The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1922-08-04
Ordinance No. ls22-2I

TO issue bonds for the purpose of raising
money to nay the city's portion of paw
Ing West Gambler Street from. Null
berry Street ITO Cherry Street, and paw
IN West Vine Street, from the b. 4 o.
Railroad to Fountain Street and for the
construction of Il storm sewer on West
and running to Mechanic Street. also
beginning at the Race and running
West to Cherry Street. also on. Vine
ming west to Fountain Street.
BE 1T ORDAINED. BY the Council of
the City of Mount Vernon, State of Ohio,
two thirds of the members elected thereto
Section !. That for the purpose of rails
Ing money for the city's portion of paving
Street to Cherry Street and paving West
Vine Street. from the Il. 4 o. Railroad to
Fountain Street, and for the construction
Street, beginning at the Race and running
east to Mechanic Street. also beginning
at the Race and running West to Cherry
Race and rnns vest 9esFnmE to n
Street, 1t Is hereby declared to be neces-
sary 70 issue and sell, and there shall be
sim nee Of II" Forty So Four oT Thousand 90 ' xix Hume
dred Forty js!4s46.oo) Dollars
SIXTY Rs Sf PSafs Ssts'1 and aundrsS tSS
One Thousand loO0,OO Dollars each
Inpy snali De uateu July nrSt, ISzS, Snall
eenfum per annum. payable on tie tie iirst
days of April and October In each year,
upon presentatiSn a. b th ana surrender m 9f e inter
bearing the facsimile signature of the
Auditor and shall be due and payable as
follows:
bond No. for $l464O0 and Bonds 2. 3,
and for 100000 each, due October 1st.
Bond No. 5 for sl484OO and Bonds g..
and nm f1000 nptnhar lei
Bond No. 8 for si4s4.0a and Bonds 10, II.
and IL for $l,OOOOO each, due October 1st,
Bond No y for sl464.OO and Bonds a.,
-, and IL for 100000 each, due October
Bond No u for sl4si,OO and bonds No,
IS, 10 and 20 for 10000 each, due october
bond No. 81 for sl4Gi.Oo and Bonds No.
22, % and "a for 100000 each. due October
Bond No 20 for sl464.OO and Bonds No,
20, q and 2s for 100000 each. due October
Bond No 20 for $i464.OO and Bonds No,
%, 81 and 80 for 100000 each, due October
Bond No 80 for si46,.Oo and Bonds No,
q, Ss and SO for 100000 each, due October
Bond No. 81 for slis4OO and Bonds No.
IS, 80 and 40 for slOcoV each. due October
Section 8. Said bonds shall be prepared
by the City solicitor, he signed by the
city seal and recorded In the Office of the
Sinking Fund Trustees; shall express up
on their face the purpose for which they
issued pursuant to law and this ordin-
ancc; shall be payable. both prinolpai and
| interest at the ofiice Of the Treasurer of
the direction OF the Finance Committee of
| Council. and shall bear such consecutive
numbers as said Copmittee or the proper
sssson 81 That ay sssrns M the sale
Of said bonds, except the premiums and
accrued interest thereon. shall be placed
In the city treasury to the credit of the
| ttty's Portion fund, and shall be dis
| bursed on proper Vouchers for the pur-
pose of paying the City's portion of the
cost of psving the above mentioned
struction OF the above mentioned storm
| sewers and for no other purpose. for
which purpose said money is hereby APP
propriated; and the premiums and ac-
crued interest received from said sale
shall be transferred to the Trustees of
the Sinking Fund, i9 he applied by them
Section s That the faith, revenue and
credit OF the city of Mount Vernon. Ohio,
are hereby pledged for the prompt pay
bonds herenhefore described, IN accord
ance with the laws and constitution of the
| state Of Ohio.
Section 8. That for the purpose of pro-
viding the necessary funds to pay the in
| tcrest on the foregoing issue of bonds
promptly When and MS the same falls
| due, and also to create and maintain a
sinking fluid sufficient to discharge the
1 sarle bonds at maturity. there shall be,
and Is hereby levied on all the taxable
nreperty 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. in an amount
| SUFFICIENT to provide for the interest and
principal of said bonds rs they mature.
| That the said tax shall be and Is hereby
ordored comnuted. certified. levied and
extended unon the tax duplicate and col
Iected by the same officers. In the same
manner and AT the same time that the
taxes for general purposes for each at
said wears are certified. extended and col
lected, That all funds derived from said
YAK levies hereby required. shall be placed
IN y separate and distinct fund. which. to-
gether with all interest collected on the
same. shall be irrevocabiy pledged for
the payment OF the interest and principa
OF said bonds when and as the same fall
due
Section I. That Ordinance No. 1925,
PASSED May 9th. 1922. be and the same Is
Section g. This ordinance shall take
effect and be In force from and after
ths earliest psriod allowed BY law
Passed July -. 1922.
| TIiOs. f. AUsKINGs,
A, president of cedlcil
| CHXRLru KEIaIaNY,
Attest. IIOXVApn ~ CATEc