Madison County Democrat. (London, Ohio) 19??-1958, 1951-08-24

bonds are sold bearing a differen
rate of interest than hereinbefure
specified such bonds shall bear such
rate of interest as may be provided
for in a Resolution Of council ap-
proving the award thereof Prin-
cipal and interest shall be payable
Mt the office OF the depository of
said Village. presently The First
National Bank. London, Ohio.
1t is hereby stated and reeifed
that final tax settlement between
the County Treasurer and the VIl-
lage of London next following the
inclusion Of i tax for the issue Of
the bonds herein provic@d for as
provided by law, will tsks place IN
August, 1862.
Section 81
For the purpose of providing the
necessary funds TO pay the in
terest on the foregoing issue Of
bonds promptly when and if the
same falls due, and also to provide
a fund sufficient to discharge the
said serial bonds at maturity, there
shall be and is hereby levied on all
taxable property in the Village OF
London. In addition to all other
taxes annually during the period
said bonds are to run, a direct tax
annually during tine period said
bonds are to lnn in an amount suf-
ficient To provide funds to pay the
interest upon said bonds as and
when the same shall fall due, ana
also to provide fund for the dis
charge Of the principal of said
bonds at maturity, which tax shall
not he less than the interest and
sinking fund tax required by para
graph eleven G1) Of Article XII Of
the constitution Provided, however.
that In each year that assessments
anticipated by said bonds are pay
able and are applicable to the pay
ment of such interest and principal
and are appropriated for such pur-
pose. the amount of sucn tax shall
be reduced by the amount of the
assesSme nt so appropriated.
Said tax shall be and hereby
ordered computed, certified, levied
and extended upon the tax duplicate
and collected by the same Officers
and In the same manner and at the
same time that taxes for general
purpose for each of said years are
certified, extended and collected.
Said tax shall be placed before and
I'M preference to all other items and
for the frlf amount thereof. The
funde derived from said tax levies
hereby required. shall be placed IN
a separate and distinct fund, which,
together with the interest collected
on the same shall be irrevocably
pledged for the payment OF the
principal and interest OF said bonds
and as the same shall fall due.
Section A:
Inc v llldEe = = T IS - HGteg9
authorized and directed to certify
a copy of this Ordinance TO the
Auditor Of Madison County, Ohio,
according to law.
Section 3;
sessments and all portions thereof,
together wi til interest thereon,
shall be applied to RE payment of
said bonds and Interest as the same
shall become due and to no other
purpose whatsoever.
Section q;
The eomrsittee on firshca Of this
council is hereby directed TO have
said bonds and coupons properly
prepared and executed to sell the
same and to deposit the proceeds
in the Village Treasury 10 the credit
of the following fund and in the
amount therein stated:
Chandler Avenue Bond Fund
$3S50.0O
for the purpose Of paying the pnr-
tion of the cost Of said improve
ment and for the purpose said
money is hereby appropriated.
Section q;
hereby authorized 10 offer the bonds
TO the Village Treasurer and IL
rejected by him to advertise said
bonds for public sale as provided
by law.
Section 2s
The within Ordinance is hereby
declared 10 he an emergency or
dinance for the reason that eer-
tain rote heretofore issued by the
Village Of London to the First
National Bank Of London. Ohio. I'm
the amount Of s3S5000. which note
was issued I'm anticipation Of tt ?
sale Of bonds Is past due and paw
able and need be Iiquidated at the
earliest possible date; wherefore the
within Ordinance shall 20 into eff
feet immediately uuOD it's massage
SerfiOH 2;
All ordinances or parts of ordi-
nances in conflict with the herein
ordinance he and the same hereby
are repealed.
Il. L. Speasmaker,
Mayor
Evelyn r. Conlon
Clerk
Passed this 3rd day Of August,
1861.