Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1952-04-04
ORDINANCE No. 3s2

Port Clinton, Ohio, in anticipation
Of the issuance of bonds for the
purpose of purchasing q. City Car
age and declaring the necessity of
the issuance of bonds for such
| purpose
Whereas, this council has re-
quested the City Auditor to issue
lls certificate as to the estimated
life of the Improvement to be OBJ
tanned from the proceeds of the
bonds hereinafter referred to and
OF the notes to be issued in antici-
patton of said bonds, and as to the
maximum maturity of such bonds
and notes. and the City Auditor
has certified to this council such
estimated life as exceeding twenty
lied the maximum maturity of such
bonds as twenty five years and
such notes as two years.
Now. therefore, be it ordained
by the council of the City of Port
Clinton, State of Ohio,
Section /. That it is deemed nee
esaary to issue the bonds of the
city of Port Clinton, Ohio, in the
principal sum of $55,OO000, in order
to provide a fund for the purpose
or acquiring by purchase certain
building for use as a City Garage,
the same is situated being known
as and described as follows:
Clinton, Ottawa County, Ohio, and
known as and being that part of
Lot No. 4, Block No. Z. Original
Plat of the City of Port Clinton,
Ottawa County, Ohio, lying north
erly of the northerly line of the
right of way of The New York
Central Railroad Company's spur
and sidetrack which extends in a
northeasterly direction over and
across the southerly portion of
said Lot No. A.
Way is "a 80 foot wide strip, the
northerly line of which is on a
curve degrees 80 minutes bearing
northeasterly. Said northerly line of
west line of Lot No. at a point
34.90 feet north of the southwest
corner of said lot and intersects
the east line of said lot at point
65.57 feet north of the southeast
corner of said lot, thus making the
feet in depth from Perry Street
and the east line thereof 134.43
feet in depth from Perry Street.
Section 2. That said bonds of
the City of Port Clinton, shall be
issued in said principal sum of
said. Said bonds shall be of the
shall be dated April /, 1858; shall
bear interest at the rate of per
cent per annum, payable semian-
nually on the first day of Octo-
ber and on the first day of April
of each year until the principal
sum is paid and shall mature in an
nual installments after their is
suance, the last due fifteen years
from date of issue
Section g. That it is necessary
Il IL. 1Df0 .tr,n
that notes shall be issued in antici-
patton Of the issuance of said
bonds.
Section 4. That such anticipatory
notes in the amount of $55,000.00
which sum does not exceed the
amount of the bond issue, shall
be issued bearing interest at the
rate of per cent per annum, pay
able at maturity Such notes shall
be dated the 1st day of April, 1852
and shall mature on the 1st day OF
April, 1853. Such notes shall be
executed and delivered in such mum
ber and such denominations as
may be requested by the purchaser
of such notes.
Section 5. Such notes shall be
executed by the Mayor and City
Auditor and bear the seal of the
corporation. They shall be desig,,
mated city Garage Notes and
shall be payable at the office OF
the City Auditor in the City OF
Port Clinton. Ohio; they shall ex-
press upon their face the purpose
for which they are isued and that
they are issued pursuant to this
Section 6. Said notes shall be
first offered to the City Treasurer
being the officer having charge OF
the Bond Retirement Fund OF the
City of Port Clinton, Ohio. and SC
many of the same as shall not be
taken by said City Treasurer shall
be sold at private sale by the City
Auditor, but for not less than PAL
and accrued interest, and the
proceeds from such sale, except
any premium and accrued interest
thereon shall be paid into the
proper fund and used for the pur-
poses aforesaid and for no other
purpose. Any premium and accrued
interest shall be transferred to the
Bond Retirement Fund to be ap-
piled in the payment of the prln'
cipal and interest of said notes II
the manner provided by law.
Section Z. Said notes shall be
the full general obligations of the
City of Port Clinton, Ohio, and the
full faith, credit and revenue OF
said City are hereby pledged foi
the prompt payment of the same
The par value to be received from
|
by said notes and any excess fun6
resulting from the issuance of sale
notes shall to the extent neces'
sary be used only for the retire
ment of said notes at maturity, TO
gether with interest thereon, and is
hereby pledged for such purpose
Section s. During the year OF
years while such notes run there
shall be levied on all the taxabls
property in the City of Port Clin.
ton, "Ohio. in addition to all Other
taxes, direct tax annually no
: less than that which would have
been levied if bonds had been is
sued without the prior issue o.
: such notes.
/ Said tax shall be and is hereb.
ordered computed. certified leVlee
and extended upon the tax dupll
, cate and collected by the same Off
, GERS, in the same manner ana a
the same time that taxes for gen
eral purposes for each of said year:
are certified, extended and col
lected Said tax shall be place.
: before and in preference to al
thereof. The funds derived from
said tax levies hereby required
shall be placed in a separate ant
distinct fund, which. together witt
the interest collected on the same
shall be irrevocably pledged for thu
, payment Oh tne pIiiieipai any -,
terest of said notes or the bonds
in anticipation of which they arr
issued when and as the same fal
due
Section Q. The City Auditor i:
hereby directed to forward
certified copy of this ordinance t'
the County Auditor.
Section 10. That this ordinance
is hereby determined to be an emer
. gency ordinance and necessary fol
the Immediate preservation of thu
public peace, welfare and safety t.
this corporation for the reason tina
, the present facilities to be replaced