Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1941-02-27

Ihe pf1nc1pdl ana interest Oh ali ol
said bonds shall be payable at the Of
the the Village of Mcconnelsville, Ohio
Section 8: That said bonds shall
for which they are issued: that they
are issued in pursuance of this ordl-
nance. and shall be signed by the
Mayor and Clerk, and sealed with the
interest coupons attached to said
bonds shall bear the facsimile sigma
ture of the Village Clerk: Said bonds
shall bear such consecutive numbers
Section A That for the purpose of
providing the necessary funds to pay
the interest on the foregoing issue of
bonds, promptly when, and as the
fund sufficient to discharge the said
serial bonds at maturity. there shall
be and is hereby levied on all the tax
able property in said village Of NC
taxes, 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 ana
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
of the Constitution.
Said tax shall be and is hereby or
dered computed, certified, levied 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, ex,
be placed before and in preference to
all other items and for the full
amount thereof. The funds derived
from said tax levies hereby required
shall be placed in a separate and dis,
tinct fund, which together with, all
interest collected on the same, shall
be irrevocably pledged for the pay
ment of the interest and principal or
said bonds when and as the same fall
due.
Section 5: That said bonds shall be
first offered at par and accrued inter
Fund in their official capacity, and if
said trustees refuse to take any or
all of said bonds, then said bonds not
so taken shall be advertised for pub
vided by law under the direction Of
the Finance Committee and the Clerk,
but not for less than their par value
and accrued interest: the bond sale
desiring to do SO, may present a bid
or bids for such bonds based upon
their bearing different rate Of In
terest than hereinbefore fixed, pro
tionai interest rate is bid. such frac-
tion shall be one-Quarter of one Per
cent, or multiple thereof. the amount
of the bond or certified check TO ac-
company bids shall be $225.00: (not
less than III Of the amount OF bonds
to be sold) the proceeds from the sale
Of said bonds, except the premium
and accrued interest thereon and the
amount Of said bonds issued for In
terest, shall be used for the purpose
aforesaid and for NO other purpose:
the premium and accrued interest re-
ceived from such sale and the amount
Of said bonds issued for interest shall
be transferred to the Sinking Fund to
be applied in the payment of the
principal and interest of said bonds in
the manner provided by law.
Section 6: The Village Clerk Is
hereby directed to forward a certified
copy Of this ordinance to the County
Auditor.
Section Z: That Resolution No. IL
entitled "a Resolution Declaring
Necessity of Bond ISSUE" passed the
18th day Of December, 1910, is hereby
repealed.
Section 8: That this Ordinance shall
take effect and be in force from and
after the earliest period allowed by
law,
Passed in Council this 18th day of
JOHN S. MCBRIDE, Mayor.
Alice Moody, Clerk. 20f2