Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1939-06-01
RESOLUTION
Resolution to issue $4,000 90 in bonds
in exchange for Notes of like
amount now outstanding entitled
"Sewer and Street Improvement
and to declare an emergency.

and to declare an emergency.
WHEREAS. the Village Council of
the Village of McConnelsville. Morgan
County, Ohio, on the 29th day of
March, 1889, determined to issue bonds
of said Village in the amount of $15,-
900. 90 and determined to issue notes
in anticipation of this issue Of bonds.
| and
WHEREAS. upon offer to the
Sinking Fund Trustees of said Village
of McConnelsville, said Trustees ac-
cepted $4,000 90 in notes to bear in
terest at the rate of IA percent per
annum to be titled sewer and street
Improvement note No. /, and
WHEREAS. in said Ordinance under
date of the 29th day of March 1889,
the remaining amount in the. sum Of
$4,000. 90. not SO taken by the Sink
ing Fund Trustees were authorized to
be sold at private sale. and
amount of $4,000. 90 were sold at
private sale at not less than par and
accrued interest to date OF delivery
to be titled sewer and street improve
!, ment note No. 2, and
Il WHEREAS, it is now deemed neces-
sary and for the best interest of the
Village of McConnelsville to exchange
Notes No. l and totallinGg G in "a amount Gun
lars, which are now outstanding and
mature June 1, 1889, and
i WHEREAS, the owner and holder
OF SAID Note NO. q, IN the sum VI Ieii
Thousand $4,000 .OO) Dollars has
consented in writing to exchange said
Note for Bonds bearing the terms
hereinafter provided at par and ac-
provisions of Section 2293-29a of the
; General Code of Ohio and
WHEREAS, the Sinking Fund Trus-
tees of said Village of McConnelsvllle
Note No. in the sum of $4,000. 90 for
| Bonds bearing the terms hereinafter
j provided at par and accrued interest
: and
the best interest Of the Village of Nc
Il Connelsville to exchange said Notes
:, instead of advertising the same fol-
puSt1S Now. THEREFORE,, BE IT RE.
, SOLVED by the Village Council of the
Village of McConnelsville, Morgan
SECTION i. That bonds shall be is
Thousand ($15.oo0. OO) Dollars, au
], thorized by vote of the electors OF
;. the 21st day of February. 1899, TO
: the purpose of paying the Cltys por
|, ment within the limits of said village
= Said bonds shall be dated June ]
1899, numbered from one t9 80, bot
inclusive, and maturing niftgsn ANNUALLY Hangra !
! ($15Oo. O0) Dollars, beginning Novem
ber /, 1914, and ending November ]
eI1949, and installments of One Thou
sand ls1'9oo;Se6 D9llars snstn beginnin gnnnm
ber /, 1855: shall bear interest at tn
], rate of Two and Three-Quarters pc
centum per annum payable semi-an
, nually on the first days of May ant
1889, except that bonds maturing be
: ginning November i. 1851 and ending
November l. 1855. both inclusive, shall
bear interest. at the rate of IA per
i ia
Il on the first days of May and .Novem-
ber commencing NoVember.s1., 1899
!, Both principal and interest shall bt
at Meconneisve shs 1Ss H9 Ohio
said principal and interest. coupons
thereto attached. the full faith and
credit Of the Village Of Mcconnels,
SECTION III That said bonds a
shall be executed by the Mayor and
thereto attached shall bear, the fac
smile signature Of the Clerk Of this
Council They shall express upon
their face the purpose for which they
| SECTION w. That for the purpose
Of providing the necessary funds to
pay the interest on the foregoing is
sue Of bonds promptly when and as
same falls due, and also to provide a
fund sufficient to discharge the said
serial bonds at maturity, there shall
be and is hereby levied on all taxable
i property in the Village of McConneis-
vile. Morgan County Ohio, in addition
| to all other taxes. and outside OF the
limitation imposed by Section 2 Of Ar
ticle XII of the Constitution, direct
tax. annually during the period said
cient to provide a fund for the dis,
| charge of the principal of such serial
bonds at maturity, which tag shall
not be less than the interest and sink
ing fund tax required by Section II OF
| Article XII of the Constitution.
SECTION " Said tax shall be and
| is hereby ordered computed. certihed
| levied and extended upon the tax dup
| licate and collected by the same o1i-
| GERS in the same manner and at the
same time that taxes for general pur-
poses for each Of said years are GER
tihed. extended, levied and collected d
| Said tax shall be placed before and IN
preference to all other items. and for
the full amount thereof. The funds
derived from such tax levies hereby
and distinct fund which. together with
the interest collected on the same,
shall be irrevocably pledged for the
payment of principal and interest or
said bonds. when and as same faiis
SECTION VI. The Village Clerk OF
the Village Of McConnelsville,, Nor,
gan County. Ohio, is hereby authorized
ana QlTcCLeQ 10 uellFGT III
amount Of Ten Thousand $4,000. 0o)
Dollars, and maturing from November
l, 1914, to November /, 1850, both IN
elusive, to the holder of sewer and
street Improvement Note No. in the
same amount. issued in anticipation
thereof upon the surrender Of said
Note by him for exchange and cancel
lation at not more than par for par;
to also deliver to the Sinking Fund
Trustees bonds in the amount OF Five
Thousand ($5,000. .00) Dollars and ma
turing serially from November 1,
1851, to November /. 1855 both in
elusive, in exchange for sewer and
street Improvement Note No. 1 OF like
amount issued in anticipation thereof
upon surrender of said Note to him
for exchange and cancellation at not
more than par for par.
SECTION VII The Village Clerk OF
the Village Of McConnelsvflle, Morgan
directed to forward a certified copy OF
this Resolution to the County Auditor
of Morgan County. Ohio, as required
SECTION yIM- An emergency is
hereby declared to exist and this Res
olution shall go into immediate effect
The reason for the emergency being
to insure the participation of the Fed
eral Government in the financing OF
said Sewer and Street improvement
project within the limits of the viii
lage of McCOnnelsville and to provide
for the health. comfort and safety OF
the inhabitants of said Village
ADOPTED THIS 10th DAY OF NAY.
w. e. MEDLEY, Mayor.