The Geauga Republican-record. [volume] (Chardon, Geauga County, Ohio) 1922-1952, 1952-01-03


AN ORDINANCE PROVIDING
FOR THE ISSUANCE OF $26,-
900 OF BONDS OF THE VII
LACE OF SOUTH RUSSELL,
OHIO, FOR THE PURPOSE OF
WIDENING AND RESURFAC-
ING BELL ROAD IN SAID
VILLAGE, AND DECLARING
AN EMERGENCY.
WHEREAS, at an election held
on the 9th day of November, 1851
on the question of issuing bonds
of the Village of South Russell,
Geauga County, Ohio, for the pur-
pose hereinafter stated, in the sum
of $4,000 and the Levy of taxes
outside the ten mill limitation to
pay the interest and principal Of
such bonds, at least So per cent
OF those voting upon the prop
osition voted in favor thereof. and
this council proposes to proceed
with the issuance of said bonds
under authority of the general
laws of Ohio, and
WHEREAS, this council has re-
quested the Village Clerk to issue
his certificate as to the estimated
life Of the Improvement to be
constructed from the proceeds of
the bonds hereinafter referred to,
and said Village Clerk has certi-
fled to said councif such estimated
life as at least five go years and
has further certified the maximum
maturity of such bonds as ten
Now, THEREFORE,. BE 1T Or
Village of South Russell, Geauga
County, Ohio, three-fourths of the
members elected thereto concurring: {:
SECTION l. That bonds of the
Village of South Russell, Ohio be
Issued In a principal amount Of
$26'o for the. purpose of widen
ing and resurfacing Bell Road in
said village under authority of
the general laws Of Ohio and the
Uniform bond Act OF the General
Code. Said bonds shall be dated
December l, 1851, and shall bear
interest at the rate Of three CD
per- cent per annum, payable June
l, 1852, and semi annually there
after on June l and December l
of each year; they shall be of the
denomination of $1,000 each, num-
bered from 1 to 26. inclusive, and
shall mature in their consecutive
serial order as follows: $4,000 on
1853 to 1856, inclusive, and $4,000
on December l of each of the
years 1857 to 1862, inclusive, which
maturities are determined to be in
substantially equal annual INSTALL
ments. Both principal and interest
VI Sdlu pOHuS snail De pdyaDle In
lawful money of the United States
Of America at Central National
Bank, Chagrin Falls, Ohio.
SECTION 2. Said bonds shall be
designated street Improvement
Bonds" and shall express upon
their face the purpose for which
they are issued and that they are
anee. They shall be signed by the
Mayor and Village Clerk and sealed
with the corporate seal of said
village. The interest coupons
attached to said bonds shall bear
the facsimile signature of the
SECTION 3. That for the pur-
pose of providing the necessary
funds to pay the interest on the
foregoing issue of bonds, promptly
when and as the same falls due,
and also to provide a fund suf-
fficient to discharge the said serial
bonds at maturity, there shall be
and is hereby levied on all the
taxable property in said Village of
South Russell. in addition to all
other taxes, direct tax annually
during the period said bonds are
TO run in an amount sufficient
to provide funds to pay interest
same falls due and also to provide
fund for the discharge of the
principal of said serial bonds at
maturity. which tax shall not be
less than the interest and sinking
fund tax required by Section II
Of Article MI of the Constitution.
Said tax shall be levied outside
the ten mill tax limitation.
Said tax shall be and is hereby
ordered computed, certified, levied
and extended upon the tax dupli-
cate and. collected by the same
officers, in the same manner and
at the same time that taxes for
years are certified, extended and
| collected. Said tax shall be placed
before and In preference to all
| other items and for the full
| amount there of. The funds derived
from said tax leyies hereby re-
arate, and distinct fund, which
| together with all interest collected
| on the same, shall be irrevocably
pledged for the payment of the
interest of said bonds and as the
same fall due.
sEcTIoN 4. That, said bonds
shall he first Offered at par and
| charge of the Sinking Fund OF
Bond Retirement Fund in his
| official capacity, and If said Off
| Ger refuses to take any or all OF
| said bonds, then said bonds not
| so taken shall be advertised fol
public sale and sold in the manner
provided by law, but not for less
than their par value and accrued
interest. The bond sale advertise
| ment shall state that any one
desiring to do so may present a
| bid or bids for such bonds based
| upon their bearing a different
| rate of interest from that herein
| before specified, provided, however
that where a fractional interest
| rate is bid, such fraction shall be
one-quarter of one per cent or q
| multiple thereof; the amount OF
the bond or certified check to ac-
r0unnanu bido shall he nno ny nor