Septem-
,er OF each year and for which the
,roper interest coupons shall. be at
ached and made a part of said bonds
,oth principal and interest shall be
,ayable at the Office of the treasurer
II the City of Marion, Ohio.
section a. Said bonds shall be
lgned by the mayor and auditor OF
he city of Marion, Ohio, of1ciaily IN
heir own handwriting and have al
ixed thereto the corporate seal OF
aid city. Each coupon shall nave
,rinted thereto facsimile OF the sig
,ature of the city auditor of the City
II Marion. Ohio. And the faith.
redit and property OF the city VI
Iarion. Ohio, are hereby irrevocably
,ledged for the payment OF SAID
,onds and the interest thereon at ma
urity.
Section 3. Said bonds shall express
mon their face the purpose Tor whlcn
hey are issued in pursuance or this
rdinance. and shall be prepared, Is
ned and delivered under the direc
ion of the finance committee of the
ity council and the city auditor, and
fter having the same duly recorded
the offices OF the city'auditor and
he trustees o. the. sinking fund
hall negotiate and ssii the same Tor
nd on behalf of the City OF Marion
ohio in the manner provided by law
Section 6. Said bonds shall be first
,ffered at par and accrued interest a.
he trustees of the sinking fund In
heir official capacity, and II the SINK
ng fund trustees refuse to take the
anne at par and interest, the said
,onds shall be offered at public sale
nd sold in the manner provided by
aw, but not for less than their par
alue and accrued interest.
Section T. The proceeds of the sale
II said bonds. shall be paid into the
ity treasury by said committee OF
nance and set aside In fund des-
gnated as public service street re-
,air fund. All premiums and accrued
interest received from the sale OF
aid bonds shall be transferred on
warrant OF the City Auditor TO the
mixing fund trustees to be by them
pplied I'm the manner provided by
aw.
Section s. This ordinance shal, be
force from and after its passage
md the earliest period allowed by
law.
Passed September 20. 1909.
s. II. RAUHAUSER.
President of Council
Approved by the Mayor Louis
scherff.
Attest. Charles N. TobIn. City
'lerk,.