Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1951-07-13
ORDINANCE No. 371

All ordnance providing Tor the
issuance of notes by the village of
Fort Clinton, Ohio, In anticipation
of the issuance of bonds, being a
combined issue for the village cost
and in anticipation of the life and
collection of such assessment from
the property owners portion of
the cost of improving by paving
East Fifth Street in said village
between Madison and Fulton Streets
and West Sixth Street in said viii
lage from Laurel Avenue to True
Lay Field and declaring the neces-
sity of the issuance of bonds for
such purpose.
Whereas this council has request
ed the clerk of this village to is
sue his certificate as to the esti
mated life of the Improvement to
DO constructed from the proceeds
of the bonds hereinafter referred
to and of the notes to be issued in
anticipation of said bonds, and
as to maximum maturity of such
bonds and notes, and said village
clerk has certified to this council
such estimated life as exceeding
five (5) years and has certified the
maximum maturity OF such bonds
as ten G0) years and such notes
as two (2) years,
Now therefore be 1t ordained by
the council of the village of Port
SllHlOU, oldle OI onlO,
Section % That 1t is deemed
necessary to issue the bonds of the
village of Port Clinton, Ohio, in the
principal sum of $41,572.7S in order
to provide a fund for the purpose
of paying for the improvement by
paving East Fifth Street between
Madison and Fulton streets in said
village and West Sixth Street from
Laurel Avenue to True-Lay Field
in said Nillape
Section (2) That said bonds Of
the village of Port Clinton. Ohio,
shall be issued in such principal
sum of $41,572.7S for the purpose
aforesaid.
Section l3) That it Is necessary
and this council hereby determines
that notes shall be issued in an
ticipation of the issuance of such
bonds.
Section Q) That such anticipa
tory notes in the amount OF
$41.572.7S, which sum does not ex-
ceed the amount of the bond issue
shall be issued bearing interest at
the rate of per centum per
annum. payable at maturity. Such
notes shall be dated the 10th day
of July, 1851, and shall mature on
the 18th day of July. 1852, (provid-
ed, however, that such notes shall
be redeemable at any interest
period). Such notes shall be exc
cuted and delivered in such num-
ber and such denominations AS
may be requested by the purchaser
or purchasers of such notes.
Section (5) Such notes shall be
executed by the Mayor and the
Village Clerk and bear the seal OF
the corporation. They shall be
ment Anticipatory Notes" and shall
be payable at the office OF
the City Clerk, in the Village of
Port Clinton, Ohio; they shall ex-
press upon their face the purpose
for which they are ISSUED and
they are issued pursuant to this
ordinance.
Section CO. Said notes shall be
first offered to the Treasurer of
the village of Port Clinton, Ohio,
being the officer having charge of
the Bond Retirement Fund of the
village and so many of the same
as shall not be taken by said
Treasurer shall be sold at private
sale by the Village Clerk but for
terest, and the proceeds from such
sale. except any premium and ac-
crued interest thereon and any
amount thereof necessary for the
payment of interest prior to the
maturity of said notes, shall be
paid into the proper fund and used
for said purpose. Any premium
and accrued interest and such
amount as may be necessary for
the payment of interest prior to
the maturity of said notes shall be
transferred to the Bond Retirement
Fund to be applied in the pay
ment of principal and interest Of
said notes in the manner provided
by law.
Section CO Said notes shall be
the full general OBLIGATIONS OF the
Village of Port Clinton, Ohio.
and the full faith, credit and
revenue of 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
notes shall to the extent neces-
sulting from the issuance Of said
notes shadll to the extent neces-
sary be used only for the retire
ment of said notes at maturity to-
gether with interest thereon, and
is hereby pledged for such pur-
pose.
Section (s) This ordinance is
hereby declared to be en emer-
gencv ordinance. necessary for the
immediate preservation of the pub
lie peace, health and safety in this
corporation, for the reason that
immediate construction of such
street Improvement is necessary
and that the funds to be derived
are Immediately necessary for nro-
ceeding with said improvement,
and said ordinance shall therefore
become effective Immediately upon
passage.
Passed ths~ "eth aav of June. 1851.
CARL BECKER, Mayor.
wN T, zETS CLARK 21-2t