The Union County journal. [volume] (Marysville, Ohio) 1875-1951, 1947-03-03
AMENDED ORDINANCE

l
No. asa
BEING AN ORDINANCE AMEND
ING AND CORRECTING ORDIN-
ANCE No. 46O PASSED THE 27th
DAY OF NOVEMBER, I948.
AN ORDINANCE PROVIDING FOR
THE ISSUANCE OF BONDS OF
THE VILLAGE OF MARYSVILLE,
OHIO FOR THE PURPOSE OF CON
STRUCTING ADDITIONAL SANI-
TAHN AND STORM SEWERS AND
ALTERING THE PRESENT SAM
TARN AND STORM SEWAGE SYS-
TENS.
WHEREAS, at an election held on
| the 5th day of November, 1916, on
the proposition of Issuing bonds of
the Village of Marysville, Ohio. for
the purpose hereinafter stated, in
the sum of One Hundred Sixty-five
Thousand Dollars ($l65, 100000, and
of levying taxes outside of the ten
mill limitation to pay the interest
and principal of such bonds, at least
| siXty-siX percentum of those voting
upon the proposition voted In fa-
Vor thereof, and,
| WHEREAS, this council has re-
quested the Village Clerk to issue
! his certificate as to the estimated
| life of the property. asset or i'm
proVement proposed to be acquired
the bonds hereinafter referred TO,
and the Village Clerk has certified
to this council such estimated life
as exceeding five years, and has
further certified the maximum ma
turity of such bonds as twenty
years,
NOW. THEREFORE,, be 1t ordain--
ed by the Council of the Village of
Marysville, State of Ohio.
GaptiOD If iS dapma0 nee
| essary to issue the bonds of the
Village of Marysville in the prin-
cipal sum of $165.000.00 in order to
provide a fund for the purpose of
constructing additional sanitary and
storm sewers and altering the pres
ent sanitary and storm sewage sys-
TENS and to provide n fund for the
payment of not to exceed one years
interest on said bonds. That such
bonds shall be issued in one lot and
that anticipatory notes shall not
be issued i'm anticipation of the issu-
ance of such bonds.
Section 2. That bonds of the Village
of Marysville shall be issued in the
principal sum of S165. 100000 for the
purpose aforesaid. Each of said
bonds shall be in the denomination
of 100000, and said bonds shall be
dated January 1st. 1947, and snail
bear interest at the rate of l 1a %
per dliHuul, pay stbiG ann t''Aig y ,
on the first days of January and
July of each year until the prlncl-
pal sum is paid; that said bonds
have been awarded to the Ohio
Company of Columbus, Ohio, at
said rate of 1h ad. Said bonds shall
mature as follows:
Eight CS) bonds on December 1st
of each year from December lst,
194S to December lst. 1865, both in
elusive. Ten G0) bonds December
LIST, 1966 and eleven (1D bonds De-
cember 1st, 1861
The principal and interes. of all
of said bonds shall be payable at the
office of The First Nat+'!al Bank
i'm the Village of Marl lie, State
of Ohio.
Section 3. That SAIL bonds shall
express upon their fa ~ the purpose
for which they are Issued; that they
are II. ;d n pursuance of this or
dinancc, and shall be signed by the
Mayor and Clerk. and sealed with
the corporate seal of said Village.
The interest coupons attached to
said bonds shall bear the facsimile
signature of the Village Clerk. Said
bonds shall bear such consecutive
numbers as the Village Clerk shall
determine.
Section 4. That for the purpose of
providing the necessary funds to
pay the interest on the foregoing
issue of bonds, promptly when, and
as the same falls due and also to
provide fund sufficient to dis
charge the said serial bonds at ma
turity, there shall be and is hereby
levied on all the taXible property
in said Village of Marysville. In ad-
dition to all other taxes direct
tax annually during the period SAID
bonds are to run in an amount SUI
ficient to provide funds to pay in
terest upon said bonds as and when
the same falls due and also TO pro-
vide a fund for the discharge OF the
principal of said serial bonds at ma
tulity, which tax shall not be less
than the interest and sinking fund
tax required by Section II of Article
XII of the Constitution. Said tax
shall be levied outside the ten mlli
Limitation.
Said tax shall be and is hereby
ordered computed, certified. Levied
and extended upon the tax duplicate
and collected by the same OFFICERS,
i'm the same manner and at the
same time that taxes for general
purposes for each Of said years are
certified. extended and collected.
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 leVles
separate and distinct fund. which
together with all interest collected
on the same. shall be irrevocably
pledged for the payment of the in
terest and principal of said bonds
when and as the same fall due.
Section ;. That said bonds shall
be first offered at par and accrued
interest to the Trustees of the Sink
ing 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 adVer-
tised for public sale and sold in the
manner provided by law under the
direction of the Finance Committee
and the Clerk. but not for less than
their par value and accrued inter
est: the bond sale advertisement
shall state that any one desiring TO
do so, may present a bid or bids for
such bonds based upon their bearing
"A different rate of interest than
hereinbefore fixed, provided, how
ever, that where a fractional inter-
est rate is bid. such fraction shall be
one-quarter Of one per cent. or null
tiple thereof; the amount of the bond
or certified check to accompany bids
shall be $I650.00; the proceeds from
the sale of said bonds. except the
premium and accrued interest there
on and the amount of said bonds is
2 F..s l.sll n