Newark leader. ([Newark, Ohio]) 1917-1946, 1941-07-24

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Section 3. 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 sign
ed by the Mayor and Auditor, and
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 4. That for the purpose
of providing the necessary funds
to pay the interest on the forego-
ing issue of bonds, promptly when
and as the same falls due and also
>t0 provide fund sufficient to dis
charge the serial bonds at matur-
4ty, there shall be and is hereby
levied on all the taxable property
to all other taxes, 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 Section IL of
Article XII of the Constitution.
Said tax shall be and Is hereby
ordered computed. certified. levied
and extended upon the tax dup
6ieate and collected by the same
officers, in the same manner and
at the same time the taxes for gen.
eral purposes for each of said years
are certified, extended and collect
ed. Said tax shall be placed before
and in preference to all other items
and for the full amount thereof.
The funds derived from said tax
levy hereby required shall be plac-
ed before and in preference to all
other items and for the full amount
thereof. The funds derived from
said tax levy hereby required shall
be placed in a separate and dis
tinct fund, which with all interest
collected on the same. shall be ir-
revocably pledged for the payment
of the interest and principal of
said bonds when and as the same
fall due.
q Section s. That said bonds shall
terest to the officer in charge of
the Bond Payment Fund in his Of
ficial capacity, and if said officer
refuses to take any or all of said
bonds, then said bonds not so TAX
en- shall be advertised for public
vided 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 anyone desiring to do so, may
present a bid or bids for such
bonds passed upon and bearing a
different rate of interest than
hereinbefore fixed, provided, how
ever, that where a fractional rate
is bid. such fraction shall be one
quarter (A) of one % per centum
I or multiple thereof, the amount of
), the bond or certified check to ac-
company bids shall Ibe $125.00; the
proceeds from the sale of said
bonds except the premium and ac-
used for the purpose aforesaid and
for no other purpose; and the
premium and accrued interest re-
ce;ved from such sale shall be
transferred to the Bond Payment
Fund to be applied in the pay
ment of the principal and interest
of said bonds in the manner pro-
Section 6. The city Auditor is
hereby authorized and directed to
forw ard a certified copy of this
. Section Z. That this ordinance
shall take effect and be in force
from and after the earliest period
allowed by law.
Passed July z. 1941.
CLINT e. CONFER,
President of Council
Attest-F. A. McELROY,
Clerk of Council.
Approved by the Mayor this 9Th
day of July. 1941.
GLENN WRIGHT,
Mayor
Date filed with the May, July Sth
1941. Jy 1917