Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1951-10-12
ORDINANCE No. 375

An Ordinance providing for the
Port Clinton, Ohio, in anticipation
OF the issuance OF bonds, being a
combined issue for the City cost
and in anticipation of the life and
collection of such assessment from
the property owners proportion OF
the cost of improving by paving
East Fifth Street in said City be-
and West Sixth Street in said City
from Laurel Avenue to True-Lay
Field and declaring the necessity
of the issuance of bonds for such
purpose.
Whereas this council has re-
quested the clerk of this city 10
issue his certificate as to the estl-
mated life of the improvement to be
constructed from the proceeds OF
the bonds hereinafter rfeerred 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 Clty
such estimated life as exceeding
five 80 years and has certified the
maximum maturity of such bonds
as ten 10) years and such notes as
two (2) years,
Now therefore be it ordained by
the council of the. City of Port
| Clinton, State of Ohio,
Section Cd That it is deemed
necessary to issue the bonds of the
City of Port Clinton, Ohio, in the
| principal sum of $41, ,572.7S in order
| to provide fund for the purpose
of paying for the improvement by
paving East Fifth Street between
Madison and Fulton Streets in said
City and West Sixth Street
from Laurel Avenue to True-Lay
Field in said City.
Section t2) That said bonds of
! the City of Port Clinton, Ohio, shall
be issued in such principal sum OF
said, and shall mature in substan-
| TALLY equal annual installments
| over a period of ten 10) years.
! Section CD That it is necessary
and this council hereby determines
that notes shall be issued in antic-
! ipation of the issuance of such
| bonds.
Section (4) That such anticipa-
| tory notes in the amount of SAL
| 572.7S. which sum does not exceed
| the amount of the bond issue, shall
| be issued bearing interest at the
payable at maturity. such notes
! shall be dated October 9Th, 1851,
| and shall mature on the Sth day OF
| October, 1862. Such notes shall be
executed and delivered in such
! number 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 City
/ Clerk and bear the seal OF the cor
| poration. They shall be designated
1851 Street Improvement Anticipa-
| tory Notes" and shall be payable at
| The American Bank in the City OF
| Port Clinton, Ohio; they shall ex-
press upon their face thep urpose
| for which they are issued and they
are issued pursuant TO this ordi-
nance.
Section (6) Said notes shall be
first offered to the Treasurer of the
City of Port Clinton, Ohio. being
the officer having charge of the
Bond Retirement Fund of the City
| and SO many of the same as
! shall not be taken by said Treas
urer shall be sold at private sale
! by the City Clerk but for not less
! than par and accrued interest, and
the proceeds from such sale, except
any premium and accrued interest
thereon and any amount there
of necessary for the pay
ment of interest prior to the
maturity of said notes, shall be
used for said purpose. Any prem
ium 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 Re-
tirement Fund to be applied in the
| payment of principal and interest
! of said notes in the manner pro-
vided by law.
Section GD Said notes shall be
| the full general obligations of the
City of Port Clinton. Ohio, and the
| full faith, credit and revenue of
said City 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 notes and any excess fund
resulting from the issuance of
said notes shall to the extent nee
essary be used only for the re-
tirement of said notes at maturity,
together with interest thereon, and
/ is hereby pledged for such pur-
! pose.
Section (S) This ordinance is
hereby declared to be an emer-
gency ordinance, necessary for the
| imm ediate 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
! proceeding with said improvement,
and said ordinance shall therefore
become effective Immediately upon
| passage.
Passed this 9, tn day of October,
| 1861.
CARL BECKER, Mayor
Attest:
| VIM. l.. ZEIS, Clerk 35-2t