Madison County Democrat. (London, Ohio) 19??-1958, 1950-06-06
ORDINANCE NO. o32


a note by the Village of London
in anticipation of the issuance OF
bonds for the purpose of the pur-
chase of a motor vehicle and de-
elaring the necessity of the is
suance of bonds for such purpose.
Whereas. the Council has request
ed the Village Clerk to issue her
certificate as TO the estimated life
of the Improvement from the pro-
cceds of the bonds hereinafter re-
ferred to and Of the notes TO be Is
sued i'm anticipation of SAID bonds,
and as to the maximum maturity Of
such bonds and notes, and the Viz
lage Clerk has certified to this
Council such estimated life as 3
years and has further certified the
maximum maturity of such bonds
as years and such note as / year.
now therefore
BE IT ORDAINED BY THE
COUNCIL OF THE VILLAGE OF
LONDON, MADISON CO U Mt X.
OHIO:
SECTION /. That it is deemed
necessary to issue the bonds of
the Village Of London in the prin-
ceipal sum of $io.0G0.00 in order
to provide a fund for the purpose
Of the purchase Of a motor vehicle
for the disposal Of garbage and
refuse.
SECTION 2. That said bonds of
the Village of London shall be is
sued in said principal sum OF $lo,-
10000 for the purpose aforesaid.
Said bonds shall be of the denomin-
alton of 81, 100000 each and shall be
dated June 1st, 1850, shall bear in
terest at the rate of not TO exceed
go per centum per annum, pay
able semi-annually on the first day
of December and the first day of
June Of each year until the prin-
cipal sum is paid and shall mature
in five 90 annual installments after
their issuance.
SECTION g. That 1t Is necessary
and this Council hereby determines
that note shall be issued in anti
cipation Of the issue of said bonds.
SECTION 4. That such anticipa-
tory note in the amount OF $1O,0oG.-
90 which sum does not exceed the
amount of the bond issue, shall be
issued bearing interest at the rate
of not to exceed five t5) per cen
tum per annum, payable at maturity.
Such note shall be dated the 18th
day of July, 1850. Such note shall
be executed by the Mayor and VII
lage Clerk and bear the seal of the
Corporation and shall be designated
Motor Vehicle Note, No. l. and
shall be payable at the office of the
First National Bank in the Village
of London, Madison County, Ohio;
shall express upon its face the pur-
pose for which it is issued and that
il is issued pursuant TO this or
dinance.
SECTION S. Said not shall be
first offered to the Village Treas
urer and if the same shall not be
taken by said Treasurer shall be
sold at private sale by the Mayor
but for not less than par and ac-
rued interest. and the proceeds
from such sale, except any premium
and accrued interest thereon shall
be paid into the proper fund and
shall be used for the purpose afore-
said and for no other purpose. Any
premium and accrued interest and
the amount necessary for the pay
ment of interest prior to their mat
urity shall be transferred to the
Sinking Fund to be applied in the
payment Of principal and interest
of said note in the manner pros
yided by law. % Ia
SECTION 6. Said note shah be
the full general obligation of the
Village Of London and the full
faith. credit and revenus~ pr. said
Village are hereby pledged for the
prompt payment Of the same. The
par value to be received from the
sale of the bonds anticipated by said
note and any excess fund resulting
from the issuance Of said note
shall to the extent necessary be
used only for the retirement of said
note at maturity, together with
interest thereon, and is hereby
pledged for such purpose.
SECTION z. During the year
while such note runs there shall be
levied on all the taxable property in
the Village of London, Madison
County, Ohio, in addition to all
other taxes. a direct tax annually
not less than that which would