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

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sumed and agreed to be paid by the vii
iage OF Medina, Ohio, for the improve
ment OF North Court Street from the
North line of Union Street to the North
corporation line; said Improvement to
pc made by the State Highway Com
missioner in accordance with the con-
sent and agreement of the Village
Council as heretofore granted.
SEC. II-That the bonds of said viii
lage shall be issued in said sum and
for. the aforesaid purpose; said bonds
" be dated July 1st, 1921 and shall be
i've (e) In number and in the denomi-
nation OF $500.00 each, excepting the
!ast, which shall be for the sum of
SS19.00, and shall be made due and
payable as follows:
Bond No. April 1, 1928
Bond No. 2-october /, 1928
Bond No. 3-April 1, 1924
Bond No. 4-October 1, 1924
Bond No. 5--April /, 1925
Said bonds shall each bear interest
At the rate of six per cent &c per cent?
per annum, payable semi annually on
the first day of April and October of
each year, evidenced by coupons at
tached thereto; both interest and prin-
cipie to be payable at the office of the
sinking Fund Trustees of said Village.
SEC. lll.said bonds shall express
upon their face the purpose for which
they are issued and that they are is
sued IN pursuance of this ordinance.
they shall be prepared, issued and de-
livered under the direction of the Fin
ance Committee of Council and the VIII
lage Clerk and shall be signed by the
mayor and Village Clerk and sealed
with the corporate seal of said VilIagai
ana the interest coupons attached to
SAID bonds shall be executed by the
iage clerk with his signature thereto.
OF ne SNAIL have his signature printed
or autographed thereon
SEC; lV-Said bonds shall be first
oHered at par and accrued interest to
the trustees of the Sinking Fund of
sald Village in their official capacity,
ana 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 par and ac-
crued interest to the Board of Commits
sloners OF the Sinking Fund of the
Village School District, and if said lat
ter Board refuses to take any or all of
sald bonds, then said bonds not so
taken shall be offered in manner and
form as provided by law to the Indus
trial Commission of the State of Ohio.
ana II not purchased by any of sa,
Boards, such of said bonds as are not
taken shall be advertised for public
sale and sold in the manner prov
by law, but not for less than their par
value and accrued interest
SEC: V-The proceeds from the sale
OF SAID bonds. except the premiums anc
accrued interest thereon, shall be plac-
ga In the Village Treasury to the cred
II of the Villages Portion of said North
court Street Improvement and shall
De dlsbursed upon proper vouchers for
the purpose OF paying the portion of
the costs and expenses of said named
street improvements as assumed and
to De paid by said Village and for NO
OIher nJIrnnGa nd ha !
accrued interest received from such
sale shall be transferred to the Trus-
lees or the Sinking Fund to be applied
py them IN the manner provided by
law. ~
W. SEC. VI-That to provide a Sinking
Fund for the final redemption at ma
tur1ty Of the bonds herein authorized
and to pay the interest on same as ii
becomes due, there shall be and there
IS hereby ordered levied upon all the
taxable property of said Village in ad-
d1tlon to all other taxes, a direct tax
annually during the years 1921 to 1926
Dcth inclusive, in an amount sufficient
TO pay the interest on said bonds as il
! accrues and to provide a sinking fund
Tor the final redemption Of said bonds
at maturity. Said tax shall be and is
hereby ordered levied, certified and ex.
tended upon the tax rolls and collected
py the same officers in the same man.
ner and at the same time as the taxes
FOR general purposes in each of sale
years are certified extended and col.
lected, and all funds derived from saic
tax shall be placed In said sinking f.,
which, together with all interest col.
lected on the same, shall be irreyocabl,
pledged to the payment of the Interest
and principle of said bonds, when ant
as. the same shall fall due
| SEC. VII-This ordinance shall talk,
effect and be in force from and aftel
the earliest period allowed by law.
Passed: July 10th, 1921.
| M H. III. HARTZOG
Mayor
w. p. Ainsworth
Clerk