Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1953-01-23
Legal Notices
ORDNANCE NO. 4oa

| THE LEVY OF SPECIAL ASSESS
! MENTS AND IN ANTICIPATION
OF THE ISSUANCE OF BONDS IN
ANTICIPATION OF THE COLLEC-
| TION OF SPECIAL ASSESSMENTS
FOR THE IMPROVEMENT o F
! THE WESTERLY PORTION OF ID.
| W.. PAYNE'S ADDITION TO THE
! CITY OF PORT CLINTON, OHIO
BY LAYING. CONSTRUCTING AND
INSTALLING A WATER LINE
WITH SERVICE CONNECTIONS.
Whereas, the council of the City
| of Port Clinton, Ohio. has hereto
fore, by proper legislation, declared
the necessity of improving the west
| erly portion of D.. w. Payne's Ad-
| dition to said city by installing a
water line with service conn ections,
as set forth in said legislation, and
Whereas, this Council contem-
plates the use Of $4774.90 for the
purpose Of paying the portion of
the cost of said Improvement which
is to be paid by assessments. and
1t Will require not to exceed $2S6.49
to care for interest maturing pre-
vious to the receipt of assessments
from which such interest is ulti-
mately to be paid, either upon the
bonds or notes herein provided for,
and making an aggregate amount
of $5061.S9, now therefore,
BE 1t ordained by the Council of
the City of Port Clinton, Ohio,
Section 1. That it is hereby de-
the City of Port Clinton, Ohio, In
the principal sum of $5061.39 for
the purpose of raising money, in
anticipation of the collection of
special assessgnents for the i'm
provement of the westerly portion
of d. w. Payne's Addition to said
City by laying, constructing and in
stalling water line with service
connections as set forth and des-
cribed in Ordinance No. 402, passed
by this Council on December %,
Section Q. That said bonds of
the City, of Port Clinton, shall be
$5061.39 for the purpose aforesaid.
That the bonds shall be of the de-
nomination of 100000 except one
in the amount of $1061.39 and shall
be dated approximately April 1.
1866, shall bear interest at the es-
able semi annually until the prin-
cipal sum is paid and shall mature
in 10 annual installments after
their issuance.
Section g. That for the purpose
of raising money in anticipation Of
the levy of special assessments and
of the issuance of the aforesaid
tion of special assessments for the
aforesaid improvements, to be made
in accordance with the legislation
heretofore passed by the city coun-
Gil with respect thereto, to pay the
property owners share of the cost
and expense of said Improvement,
1t is hereby declared necessary to
issue and there shall be issued
notes Of said city In the amount of
$5061.39 which shall be placed to
the credit Of the D. w. Payne's Ad-
dition Water Line improvement
Fund.
Provided, however, that the ap-
preparation hereinabove made for
said Improvement is subject to the
qualification that interest at the
rate of 80 per annum for the
period prior to the collection OF the
first installment SO to be levied
shall be included in said amount
and the amount necessary to pay
said interest is hereby appropriated
for the payment thereof and for no
other purpose and the amount
above set forth shall be reduced
by the apportioned amounts for the
payment of said interest.
Section 4. That such anticipa-
tory notes in the amount aforesaid
shall be issued bearing interest at
the rate of 39o per annum, payable
semi-annually. Such note or notes
shall be dated the 1st day of April,
1853, and shall mature on the 31st
day of March, 1855. Such note or
notes shall beeexecuted and deliver
ed in such number and such de-
nominations as may be requested
by the purchaser thereof.
Section 5. Such notes shall be
executed by the Mayor and City
Auditor and bear the seal OF the
Corporation. They shall be payable
at the office of The American Bank
in the City of Port Clinton, Ohio,
and shall express upon their face
the purpose for which they are is
sued and that they are issued pur-
suant to this ordinance.
Section 6. All assessments col
lected for the improvements afore-
said and unexpended balances re-
naming in the funds after the costs
and expenses of said improvements
have been paid, shall be applied to
the payment of said notes and the
interest thereon until both are fully
provided for.
Section Z. Said notes shall be
first offered to the Sinking Fund
Trustees of the City and so many
of the same as shall not be taken
by said trustees shall be sold at
private sale by the city auditor, but
for not less than par and accrued
interest, and the proceeds from
such sale, except any premium and
accrued interest thereon (and the
amount thereof necessary for the
payment of interest prior to- the
maturity of said notes) shall be
paid into the proper fund and used
for the purpose aforesaid and for
and accrued interest (and the
amount necessary for the payment
of interest prior to their maturity
shall be transferred to the Sinking
Fund to be applied in the payment
of principal and interest OF said
notes In the manner provided by
/ law.
| Section g. Said notes shall be
the full general obligations of the
city and the full faith, credit and
revenue of said city are hereby
| pledged for the prompt payment
received from the sale Of the bonds
| anticipated by said notes and any
excess fand resulting from the is
suance of said notes shall. to the
| extent necessary, be used only for
1.-THE retirement of said notes at ma
turity, together with interest there
on, and is hereby pledged for such
purpose.
Section 8. In the event that such
assessments are not levied or bonds
are not issued to provide a fund
for the payment of said notes at
maturity. general tax shall be
levied against all of the property
in said city for the payment of
such notes and the interest there
on.
Section 10. The City auditor is
hereby directed to forward a certi-
fled copy of this ordinance to the
county auditor.
Section II. That this ordinance
shall take effect and be in force
from and after the earliest period
allowed by law.