Newark leader. ([Newark, Ohio]) 1917-1946, 1940-04-11
AMOUNT

Section 8. That 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
of said City. The interest coupons
attached to said bonds shall bear
the facsimile signature of the City
Auditor. Said bonds shall bear
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
going issue of bonds, promptly
when and as the same falls due
and also to provide a fund suffi-
eient to discharge the serial bonds
at maturity, there shall be and is
property in said City of Newark.
I'm addition to all other taxes, a
direct tax annually during the
period said bonds are to run in an
amount sufficient to provide funds
and when the same falls due and
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 IL of Article XII Of the
l Constitution.
Said tax shall be and is hereby
ordered, computed, certified, levied
and extended upon the tax dupli-
cate and collected by the same
officers. in the same. manner and
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-
Quired shall be placed in a sepa-
= rate and distinct fund, which with
all interest collected on the same,
shall be irrevocably pledged for
the payment of the interest and
principal of said bonds when and
Section 5. That said bonds shall
Ibe offered at par and accrued in
terest to the trustees of the Sink
ing Fund in their official capac-
ity. and If said trustees refuse to
take any or all of said bonds, then
advertised for public sale and sold
in the manner provided by law
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
a bid or bids for such bonds pass
ed upon and bearing a differnht
rate of interest than hereinbefore
fixed, provided, however, that
where fractional rate is bid. such
traction shall be one quarter (A)
of one (D per centum or multiple
Thereon, the amount of the bond or
certified check to accompany bids
shall he 800, the proceeds from
the sale of said bonds except the
premium and accrued interest
thereon. shall be used for the pur-
pose aforesaid and for no other
purpose; the premium and accrued
interest received from such sale
Ing Fund to be applied in the pay
ment of the principal and inter
est OF said bonds in the manner
provided by law.
SECTION 6. The City Auditor is
hereby authorized and directed to
doTWard a certified copy of this
ordnance to the County Auditor.
Section T. That this ordinance
shall take effect and be in force
from and after the earliest period
allowed by law.
Passed April l, 1910.
CLINT e. COMKR,
President OF Council.
Attest-F. A. McELROY,
Clerk of Council.
Date filed with the Mayor, April
Approved by the Mayor, April
GLENN WRIGHT.
Mayor.