The Medina sentinel. [volume] (Medina, Ohio) 1888-1961, 1917-04-20
ORDINANCE

ORDINANCE
An Ordinance to issue Bonds for the
Purpose of Paying part OF the costs
and Expenses of Improving Sundry
Streets in the Village of Medina. TO-
wit: Prospect Street from the north
line OF West Washington Street to the-
south line of West Liberty Street;
North broadway Street from the north
line Of East Liberty Street to the north
line of East North Street; South Broad
way Street from the south line of East
washington Street to the north line of
the Smith Road; and Smith Road from
the east line of East street to the in
tersection Of said Smith Road with the
East Rail Of the Northern Ohio Rail-
road Tracks, all to be done by grading,
draining, paving and curbing.T
BE 1T ORDAINED
By, the Council Of the Village
or Medina, State Of Ohio, three
fourths of the members elected
thereto, concurring:
SECTION l. That 1t is deemed nee
essary by the Council of the Village of
Medina, state of Ohio, to issue and sell
the bonds of said Village in the sum
Thlrty-two Dollars ($1O232.OO), for the
purpose of paying portion of the
costs and expenses, viz. that portion of
costs and expenses not heretofore pro-
vlded Tor by special assessment, in the
Improvement of Prospect Street from
Street to the south line of West Lib
erty Street, North Broadway Street
from the north line of East Liberty
| Street to the north line of East North
Street, South Broadway Street from the
south line of East Washington Street
to the north line of the Smith Road
ana Smith Road from the east line oil
East Street to the intersection of sale
Smith Road with the east rail of The
Northern Ohio Railroad tracks, all Il
be done. by grading, draining, pavine
and curbing.
| SECTION II. That the bonds of sait
| Village be issued in the sum of Tel
Thousand Two Hundred and Thirty
two Dollars ($10232.00) for the afore
said purpose; each of said bonds to b.
in the denomination of $50O.OO, excep
the last which shall be in the demon
ination of $4,000, and to be numbere,
consecutively from one to twenty; an,
said bonds shall bear date Of May Isl
1917, and shall become due and payabl
as follows, to-wit: one bond April Isl
1913 and one bond October 1st, 1915
and one bond on the 1st day of Aprj
and, October of each year thereafter
until said bonds are fully paid to
gether. with interest thereon at tn
rate OF five per cent (5G6) per annun
Of April and October of each year, evi
denced by coupons attached thereto
both interest and principal to be pay
able at the Office of the Sinking Fun
Trustees of said Village.
SECTION III Said bonds shall ex
press upon their face the purpose 70
which they are issued and that the
are issued in pursuance of this ord
nance; they shall be prepared, issue
and delivered under the direction of th
Finance Committee of Council and th
I Village Clerk. and shall be signed b
the Mayor and Village Clerk and scale
with the corporate seal Of said VilIag,
said bonds shall be executed by II
Village Clerk with his signature ther,
to, or hershall have his signature prin
ed or Autographed thereon
SECTION ". Said bonds shall
hrst offered at par and accrued inte
est TO the Trustees of the Sinking Flu,
of said Village in their official capacit
and II said Sinking Fund Trustees r
ruse TO take any or all of said bon
at par and accrued interest, then sa
bonds not so taken shall be offered
par and accrued interest to the Boa
of Commissioners of the Sinking Ful
of the Village School District, and
SAID latter Board refuses to take al
or all of said bonds, then said bon
not so taken shall be offered in mann
and form as provided by law to {
industrial Commission OF the State
Ohio, and IL not purchased by any
al the said Boards, such of said bonds
are not taken. shall be advertised {
public sale and sold in the manner DR.
vided by law, but not for less tn
Y their parvalue and accrued interest
SECTION W. The proceeds from [
sale of said bonds, except the PREF
lums and accrued interest thereC
shall 'be placed in the Village Treasul
to the credit of the Villages portion
SAID street Improvement funds, a
shall be disbursed upon proper vouc
ers for the purpose of paying the DC
tion of the costs and expenses of sa
named street improvements not heret
fore provided for by special asses
ment, and for no other purpose; a
the premiums and accrued interest I
ceived from such sale shall be trar
ferredj to the Trustees of the Sinxi-
Fund to be applied by them in t
manner provided by law.
SECTION vi, That to provide
Sinking Fund for the final redempti
at maturity of the bonds herein aut
orized, and to pay the interest on sal
as 1t becomes due. there shall be a
there is hereby ordered levied upon
the taxable property of said Village.
addition to all other taxes, a dire
tax annually during the years 1917
1927 both inclusive, in an amount 81
ficient to pay the interest on said bon
as II accrues and to provide sinkil
fund for the final redemption of sa
bonds at maturity. Said tax shall
and Is hereby ordered, levied, certifi
and extended upon the tax rolls a
collected by the same officers in Z
same manner and at the same time
the taxes for general purposes in ca,
Of said years are certified, extended al
collected, and all funds derived fro
said tax shall be placed in said sinkil
fund. which, together with all intere
collected on the same, shall be irr
vocably pledged to the payment OF d
interest and principal OF said bono
when and as the same shall fall due.
SECTION VII. This ordinance shs
take effect and be in force from al
after the earliest, period allowed
law. v@ 4a.F
Passed April 18th. 1917.
fl l.. III. RANDALL, Mayo
Attest: o. 0. vANDEUSEN, Clerk.
A. B. UNDERWOOD, Atty, 2w