Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1951-10-19

7 City of Port Clinton. Ohio, in the
| principal sum of $41,572.7S in order
20 provide fund for the purpose
| of paying for the Improvement by
| Madison and Fulton Streets in said
| City and West Sixth Street
| from Laurel Avenue to True-Lay
| Field in said City.
Section (2) That said bonds of
! the City of Port Clinton, Ohio, shall
/ be issued in such principal sum of
| $41,572.7S for the purpose afore-
said, and shall mature in substan-
| TALLY equal annual installments
over a period of ten G0) years
Section CD That it is necessary
i 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
rate of 80 per centum per annum,
payable at maturity. Such notes
shall be dated October 9Th, 1861,
| October, 1852. 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 CD Such notes shall be
| 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-
| for which they are issued and they
| are issued pursuant to this ordi-
| nance.
Section CO. 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
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
of necessary for the pay
ment of interest prior to the
maturity of said notes, shall be
! paid into the proper fund, and
used for said purpose. Any prem
| ium and accrued interest and such
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 CD 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
| immediate preservation of the pub
lie peace. health and safety in this
corporation, for the reason thai
immediate construction of such
| street improvement is necessary
and that the funds to be derived
are Immediately necessary fol
proceeding with said improvement
and said ordinance shall therefore
become effective Immediately upor
passage.
Passed this 9th day of October
1851.
CARL BECKER, Mayor.
| Attest:
VIM. L. ZEIS, Clerk. s5-2t