Newark leader. ([Newark, Ohio]) 1917-1946, 1940-11-21

The principal and interest of all
of said bonds shall be payable at
the office Of the Treasurer of the
City of Newark, at Newark, OhioA
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
of said city. The interest coUSSns
attached to said bonds shall Mar
the fac-simile signature of the City
| Auditor.
Section 4. That for the purpose
OF providing the necessary fun%s
to pay the interest on the foreg6S
ing issue of bonds, promptly when,
and as the same falls due and also
to provide fund sufficient to dis
charge the said serial bonds at
maturity, there shall be and is
hereby levied on all the taxable
property in said City of Newark,
in addition to all other taxes, only
to the extent that the pledged de-
linquent taxes and assessments do
interest payments, a direct tax an
nually during the period said
bonds are to run in an amount
sufficient to provide funds to pay
interest upon said bonds as and /,
when the same falls due and also !
to provide a fund for the discharge
of the principal of said serial
bonds at maturity, which tax shall
not be less than the interest and
sinking fund tax required by Sec
ton II of Article XII of the Con-
stitution.
Said tax and pledged delinquent
taxes and assessments shall be
and are hereby ordered, computed.
on the tax duplicate and collected
py the same officers. in the same
manner and at the same time that
taxes Tor general purposes for
eaeh or said years are certified,
extended and collected Saids1Nax
and pledged delinquent taxes and
assessments shall be placed before
ana In preference to all other
items and for the full amount
thereof. The funds derived from
daiG daIi uax leVIes and collections of
aaellnquent taxes and assessments
hereby required shall be placed in
separate and distinct funds, which
logether with all interest collect
ea on the same, shall be irrevoc-
ably pledged for the payment of
the interest and principal of said
due.
Section 5. That said bonds s6all
pc Ilrst offered at par and accrued
Sinking Fund in their official ca
pacity. and if said Trustees refuse
TO take any or all of said bonJs
lnen SAID bonds not so taken shall
ue,d oe daGiVertlsed i for public sale and
under the direction of the Finance
committee and the Auditor. hut.
not for less than their par vaIuc1
ana and accrued interest; the bond
sn saIe advertisement nt shall state that
present a bid or bids for such such
ponds based upon their bearing =
dlfterent rate of interest tKsE
neeeinnefore mere per- fixed. provided. how
terest t mat rate wnere u Ella a fractional in
snail be one-quarter of one per
centum or multiple thereof! The
amount of the bond or certified
Gheck TO accompany bids shall be
the Mo nracaadr Mandrea d. G20OOO) DesArs;
bonds, except the premium and ac-
crued interest thereone shall he
used for the purpose aforesaid and
apr and no a'.oraa otner purpose; the. premium
such sale shall be transferred % r.
the Sinking Fund to be applied in
the payment of the PRINCIPAL and
interest OF said bonds in the man
nes sedtion eHoyidsd g. 9y Tba lay Sitv .ma,.
hereby directed to forward a Gers 70
t,fied copy Of this ordinance to the
County Auditor. - INC
section z This ordinance is
9erey nere6y declared to be an emer-
fioy fSiemcy fof the immediate preserva-
and safety; The reason for such
necessity lies in the fact that
Licking County, Ohio. no longer
mas. mas FUNDS sufficient to provide }
e,1s no IN need of the City of New
ance of the fiscal year and this
oroinance shall take effect and be
Ia 1orce from and after it passaee
Ga Dy council and approval byT@e
Passed November A. 1910
CLINT E. CONFER.
President of Council.
Attest-F. A. McELROY.
Clerk of Council. q
day OF November, 1916 '"is TN
GLENN WRIGHT,
-. o., Mavor