Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1952-11-21

AN ORDINANCE TO PROVIDE
FOR THE ISSUANCE AND
SALE OF A NOTE OF THE
CITY OF PORT CLINTON in
ANTICIPATION OF THE IS
suANCE OF BONDS. FOR THE
EAST FIFTH sTREET REL t. AND ND
w EST SIXTH STREET IN
The CITY BETWEEN GER
TAIN TERMlNI, DECLARING
THE NECESSITY OF THE IS
sUANcE OF BONDS FOR
SUCH PURPOSE AND DE-
GLAZING AN EMERGENCY.
WHEREAS, pursuant to Ordinance
no. 3!5,. passed October g. 1851 AS
amended by Ordinance No. 376
passed November 13, 1851, note
IN the principal amount of $4l,572.-
rs dated October 8, 1851 was sold
TO The American Bank, Port Clin-
ton, Ohio for the purpose herein
aIter stated, to mature on October
8, 1852; and
WHEREAS, by reason of delays
In the assessment of the cost of the
Improvement it has proved impos-
SlDle to issue the bonds anticipated
by said note in order to retire the
same; and
WHEREAS, to preserve the credit
sue new note to retire such out
standing note and said bank has
agreed, subject to prior rejection of
the note by the City Treasurer, to
purchase new note bearing the
terms hereinafter provided; and
WHEREAS, the Fiscal Officer
has certified as to the maximum
maturity of the bonds anticipated
ana OF the note herein authorized
which note maturity may not ex-
ceed two years from October .,
1861;
Now, THEREFORE,, BE IT OR
DAlNED by the Council of the City
of Port Clinton, State of Ohio:
Section /. That it is deemed
necessary to issue the bonds of the
city of Port Clinton in the principal
sum of $41,572.7S in anticipation of
ments for the purpose of improv-
ing East Fifth Street between
Madison and Fulton Streets and
West Sixth Sreeet from Laurel Ave
nue. to TrueLay Field in said City
by grading, curbing, stoning and
paving the same.
Section 2. That said bonds of
the City of Port Clinton shall be
issued in the principal amount of
"a ,6727S for the purpose aforesaid.
That the bonds shall be of the De-
nomination of $1,000 except three in
amount of $1072.7S and shall be
dated approximately November !.
1852, shall bear interest at the
estimated rate of three per centum
(3%l per annum. payable semian
nually until the principal sum is
paid, and shall mature in ten Go)
substantially equal annual INSTALL
ments after their issuance.
Section 3. That for the pur-
pose of raising money in anticip-
alton of the levy of special assess
ments and of the issuance of the
cribed improvements, and to pay
and retire existing note dated Oc-
tober 8, 1851, it is hereby declared
necessary to issue and there shall
be issued a note of said City in
the principal amount of $41,572.7S.
! tory note in the amount aforesaid
| shall bear interest at the rate OF
three per centum (3%o) per annum,
such interest to be payable at ma
turity. Such note shall be dated
| as of October g., 1862. and shall
mature on or before the 9th day
| of April. 1863.
Section B. That such note shall
be executed by the Mayor and City
Auditor and shall bear the seal OF
the City. 1t shall he designated
Street Improvement Note. and
The American Bank, Port Clinton,
Ohio. 1t shall express upon it's face
the purpose for which it is issued
! and it is issued pursuant to this
Ordinance.
Section g. That all assessments
collected for the improvements a
foresaid and any unexpended bal
ance remaining in the Improvement
fund after the costs and expenses
of said improvements have been
paid shall be applied to the pay
ment of said note and the interest
thereon until both are fully pro-
| vided for. :,
Section Z. That said note shall
be first offered to the officer in
charge of the bond retirement fund
and if not taken by said officer
said note shall be and is hereby
awarded and sold to The American
Bank, Port Clinton. Ohio.
Section s. That said note shall
be in full general obligation of the
| CITY of Port Clinton and the full
faith, credit and revenue of said
City are hereby pledged for the
prompt payment of the same. me me
| par value to be received from the
| sale of the bonds anticipated by
said note and any excess funds re-
sulting 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 Q. That in the event
that such assessments are not
! levied or bonds are not issued to
provide a. fund for the payment of
| said note at maturity, general tax
| shall be levied against all property
| in said City for the payment OF
said note and the interest thereon.
| Section 10. That the City Audi
| tor is hereby directed to forward a
| certified copy of this Ordinance to
| the County Auditor
| Section II. That Ordinance NO;
s9S passed October 2S, 1852 be and
| entirety.
Section 12 That this ordinance
| is hereby declared to be an emer-
| gency measure necessary for the
| immediate preservation of the pup
| lie health, safety and welfare in
| said City and for the further reason
| that it is necessary to pay off the
| outstanding Anticipatory
| which is now due and to preserve
I the credit of the CITY:
WHEREFORE. this Ordinance
shall be in full force and eftec,
| imm ediatelv after its passage and
| signature by the Mayor.
HAROLD NIELSEN
President of Council
Passed: Nov. II. 1852.
| Attest: Fred w Nobis.
! Clerk of Council
Approved bv the Mayor
Carl Becker
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