Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1939-06-08
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 10Th 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
cepted $1,000 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 10th day of March, 1889
the remaining amount in the sum of
100000, not so taken by the Sink
be sold at private sale, and
| WHEREAS, said notes in the
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
WHEREAS, it is now deemed neces-
sary and for the best interest of the
Village of McConnelsville to exchange
Notes No. 1 and totalling in amount
Fifteen Thousand (s15,OO0 .0oo Dol,
lars, which are now outstanding and
mature June 1, 1889. and
| WHEREAS. the owner and holder
| of said Note No. 2. in the sum of Ten
Thousand 100000 OO) Dollars has
consented in writing to exchange said
hereinafter provided at par and ac-
| crued interest, in accordance with the
provisions of Section 2293-29a Of the
General Code of Ohio, and
WHEREAS, the Sinking Fund Trus-
tees of said Village of McConnelsville
have consented in writing to exchange
| Note No. / in the sum of $4,000: :OO Tor
| Bonds bearing the terms hereinafter
provided at par and accrued interest
| and
| WHEREAS, it is now deemed for
| the best interest of the Village OF NC
| Connelsville to exchange said Notes
NOV Now. THEREFORE, BE 1T RE-
| SOLVED by the Village Council of the
| Village of McConnelsville, Morgan
SECTION /. That bonds shall be is
sued in the principal sum of Flfteen
Thousand ($15,Oo0 0o) Dollars, au-
the the 21st day of February, 1889, for
| the purpose of paying the City's por-
/ ton of a sewer and street improve
ment within the limits of said village
Said bonds shall be dated June /,
| 1899. numbered from one to 30, both
| inclusive, and maturing annually in
| installments of Fifteen Hundred
| (s15OO. OO) Dollars. beginning Novem-
ber /, 1914. and ending November l.
| sand Isl. 900 OO) Dollars beginning
| November 1, 1850. and ending Novem-
Der 1. 1855; shall bear interest at the
| rate of Two and Three-Quarters per
centum per annum payable seml-an-
nually on the first days of May ana
November commencing November l.
1899 except that bonds maturing pc
| ginning November 1, 1851 and ending
November 1, 1855. both inclusive, shau
bear interest at the rate of IA per
| cent per annum payable semi annually
IT, at,1
Der commencing November l.. 1883
Both principal and interest snail Dc
PAYABLE at the office of the Village
| Treasurer, McConnelsville, Ohio.
said principal and interest coupons
thereto attached, the full faith and
credit of the Village of McConneis-
Vile, Morgan County, Ohio, are hereby
SECTION Ill. That said bonds
shall be executed by the Mayor and
Clerk Of this Village. and the coupons
thereto attached shall bear the rae
Council They shall express upon
their face the purpose for which they
are issued pursuant TO TINS Resolution
SECTION ". That for the puIpose
of providing the necessary FUNDS 10
pay the interest on the foregoing Is
sue of bonds promptly when and as
same falls due, and also to provide d
fund sufficient to discharge the saiu
be and is hereby levied on all taxaple
property in the Village of McConnels-
Vile, Morgan County, Ohio in addition
to all other taxes, ana OUTSIDE f of sre
ticle XII of the Constitution. direct
tax annually during the period saio
bonds are to run in an amount suIl-
cient to provide fund for the ois7
charge of the principal of such serial
bonds at maturity, which tax shall
not be less than the interest and SINK.
ing fund tax required by Section IL OF
Article XII of the Constitution.
SECTION V. Said tax shall be ana
is hereby ordered computed, certlned.
levied and extended upon the tax uup
licate and collected by the same olti-
GERS in the same manner ana at the
same time that taxes for general pur-
poses for each of said years are GER
titled, extended, levied and collectear
Said tax shall be placed before ana In IN
preference to all other items; and f9r
the full amount thereof, The FUNDS
derived from such tax levies hereby
required shall be placed in separate
and distinct fund which togetner a VIII
the interest collected on the same,
shall be irrevocably pledged Tor the
payment of principal and interest OF
said bonds, when and as same falls
SECTION VI. The Village Clerk of
the Village of McConnelsville, Nor
gan County. Ohio, is hereby authorized
and directed to deliver bonds IN tns nns
amount OIL len IHOu5dhu N%Au'Ooo'e
Dollars, and maturing from November
l. 1914, to November /, 1850, poth m
elusive, to the holder of sewer and
street improvement Note No In the
same amount. issued in anticipation
thereof upon the surrender OF sald
Note by him for exchange and cancel
lation at not more than par lot par
to also deliver to the Sinking FUND
Trustees bonds in the amount of Five
Thousand $4,000. O0) Dollars and ma
turing serially from November 1,
1851, to November /. 1855. both in,
elusive, in exchange for sewer and
street Improvement Note No. ! of like
amount issued in anticipation Thereon
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 McConnelsville, Morgan
County, Ohio is hereby authorized and
directed to forward a certified copy or
this Resolution to the County Auditor
Of Morgan County. Ohio. as required
by law.
SECTION VIII 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
erai Government in the financing of
said Sewer and Street improvement
project within the limits of the VII
Iage of McConnelsville and to provide
for the health comfort and safety of
the inhabitants Of said Village
ADOPTED THIS 10th DAY OF MAY.
w. f. MEDLEY, Mayor.