Newark leader. ([Newark, Ohio]) 1917-1946, 1940-01-25

S6cIlOn 3. II is neICUy uClCl
mined that notes shall be issued in
anticipation of said bonds in the
total sum of fifteen thousand dol
lars ($15,000.00), said amount not
exceeding the amount OF said
bonds, and for the purposes atore-
thor fSority of section 2293-25 of the
General Code of the State of Ohio:
Such notes shall be executed ana
delivered in such number and such
denominations as may be determln-
ed by the Auditor of said city IN
&ader to meet the requirements
from time to time of the funds for
said project, but in no event shall
the total of said notes exceed the
aggregate of fifteen thousand dol
lars ($15,000.00),. and said notes
may mature earlier. but not later
than the first day of October, l94l.
Said notes shall bear interest at
not more than the rate of three per
cent. (3%) per annum. payable
semi annually, until paid Sald
of the Treasurer of the CITY or
Newark, at the City of Newark, up
on presentation and surrender OF
said notes.
Section 4. Said notes shall spe-
ify on their faces the purposes for
which they are issued and that they
are issued in pursuance OF TINS Or
dinance and under authority of the
general laws of the State of Ohio,
I, particularly Section, 22S3,25 OF the
general obligations, of said City Of
Newark, Ohio, and for the full
amount thereof, and the full faith,
credit and revenue of said city
hereby are pledged for the pay
ment of the principal and interest,"
thereof at maturity. Said notes
shall be signed by the Mayor and
Auditor of said city. Said antici-
patory notes shall be paid from the
monies remaining from the pro-
ceeds of the sale of said notes and
from the proceeds of the sale OF
the bonds hereinafter to be issued,
and said proceeds hereby are pledg-
ed for the payment of said notes
Section 5. That there shall be.
and hereby is, levied on al al the ne
&eSark, Licking. County, Ohio, in
addition to all other taxes, a direct
tax during the years while said
notes run. not less than that when
would have been levied If bonds
had been issued without prior issue
and hereby is, ordered computed,
certified 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, levied, ex-
tended and collected. Said tax
shall be placed before and in pref
erence to all other items and for
~the full amount thereon. The
funds derived from said tax levies
hereby required shall be placed in
a separate and distinct fund, which,
together with all interest collected
on the same, shall be pledged ire
vocably for the payment of inter-
est and principal of said notes,
when and as the same fall due. 1t
is hereby determined that all acts,
conditions and things necessary to
be done precedent to and in the is
suance of said notes in order to
make the same legal valid and
binding obligations of said city
have been done, have happened and
have been performed in regular and
in due form as required by law,
and that the tax for the payment
of the principal and interest as the
same falls due and is payable does
not exceed any limitations of tax
alton of said City of Newark, Ohio,
and that the amount of said notes
does not exceed any limitation of
indebtedness as fixed by law.
Section 6. The City Auditor is
hereby authorized and directed to
offer this issue of notes at par and
accrued interest first to the Trus-
tees Of the Sinking Fund of said
5City, and, il refused. then to the
Treasurer Of the City OF Newark,
In accordance with the provisions