Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1941-02-20

The principal and interest of all Of
said bonds shall be payable at the of
the Village of McConnelsville. Ohio.
Section 3: That said bonds shall
express upon their face the purpose
for which they are issued; that they
nance, and shall be signed by the
Mayor and Clerk, and sealed with the
corporate seal of said village. The
interest coupons attached to said
ture of the Village Clerk. Said bonds
shall bear such consecutive numbers
as the Village Clerk shall determine.
Section 4: That for the purpose of
the interest on the foregoing issue of
bonds, promptly when, and as the
same falls due and also to provide a
fund sufficient to discharge the said
be and is hereby levied on all the tax
able property in said village Of Nc
Connelsvilie, in addition to all other
taxes, a 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 and
when the same falls due and also TO
provide a fund for the discharge of
maturity, which tax shall not be less
than the interest and sinking fund tax
required by Section IL of Article XII
Of the Constitution.
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-
tended and collected Said tax shall
be placed before and in preference to
all other, items and for the full
from said tax levies hereby required
shall be placed in separate and dis
tinct fund, which together with all
interest collected on the same, shall
ment of the interest and principal of
said bonds when and as the same fall
due.
Section 5: That said bonds shall be
est to the Trustees of the Sinking
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
lie sale and sold in the manner pro-
vided by law under the direction Of
the Finance Committee and the Clerk,
but not for. less than their par value
advertisement shall state that any one
desiring to do SO, may present bid
or bids for such bonds based upon
terest than hereinbefore fixed. pro-
vided, however, that where a frac-
tional interest rate is bid. such frac-
t1On snail De 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 1% 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 s: The Village Clerk is
hereby directed to forward 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 13th day Of
80 JOHN S. MCBRIDE, Mayor.
Alice Moody, Clerk. 20f2