The Geauga Republican-record. [volume] (Chardon, Geauga County, Ohio) 1922-1952, 1952-01-10

ORDINANCE NO. 1881 -5
AN ORDINANCE PROVIDING
FOR THE ISSUANCE OF $685.
900 OF BONDS OF THE VII
LACE OF SOUTH RUSSELL,
OHIO, FOR THE PURPOSE OF
WIDENING AND RESURFAC-
ING BELL ROAD IN SAID
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 SIS per cent
of those. voting upon the prop
ositiOn voted in favor thereof, and
this council proposes to, proceed
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 council such estimated
life as at least five CD years and
has further certified the maximum
maturity of such bonds as ten
U0) years,
NOW, THEREFORE,, BE 1T Or
DAINED by the Council of the
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 principal amount of
$4,000 for the purpose of widen
ing and resurfacing Bell Road in
the general laws of Ohio and the
Uniform bond Act of the General
Code. Said bonds shall be dated
December 1, 1851, and shall bear
interest at the rate of three 90
per cent per annum, payable June
l, 1852, and semi-annualiy there
after on June and December l
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
December l of each of the years
1853 to 1856, inclusive, and $4,000
years 1857 to 1862, inclusive, which
maturities are determined to be in
substantially equal annual install
ments. Both principal and interest
of said bonds shall be payable 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
issued in pursuance of this ordin-
ance. 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
Village Clerk.
SECTION 3. That for the pur-
pose of providing the necessary
funds to pay the interest on the
when and as the same falls due,
and also to provide a fund suf-
ficient to discharge the said serial
bonds at maturity, there shall be
and is hereby levied on all the
taxable property in said Village of
other taxes, a direct tax annually
during the period said bonds are
to run in an amount sufficient
to provide funds to pay interest
upon said bonds as and when the
same falls due and also to provide
a 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 IL
OF Article XII of the Constitution.
Said tax shall be levied outside
the ten mill tax limitation.
Said tax shall be and is hereby
nrnaraH fn1 Cd to-
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
general purposes for each of said
years are certified, extended and
before and in preference. to all
other items and for the full
amount there of. The funds derived
from said tax levies hereby re-
quired shall be placed in a sep
arate and distinct fund, which
together with all interest collected
on the, same, shall be irrevocably
interest of said bonds and as the
same fall due.
SECTION 4. That said bonds
shall be first offered at par and
accrued interest to the officer in
charge of the Sinking Fund or
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 for
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
desiring to do so may present
bid or bids for such bonds based
upon their bearing a different
rate Of interest from that herein
before specified, provided. however.
rate is bid, such fraction shall be
one-quarter of one per cent or a
multiple thereof; the amount of
the bond or certified check to ac-
company bids shall be one () per
cent of the amount of bonds bid
for; the proceeds from the sale of
and accrued interest thereon and
the amount of said bonds issued
for interest, shall be used for the
purpose aforesaid and for no other
purpose; the premium and accrued
interest received from such sale
issued for interest shall be trans
ferred to the Bond Retirement
Fund to be applied in the payment
Of the principal and interest of
said bonds in the manner provided
by law.
SECTION S. The Village Clerk is
hereby directed to forward a GER
titled copy of this ordinance to
the County Auditor.
SECTION G. This ordinance is
declared to be an emergency
measure because the public peace
health and safety of the Village
of South Russell require the i'm
mediate construction of the i'm
provement above provided for and