The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1922-07-28
Ordinance No. 1921

To issue bonds for the purpose of raising
money to pay the cty's portion of paw
ing West Gambler Street. from Null
berry Street to Cherry Street and paw
in West Vine Street, from the b. & o.
construction of a storm sewer on West
Gambler Street beginning at the Race
and running to Mechanic Street, also
beginning at the Race and running
West to Cherry Street, also on Vine
Street, beginning at the Race and rum
BF HEs TT TeSI % Bv the Council OF
the City of Mount Vernon. State Of Ohio.
two-thirds of the members elected thereto
concurring:
Section /. That for the purpose of rais-
ing money for the citys portion of paving
West Gambler Street, from Mulberry
Street TO Cherry Street. and paving West
Vine Street, from the b. & o. Railroad to
Fountain Street, and for the construction
OF a storm sewer on West Gambler
east TO Mechanic Street, also beginning
at the Race and running West to Cherry
Street. also on Vine Street, beginning at
the Race and running west to Fountain
Street, 1t is hereby declared to be neces-
sary to issue and sell. and there shall be
issued and sold, bonds of said city in the
Section 2. That ten bonds shall be q
the denomination Of Fourteen Hundrec
Of said bonds shall be in denominations Q.
One Thousand Cs1.W0.oO Dollars eacl
They shall be dated July first. 1922; sha
centum per annum. payable on the firt
days of April and October in each yea
est coupons to be attached to said bond
bearing the facsimile signature of ttc
Auditor and shall be due and payable az
follows:
Bond No / for sl4S4O0 and Bonds 2. 3
and for 100000 each, due October 1st
Bond No. for s14s4oo and Bonds
issa i and for 10000 each' due October list
Bond No 9 for sl464.0o and Bonds 10, H.
and y for 10000 each. due October 1st,
Bond No. u for s14s4.co and Bonds II.
Is. and 16 for 100000 each. due October
Bond No. Ii for s14s4OO and Bonds No.
IS, 10 and 20 for 100000 each. due October
Bond No. 2l for sl4e4 90 and Bonds No. /.
p, g and "a for 100000 each. due October
Bond No. 95 for sl4s4O0 and Bonds No
ist. 1873 g. " ' '''''' '''' N1 ''
Bond No. % for s1464,o0 and Bonds No.
20, 81 and 80 for 100000 each, due October
Bond No. s8 for sl464oo and Bonds No
"a. So and 80 for 100000 each, due October
Bond No 81 for s146l.00 and Bonds No.
Is, 20 and 40 for sl"oo." each. due October
Section g. Said bonds shall be prepared
by the City Solicitor. he signed by the
Mayor and City Auditor sealed with the
city seal, and recorded in the office of the
Sinking Fund Trustees; shall express up
on their face the purpose for which they
are issued. and the fact that they ara
issued pursuant to law and this ordin,
interest at the office of the Treasurer os
the City; shall be issued and sold under
the direction of the Finance Committee of
Council. and shall bear such consecutive
| numbers as said Committee or the proper
officers of the CITY may determine
Section 4. That the proceeds of the sale
rai1 hnn hA nvpair n I'M
accrued interest thereon. shall be placed
in the city treasury to the credit of the
City's, Portion fund, and shall be dis
pose of paying the City's portion of the
cost of paving the above mentioned
streets, and Of paying the cost Of con,
sewers, and for mo other purpose. for
which purpose said money is hereby APP
proprated; and 0; the premiums mum AN ana ,a ar
shall be transferred TO the Trustees OF
the Sinking Fund. to he applied by them
In the manner provided by law.
Section 8. That the faith, revenue and
credit of the City of Mount Vernon. Ohio,
are hereby pledged for the prompt pay
bonds hereinbefore described. In accord
ance with the laws and constitution of the
State of Ohio.
Section 6. That for the purpose of pro-
viding the necessary funds to pay the In
terest on the foregoing issue of bonds
promptly when and as the same falls
sinking fund sufficient to discharge the
same bonds at maturity. there shall be,
and is hereby levied on all the taxable
property of the City of Mount Vernon.
Ohio. in addition to all other taxes. a
direct tax annually during the period for
which said bonds are to run. I'm an amount
sufficient to provide for the interest aud
principal of said bonds as they mature
That the said tax shall be and Is herehy
ordered computed, certified, levied ard
extended unon the tax duplicate and coll
scted by the same officers. in the same
manner and at the same time that the
taxes, fer general purposes for each nj
said Years are certified, extended and col
fected. efhat alE funds derived from said
tax lsvjes hereby required, shall be placed
in q separa to and distinct fund. which. to-
gether' with all interest collected on tie
same, shall be irrevOcablv pledged
the payment of the interest and princi 4
of said bonds when and as the same II
due.
Section I. That Ordinance No. 1892 ;,
nassed May 9th. 1922, be and the same s
herehv repealed.
Section s. This ordinance shall to O.
effect and he in force from and af' r
the earliest period allowed by law.
Passed July "a 1922
THOS. r. AUSKINGS,
President of Council
Approved July %: 1922.