The Medina sentinel. [volume] (Medina, Ohio) 1888-1961, 1921-07-21
AN ORDIIN,A,INCE

AN ORDINANCE to issue bonds for
the purpose OF paying the portion OF
the cost and expense assumed by the
Village of Medina, Ohio, for the inn
provement of South Court Street from
the South Corporation line on the west
side of said Street and running thence
north to the South Corporation line on
the east side Of said street, by the
State Highway Commissioner under au-
thority heretofore granted for said
purpose ET0
whereas, the State Highway Com
missioner is considering the matter OF
the Improvement under his suphrvis-
ion of the Public Highway known as
lnter-County Highway. No. 25 and
whereas, South Court Street, within
this Village lies in whole or in part
along the line of said Inter-County
Highway, said Street being more par
ticularly described as follows: Begin
ning at the south corporation line on
the west side Of the Cleveland Wooster
Pike which is also South Court Street
in said Village and running thence
north along said street to the present
brick pavement which is also the south
corporation line on the east side of
SAID street. being in all, distance of
1888 feet and whereas, copy of the
plans, specifications, profiles and esti-
mates OF said Improvement have been
duly filed with the Village Council and
duly approved and whereas, the said
village Council for and on behalf of
the Village of Medina, Ohio, have as
sumed and agreed to pay a portion of
the cost and expense of said improve
ment, estimated at $1066.52, Now, there
fore,
Be it ordained by the Council of the
Niilf ge Of Medina, Ohio, (three-fo -fourths
of all members elected or appointed
theret7 c c'nc ,rrIns
SEC. THAT it is deemed necessary
by the Council of the Village of Me-
dina, State of Ohio, to issue and sell
the bonds of said Village in the sum of
$l066.52, for the purpose of paying that
portion of the cost and expense assum-
ed and agreed to be paid by the Viii
lage of Medina, Ohio, for the improve
ment of South Court Street from the
South Corporation line on the west
side of said Street and running thence
north to the South Corporation line
on the east side of said street, said
Improvement to be made by the State
Highway Commissioner in accordance
with the consent and agreement of the
village. Council as heretofore granted
SEC. ll--That the bonds of said Viii
iage shall be issued in said sum and
for the aforesaid purpose; Said bonds
to be dated July 1st 1921 and shah be
Two (2) in number the first of which
shall be for the sum of $4,000 and
made due and payable April 1st, 1928
and the second of which shall be for
the sum Of $566.52 and shall be DUE and
payable April 1st. 1924 and said bonds
shall each bear interest at the rate OF
SIX per cent C. per cent? per annum
payable semi-annuafly on the first day
;of April and October of each year, evi-
qenced by coupons attached thereto
both interest and principal to be pay
able at the office OF the Sinking Fund
Trustees of said Village.
SEC. IH-Said bonds shall express
upon their face the purpose for which
they are issued and that they are is
she shed IN IN : r pursuance Of this ordinance
they sharl be prepared issued and de-
iiVered under the direction of the Fin
ance Committee Of Council and the
Village Clerk ,and shall be signed by
the Mayor and Village Clerk and seal
ed with the corporate seal of said viii
iage; and the interest coupons attached
TO said bonds shall be executed by the
village Clerk with his signature there
to, or he shall have his signature print
ed or Autographed thereon.
SEC. 1V--Said bonds shall be first
offered at par and accrued interest tc
the Trustees of the Sinking Fund OF
said Village in their official capacity
and II said Sinking Fund Trustees re.
fuse to take any or all OF said bonds
at par and interest, then said bonds
not so taken shall be offered at PAL
and accrued interest to the Board OF
commissioners Of the Sinking Fund OF
the Village School District, and If said
latter Board refuses to take any or all
or said bonds then said bonds not SC
taken shall be offered in manner anG
form as provided by law to the Indus.
trial Commission of the State of Ohio
ana II not purchased by any of sale
boards, such of said bonds as are no,
taken shall be advertised for publ,
sale and said in the manner urovid,
by law, but not for less than their pa,
value and accrued interest.
SEC. V--The proceeds from the sal.
OF said bonds, except the premiums am
accrued interest thereon, shall be pIac.
'ed IN the Village Treasury to the credi
'of the Villages Portion of said Soutl
court street Improvement and shall b,
dlsbursed upon proper vouchers for tn,
purpose or paying the portion OF thu
costs and expenses of said named stree.
improvements as assumed and to b.
PAID by said Village and for no othe
purpose; and the premiums and accrued
interest received from such sale shall
De transferred to the Trustees of TIM
Sinking Fund to be applied by them ii
the manner provided by law.
SEC. VI-That to provide Sinkinf
FUND for the final redemption at ma
VI AShC pOiluS duInOr1Ze0
and to pay the interest on same as i
becomes due, there shall be and ther,
is hereby ordered levied upon all tn,
taxable property of said Village in adj
dItion to all other taxes, a direct "a,
annually during the years 1921 to 1922
both inclusive, in an amount sufficien;
TO pay the interest on said bonds as i
accrues and to provide a sinking funt
for the final redemption of said bond,
at maturity. Said tax shall be and i,
hereby ordered levied, certified and ex.
tended upon the tax rolls and collected
by the same officers in the same man.
ner and at the same time as the taxes
for general purposes in each of sait
years are certified, extended and col.
lected, and all funds derived from sai6
tax shall be placed in said sinking fund
which, together with all interest col.
lected on the same, shall be rrevocably
pledged to the payment of the Interest
and principal of said bonds, when an0
as. the same shall fail due.
SEC. VII-This ordinance shall take
effect and be in force from and after
the earliest period allowed by law.
Passed: July 10th, 1921
Fl. Fl. -lHARTZOG
Attest:
w. p. Ainsworth