Newark leader. ([Newark, Ohio]) 1917-1946, 1940-04-04

Il SectlOn 8. Inat SAID bonds shall
express upon their face the pur-
pose for which they are issued;
that they are issued in pursuance
/ of this ordinance and shall be
signed by the Mayor and Auditor,
and sealed with the corporate seal
K attached to said bonds shall bear
l the facsimile signature of the City
Auditor. Said bonds shall bear
| such consecutive numbers as the
| City Auditor shall determine, and
shall! be payable at the office of
the treasurer of the City of New
ark, Ohio.
Section A. That for the purpose
of providing the necessary funds
to pay the interest on the fore
when and as the same falls due
and also to provide a fund suffi-
cient to discharge the serial bonds
at maturity, there shall be and is
hereby, levied on all the taxable
property in said City of Newark,
direct tax annually during the
period said bonds are to run in an
amount sufficient to provide funds
to pay, interest upon said bonds as
also to provide a fund for the dis
charge of the principal of said Sc
rial bonds at maturity, which tax
shall not be less than the inter-
est and sinking fund tax required
by Section II of Article XII of the
Constitution.
Said tax shall be and is hereby
ordered, computed, certified, levied
and extended upon the tax dupli-
cate and collected by the same
at the. same time the taxes for
general purposes for each of said
years are certified, extended and
collected. Said tax shall be plac-
ed before and in preference to all
other items and for the full
amount thereof. The funds deriv-
ed from said tax levy hereby re-
quired shall be placed in a sepa-
rate and distinct fund, which with
all interest collected on the same,
the payment of the interest and
principal of said bonds when and
as the same fall due.
Section S. That said bonds shall
be offered at par and accrued in
terest to the trustees of the Sink
ing Fund in their official canac-
ity, and if said trustees refuse to
take any or all of said bonds, then
said bonds not so taken shall be
advertised for public sale and sold
under the direction of the Finance
Committee and the Auditor, but
not for less than their par value
and accrued interest; the bond sale
advertisement shall state that any
one desiring to do so. may present
bid or bids for such bonds pass
ed upon and bearing a differnzet
rate or interest than hereinbefore
IlXed, provided, however, that
where fractional rate is bid, such
~ affactloh shall be one quarter (A)
OF one (1) per centum or multiple
thereot, the amount of the bond or
certified check to accompany bids
snail '6e 800, the proceeds from
the sale OF said bonds except the
thnn Rhrernlum ana accrued interest
thereon shall be used for the MIR
pose aforesaid and for no other
purpose; the premium and accrued
interest received from such sale
snail be transferred to the Sink.
ing funa to be applied in the pay
ment @ of the, principal and inter
est Of said bonds in the mannar
provided by law. "nner
Section 6. The City Auditor !.
hereby authorized and directed re
nrdy nUddWyand certified copy of this
Santion 70 the Inc County Auditor.
ssnali s take effect and be In force
from and after the earliest period
allowed by law.
Passed April 1, 1910.
CLINT e. CONFER,
President of Council.
Attest-F. A McELROY,
Clerk of Council.
Pate Pate filed with the Mayor April
. Approved by the Mayor. April
GLENN WRIGHT.
Certified to be, a true and dAeoI. COR
rect copy of Ordinance No. 520s
passed by Council April 1, 1s40.
F. A. McELROY,
S'oER