Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1952-03-28
ORDINANCE No. 3s2

Port Clinton, Ohio, in anticipation
| of the issuance of bonds for the
| purpose of purchasing a. City Gar
age and declaring the necessity OF
the issuance of bonds for such
| purpose.
| Whereas, this council has re-
| quested the City Auditor to ISSUE
his certificate as to the estimate,
| life of the Improvement to be OBJ
| ....I.u Aloni slne proceeds of tht
| onds hereinafter referred to and
| of the notes to be issued in antici
patton of said bonds. and as to the
| 4" <imun maturity OF such bonds
and notes. and the City Auditor
| has certified to this council sucl
| estimated life as exceeding twentv
| we wears and has further certi-
| fed the maximum maturity of sue
! bonds as twenty-five years and
| such notes as two years.
Now. therefore. be 1t ordaineo
by the council of the City of Port
.lnton, State of Ohio.
Section L.. That it is deemed nee
ssary to issue the bonds of the
City of Port Clinton. Ohio, in the
| principal sum of $55,00O.0O, in order
to provide a fund for the purpose
If acquiring by purchase a certain
building for use as a City Garage
| ,liu puilulng and premises whereon
he same is situated being known
IS and described as follows:
Situated in the City of Port
Clinton, Ottawa County, Ohio, anf
now,nn as. and being that part OF
Plat of the City of Port Clinton
Ottawa County, Ohio, lying north
Nv of the northerly line of the
right of way of The New Yorl
Central Railroad Company's spur
and sidetrack which extends in q
northeasterly direction over and
across the southerly portion OF
The New York Central Right O.
Way is 80 foot wide strip. tn,
| northerly line of which is on a
curve 9 degrees 80 minutes bearing
| northeasterly. Said northerly line OF
+.id right of way intersects the
s4.90 feet north Of the southwest
| :orner Of said lot and intersects
he east line of said lot at point
65.57 feet north of the southeast
corner of said lot. thus making the
| west line of the Zetzer tract 1851
feet in depth from Perry Street
! md the east line thereof 134.4'
Section 2. That said bonds o1
the city of Port Clinton, shall be
| issued in said principal sum OF
| $4,000 90 for the purposes afore-
| aid. Said bonds shall be of tn,
| denomination of 100000. and
! ,ear interest at the rate of 5 pei
| ,ent per annum, payable semian-
| iually on the first day of Octo.
,er and on the first day Of Apri
| # each year until the principa
| .um is paid and shall mature in an
,ual installments after their is
| uance, the last due fifteen years
| rom date of issue.
| Section 3. That it is necessary
md this council hereby determine
| bat notes shall be issued in anticl
| patton of the issuance of saif
,onds. .......
/ Section 4. That such anticipatory
,otes in the amount of 100000
which sum does not exceed tn
mount of the bond issue, shal
re issued bearing interest at tn
| ate of per cent per annum, pay
BILE at maturity. Such notes shal
,e dated the 1st day of April, 1852
/ md shall mature on the 1st day o
lpril, 1853. Such notes shall be
| .xecuted and delivered in such mum
)er and such denominations a.
| aay be requested by the purchase
/ If such notes.
Section 5. such notes shall b
| executed by the Mayor and Cit
Auditor and bear the seal of tn
L
| ,otca "Cttv GaraRe Notee" ar
shall be payable at the office OF
| the City Auditor in the City o.
Port Clinton, Ohio; they shall ex
! press upon their face the purpos'
| for which they are isued and tha
| they are issued pursuant to thu
Section 6. Said notes shall b.
I lrst offered to the City Treasurer
| Being the officer having charge OF
| the Bond Retirement Fund of the
l Nty of Port Clinton. Ohio, and sc
many of the same as shall not pt
taken by said City Treasurer shal
,e sold at private sale by the City ey
Auditor, but for not less than PAL
I and accrued interest, and the
| proceeds from such sale, excep
my premium and accrued interest
hereon shall be paid into the
roper fund and used for the pur-
poses aforesaid and for no othe,
purpose. Any premium and accrued
| Bond Retirement Fund to be ap'
| piled in the payment of the prin-
cipal and interest of said notes II
| he manner provided by law.
Section Z. Said notes shall b'
I he full general obligations OF the
City of Port Clinton, Ohio ana the
'ull faith, credit and revenue OF
| he he prompt payment of the same
/ rhe par value to be received iron
| the sale Of the bonds anticipated
| W said notes and any excess func
| resulting from the issuance of saic
| notes shall to the extent neces'
| nent of said notes at maturity, TO.
.ether with interest thereon, and is
| ,ereby pledged for such purpose
I Section 8. During the year OF
ears while such notes run there
/ hall be levied on all the taxaole
/ property in the City of Port Ciin,
I on, Ohio. in addition to all othel
l axes, direct tax annually no.
ess than that which would have
] ,een levied if bonds had been is,
ued without the prior issue o.
uch notes.
Said tax shall be and. is hereb!
| ordered computed, certified. leVlee
| cate and collected by the same onl
ers, in the same manner and "a
| .he same time that taxes for gen
raj purposes for each of said years
| ire certified. extended and col:
lected Said tax shall be place.
before and in preference to al
,ther items and for the full amount
hereof The funds derived from
said tax levies hereby required
shall be placed in a separate ane
7 istinct fund, which. together witt
! he interest collected on the same
I hall be irrevocably pledged for th'
payment Of the principals and IN
terest of said notes or the BOND:
n anticipation OF which they arr arr
issued when and as the same fal
Section Q. The City Auditor i.
,ereby directed to- forward a
certified copy of this ordinance u
he County Auditor.
Section 10. That this ordinance
hereby determined to be an ener.
,ency ordinance and necessary fol
X - l., ,,,adiatn rrasarxafinn of thu