Newark leader. ([Newark, Ohio]) 1917-1946, 1941-07-10
ORDINANCE No. 5s43


ORDINANCE No. 5S43
By STARE, FAUST
An Ordinance Providing for the
Issuance of Bonds of the City or
Newark, Ohio, in the Sum OF
Eleven Thousand Five Hundred
($11, 100000 Dollars to Provide q
Fund for the City's Portion or
the Flood Prevention Project in
the City of Newark, Ohio.
Whereas, this council has re-
ouested the City Auditor to issue
his certificate as to the estimated
life of the property, asset or I'M
provement proposed to he acquired
or constructed from the proceeds
of the bonds hereinafter referred
to, and the City Auditor has Ger
titled to this council such estlmat-
ed life as exceeding five CD years,
and has further certified the max
mum maturity of such bonds as
thirty 600 years.
Whereas, the notes, issued in an
ticipation of the issuance of the
bonds hereinafter referred to, are
about to fall due,
Now, therefore, be it ordained by
the Council of the City of Newark,
State of Ohio;
necessary to issue the bonds of the
City of Newark in the principal
sum of $11, 10000, in order to pro-
vide fund for the acquisition of
interests in real estate upon which
to build levees to meet require
ments of the War Department for
the flood prevention project in the
City of Newark, Ohio, the acQuisi-
ton of fee simple, titles, ease
ments and uses for the building of
levees and to defray all other costs
and expenses incidental thereto.
That said bonds shall be issued in
one lot and that anticipatory notes
have been issued in anticipation of
the Issuance of such bonds.
Section 2. That bonds of the
City of Newark shall be issued in
the principal sum of eleven thous-
and five hundred ($11, ,50O.0O) doll
ars for the purpose aforesaid. The
first of said bonds shall be in the
naming eleven (11) of said bonds
shall be in the denomination Iof
$1,000.00 each, and said bonds shall
be dated the First day of october,
1941. and shall bear interest at the
rate of two (2) per centum per
annum. payable semi annually, on
the first days of April and October
of each year until the principal
sum is paid, provided. however,
that If said bonds are sold bear
ing different rate of interest
than hereinbefore specified, such
bonds shall bear such rate of in
terest as may be provided for in
the resolution of council approving
the award thereof, Said bonds shall
mature as follows:
Date of Maturity Amount
October 1, 1942.-....-.--.--..-.-.---$15 10000
October /, 1943.-....-.--..-..--.---$2 100000
October l, 1944----.-------.-.---------$2000.00 00
October /, 100000
October /, 1s46.......-....-....-.$2 100000
October l, $2OOO.O0
Section 8. That said bonds shall
express upon their face the pur-
pose for which they are issued;
of this ordinance and shall be sign,
ed by the Mayor and Auditor, and
sealed with the corporate seal or
said City. The interest coupons
attached to said bonds shall bear
the facsimile signature of the City
Auditor. Said bonds shall bear
such consecutive numbers as the
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
TO provide fund sufficient to dis
charge the serial bonds at matur-
ity, there shall be and is hereby |
levied on all the taxable property |
in said City of Newark, in addition
to all other taxes, a 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 compated, certified, levied
and extended upon the tax dup
licate 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 II
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 II
other items and for the full amount II
thereof. The funds derived from
said tax levy hereby required shall
be placed in a separate and dis
collected on the same, shall be ir-
rsvocably pledged for the payment Il
of the interest and principal of
said bonds when and as the same
Section s. That said bonds shall
be offered at par and accrued in
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
sale and sold in the manner pro-
vided by law under the direction
of the Finance Committee and the
AID fAr~ hxrx Oh fAr 1aoa %I.mx4 1A{,,
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 /
different rate Of interest than
ever, that where fractional rate
is bid, such fraction shall be one
quarter (A) of one (1 per centum
or multiple thereof, the amount of
the bond or certified check to ac-
company bids shall he $125.00; the
proceeds from the sale Of said l
bonds except the premium and ac-
crued interest thereon shall be
used nor the purpose aforesaid and
for no other purpose; the premium
be used for the purpose aforesaid
ano 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 II
of said bonds in the manner pro-
vided by law.
Section 6. The City Auditor is
hereby authorized and directed to
ordinance to the County Auditor.
Section z. That this ordinance
shall take effect and be in force |
from and after the earliest period