The Medina sentinel. [volume] (Medina, Ohio) 1888-1961, 1918-08-23
ORDINANCE


ITO Issue Bonds for the Purpose of |
Improving. Equipping and Furnishing
Water Works Of the Village of Me-
dina. Ohio. by Purchasing and Install
Ing a Pumping Engine, Pumps and
water to the Village of Medina, dpptS1he Ohio,
and the Inhabitants Thereof"
Whereas, at a special election held
for that purpose in the Village of Me-
dina. Ohio, on the 10th day Of July A.
D. 1918, the question Of issuing and sell
ing the bonds of said village in the
for the purpose of improving. equipping
and furnishing water works Of the viii
lage Of Medina, Ohio, by purchasing and
installing a pumping engine, pumps
and necessary 3; .n ma, m,aehinery for supplying
and the inhabitants thereof, was sub
mitted to a vote of the qualified cleo
tors of said village, and.
Whereas. two thirds Of the voters at
such election upon the question Of the
issuance and sale of said bonds voted
in favor thereof,
NOW THEREFORE,,
BE 1T ORDAINED,
BY the Council of the Village of
Medina, State of Ohio, five members
elected or appointed thereto. concurring
| herein:
Section I. That the bonds of said
village be issued and sold in the sum
| Of six thousand dollars ($6,000.00) for
MISUNDERSTANDING wster works OF the VII
iage of Medina. Ohio. by purchasing
and installing a pumping engine, pumps
and necessary machinery for supplying
water to the village Of Medina, Ohio,
and the inhabitants thereof; said bonds
one to twelve, and each shall be in the
denomination of Five Hundred Dollars
($500.00); said bonds shall bear the date
Of September 1st, 1918 and shall become
one bond to become due and payable
on September 1st 1920 and one bond
on the 1st day Of September Of each
year thereafter until said bonds are
fully paid; said bonds shall bear inter-
est at the rate Of six per cent per an
mum (6M) payable semi-annually on
the 1st day of March and September
Of each year after date thereof evil
denced by coupons attached thereto
and both interest and principal shall
be payable at the Office Of the Sinking
Fund Trustees in and for said village
!, of Medina, Ohio.
Section III. Said bonds shall express
upon their face the purpose for which
they are issued and that they are ISSUED
in pursuance of this ordinance. They
shall be prepared issued and delivered
under the direction of the Finance
| Committee Of the Council and the vii
lage Clerk, and shall be signed by th'
, Mayor Of said Village and by the VII
lage Clerk, and sealed with the corpor
ate seal of said Village. and the inter
shall be executed by the Village C!erl
T with his signature thereto. or he shall
have his signature printed or litho
graphed thereon.
Section III. Said bonds shall b.
: first offered at par and accrued inter
Fund in their officia! capacity, and !
said Sinking Fund Trustees refuse t.
take any or all Of said bonds at pa
and accrued interest, then said bond
not go taken shall be offered at par am NJ
accrued interest to to sine,na the soSrd %nd o
the Village School District. and If SAL
4 Ia tier board refuses to take any or all o
said bonds then said bonds not 81
taken shall be offered in manner ant
form as provided by. law to the Indus
purchased BY any Of said Boards, sucl
| Of said bonds as are not so taken shall
be advertised for public sale and sol'
in the manner provided py Jaw, but no
for less than their par value and ac
crued interest.
| Section Nv. The proceeds from tn
sale Of said bonds, except the, prem
iums and accrued interest thereon
shall be placed in the Village Treas
| ury, to the credit of the Water Work
Fund and shall be used for the purpos
Of improving, equipping and furnish
| ing water works Of the village OF Me
dina, Ohio, by purchasing and installing
a pumping engine, pumps and neces
| sary machinery for supplying waite
| to the Village Of Medina, Ohio, and tn
inhabitants thereof, and for no othe
purpose: and the premiums and accrue
l interest received from such sale shal
he transferred to the Trustees OF tn
Sinking Fund, to be applied by ther
in the manner provided by law.
Section ". That to provide a Sink
ing Fund for the final redemption q
maturity Of the Six Thousand Dollar
$4,000, ,O0) in bonds hereby authorized
and to pay the interest on same as
becomes due, there shall be and ther
ia hereby ordered levied upon all tax
able property Of the said Village or Me
dina. in addition to all other taxes,
direct tax annually during the year
1918 to 1891 inclusive. in an amour
sufficient to pay the interest on sal
bonds as it accrues and to provide
/ sinking fund for tho final redemptio
OF said bonds at maturity. Said ia
shall be and Is hereby ordered levie'
In certified and extended upon the ia
rolls and collected by the same officer
in ahe same manner and at the sam
II time as the taxes for general purpose
in each Of said years are certified an
l extended and collected, and all funo
derived from said tax shall be place
| in said sinking fund, which, togetht
with all interest collected on the sam
HI .haIl ho irrevocablv ,uledged to I'll