Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1952-11-14


SALE OF A NOTE OF THE
CITY OF PORT CLINTON IN
ANTICIPATION OF THE IS
PURPOSE OF lMPROVING
EAST FIFTH STR REET AND
WEST SIXTH STREET IN
THE CITY BETWEEN GER
TAIN TERMlNI, DECLARING
The l NECESSITY OF THE Is
SUCH PURPOSE AND DE
GLAZING AN EMERGENCY.
WHEREAS, pursuant to Ordinance
no. 375, passed October 8, 1861 as
amended by Ordinance No 376
passed November 13, 1861, a note
in the principal amount of $41,572.-
iS dated October Q, 1851 was sold
to The American Bank, Port Clin-
ton, Ohio for the purpose herein
after stated, to mature on October
s, 1852; and
WHEREAS, by reason of delays
in the assessment of the cost of the
Improvement it has proved impos-
s1ble to issue the bonds Anticipated
by said note in order to retire the
same: and
WHEREAS, to preserve the credit
of the City, it is essential to is
sue a 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
and of the note herein authorized,
which note maturity may not ex-
ceed two years from October 9.
/ 1851
NOW, THEREFORE,, BE 1T OR
DAINED 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 S4l,o72.7S in anticipation of
the collection of special assess
ments for the purpose of improv-
ing East Fifth Street between
Madison and FULTON Streets and
West Sixth Sreeet from Laurel Ave
nue. to True-Lay 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
41,572.7S for, the purpose aforesaid.
phai the bonds nc srsoa shall be Of the De-
the amount of $500 and one in the
amount of $10727S and shall be
| dated approximately November !,
/ 1852, shall bear interest at the
estimated rate of three per centum
! nually until the principal sum is
paid, and shall mature in ten (10l
substantially equal annual install
ments after their issuance.
section 5. That for the pur-
pose of raising money in anticip-
alton OF the levy OF special assess
| ments and Of the issuance Of the
| aforesaid bonds for the above des-
| cribed improvements. and to pay
| and retire existing note dated Oc
tober g. 1851, it is hereby declared
! necessary TO issue and there shall
| he issued a note of said City in
| the principal amount of $41,5 Stats.
| Section 4. That such anticipa-
| tory note in the amount aforesaid
| shall bear interest at the rate of
| three per centum (39o) per annum
! such interest to be payable at ma
turlty. such note snail be dated
| as of October 8, 1852. and shall
mature on or before the 9th day
Of April, 1853.
Section 5; That such note shall
Auditor and shall bear the seal of
the City. 1t shall be designated
Street Improvement Note and
| shall be payable at the office OF
! The American Bank. Port Clinton
| Ohio 1t shall express upon it's face
1 lHe DuI pose loI WHICH II Is lSSutu
! 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
of said improvements have been
| paid shall be applied to the pay
ment of said note and the interest
thereon until botn are fully pro-
| vided for.
| 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 8. That said note shall
| City of Port Clinton 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
| 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.
| that such assessments are not
levied or bonds are not issued tt
provide a. fund for the payment OF
said note at maturity, a general tax
| shall be levied against all propert!
in said City for the payment OF
said note and the interest thereon.
Section TO- That the City Audi
| tor is hereby directed to forward a
certified copy of this Ordinance tt
the County. Auditor.
Section II. That Ordinance Nc
39S passed October 2S, 1852 be and
the same hereby is repealed in its
| entirety.
Section - That this ordinance
is hereby declared to be an emer-
| gency measure necessary for the
Immediate preservation of the pub
lie health, safety and welfare in
said City and for the further reason
that it is necessary to pay off the
outstanding Anticipatory o {
which is now due and to preserve
the credit of the City;
/ WHEREFORE, this Ordinance
shall be in full force and effect
| Immediately after it's passage and
| signature by the Mayor.
HAROLD NIELSEN
President of Council
Passed.: Nov. II, 1862.
Attest: Fred w. Nobis.
Clerk of Council
Approved bv the Mayor
i Carl Becker
Mayor