The Marion daily mirror. (Marion, Ohio) 1892-1912, 1911-04-06

ORD1NANCB NO. 40. To provide
for the issuing of bonds In the sum
100000, which amount is, not in eX-
cess of one per cent. of the total val
uation of the property of the City
of Marion. Ohio, az listed and assess
expenses of labor, hauling, crushed
stone. crosswalk and crossing stone
for improving the street crossings in
the City of Marion. Ohio.
BE II ordained by the Council of the
city Of Marion, State of Ohio:
Section l. That TO raise money to
pay the cost and expense of labor,
hauling. crushed stone. crosswalk and
crossing In the City of Marion. Ohio.
bonds of the City of Marion. Ohio. 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. shall be issued and sold i'm
the amount of forty-tive hundred dol
lars ($4,50000). II is therefore de-
clared necessary by the Council of the
bonds in said amounts for the pur-
pose herein mentioned.
Section 2. Said bonds shall be Is.
sued under authority of an act of the
IAN act to amend sections 1885. 1886
and 1887. and to repeal section 2S37-A
Of the Revised statutes. authorizing
the issuing of bonds by Cities. Villages,
Hamlets and Townships, passed April
%. 1902. COS Ohio Laws Page 3lS to
322D and all amendments thereto. In
Guiding the amendment passed by the
General Assembly of Ohio, April 22,
20 and 25, 1904, (97 Ohio Laws, Page
201, 1870 and $50. respectively and
March 22. 1906 COS Ohio Laws Page
63 and 81. inclusively) April 30, 1908,
to amend and supplement section 81
Municipal Code (99 Ohio Laws. Pages
254 and 255). March 3. 1909. 600
Ohio Laws Page SD. and the amend
ment limiting the power to issue bonds
passed by the General Assembly OF
Ohio. May 10, 1910 (1Ol Ohio Laws.
Page 430). They shall bear date not
later than the LIST dav Of March. 1911.
and be due, and payable as iollows'
1913: one September |. 1913; one
March 1. 1914: one September /, 1914.
They shall be of the denomination OF
nine hundred dollars each and snail
be numbered from one to five both
Section 3, Said bonds shall bear
interest at the rate OF four per cent;
per annum payable seml-annuaily ana
all the interest accrLing on said bonds
shall mature and be payable on the
first days of March and September of
each year, aud for which the proper
interest coupons shall be attached and
make a part of'said bonds. Both prin-
cipal and interest shall be payable at
the office of the treasurer of the City
of Marion. Ohio,
section q. Sdlu DOUuH Slldtll DS slEll-
ed by the Mayor and Auditor Of the
CITY of Marion Ohio OFFICIALLY. in
their own hand writing, and have ar
fixed thereto, the corporate seal OF
said city,. Each coupon snail have
printed thereon a facsimile OF the sig
nature of the city auditor OF the CITY
of Marion. Ohio; and the talth, credit
and property of the city or Maglon
Ohio. are hereby irrevocably pledged
for the payment of said bonds and the
interest thereon at maturity;
Section g.. Said bonds shall express
upon their face the purpose FOR which
they are issued and that they are II
sued in pursuance to this ordinance,
and shall be prepared. Issued and de-
livered under the direction or the IL
nance commlttee OF tnS ely. oito Soutiiui Inui,g
the same duly recorded IN the oitlce
of the City Auditor ana the trustees
of the sinking fund. shall negouate
oo OF the se city tYo Of aHH Marion. Ohio, in the
manner provided by law
Section 6. Said bonds shall be iirst
offered at par and accrued interest 70
their official capacity. and IL the sink
same sam at par and Interest then said
bonds shall be sold in the manner pro
their par value and accrued, Interest,
Section Z. The proceeds. of the sale
of said bonds shall be paid INTO the
finanee and set aside i'm a fund deslg- |
mated as the street crossing fund. All
and accrued interest re-
ceived from the sale of said bonds
civ Auditor TO the trustees OF the |
sinking fund of the City Of Marion, |
Ohio. TO be by them applied in tho |
manner prescribed by law.
Seotion 3. This ordinance shall be |
In force from and after its passage |
and earliest period allowed by law.
Passed March 81 1911.
Earl II. Smart, President of the city
Approved by the Mayor John c.
Setter, March 2S. 1911,
Attest: Miles Longshore. CITY Clerk. |
Star 1898 4-4. Mirror $3.50 4-6'