Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1937-10-07

Which maturities have ben fixed by
the Irai Tax Commissi9n Of oh9 dde in t its
principal and interest of all of said
bonds shall be payable at the office of
the First National Bank in the Village
of McConnelsville, State of Ohio.
press upon their face the purpose for
which they are issued; that they are
issued in pursuance of this ordinance
and shall be signed by the Mayor and
seal of said Village. The interest
coupons attached to said bonds shall
bear the signature of the Village
Clerk.
Section 4 That for the purpose of
providing the necessary funds to pay
the interest on the foregoing issuance
Of bonds promptly when and as the
same fall due and also to provide a
fund sufficient to discharge the said
serial bonds at muturity, there shall
be and hereby is levied on all taxable
property in said Village of McConnels-
vile, in addition to all other taxes q
direct tax annually during the period
said bonds are to run in an amount
sufficient to provide funds to pay in
terest upon said bonds as and when
the same falls due and also to provide
a fund for the discharge Of said SER
ial bonds at maturity which tax shall
be not less than the interest and sink
ing fund tax required by Section
Eleven of Article Twelve of the Con-
stitution. Said tax shall be levied
outside the ten-mil limitation and
shall not exceed levy Of $40 mills.
Said tax shall be and is hereby or
dered computed, certified. levied and
extended upon the tax duplicate and
collected by the same officers, in the
same manner and at the same time that
taxes for general purposes for each
of said years are certified, extended
and collected. Said tax shall be placed
before and in preference to oil other
items and for the. full amount hereof.
The funds derived from said tax lew
les hereby required shall be placed in
separate and distinct fund, which
together with all interest collected
pledged for the payment of the in
terest and principal of said bonds
when and as the same fall due.
Section s. That said bonds shall be
first offered at par and accrued inter-
est to the Trustees of the Sinking
Fund in their official capacity and If
said trustees refuse to take any or all
of said bonds, then said bonds not SO
taken shall be advertised for pubic
sale and sold in the manner provided
by law under the direction of the FL
nance Committee and the Clerk, but
not for less than their, par, value and
vertsement shall state that any one
desiring to do so. may present bid
or bids for such bonds based upon
their bearing a different fractional
shall be one-quarter of one per cent
or multiple thereof; the. amount OF
the bond or certified check to accom-
pany bids shall be $3.50 .00: (not. less
than 1qn of the amount of bonds to
be sold) the proceeds from the sale OF
said bonds, except the premium and
accrued interest thereon and the
amount of said bonds issued for in
terest. shall be used for the purpose
aforesaid and for no other purpose;
the premium and accrued interest re-
ceived from such sale and the amount
of said bonds issued for interest shall
be transferred to the Sinking Fund to
be. applied in the payment Of the
principal and interest Of said bonds
in the manner provided by law.
Section 6. The Village Clerk is
hereby directed to forward certified
copy Of this ordinance to the County
Auditor.
Section Z. That this ordinance shall
take effect and be in force from and
after the earliest period allowed by
law.
Passed September 8, 1887.
W. e. MEDLEY, Mayor.
Attest: Alice Moody. Clerk. 30s2