Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1953-02-20
ORDINANCE NO. 4oS

BUILDING TO BE USED AS A
CITY GARAGE BUILDING AND
DECLARING AN EMERGENCY.
WHEREAS, pursuant to Ordi-
nance No. 3S2 passed May IA, 1852
the City of Port Clinton has here
for the sum of $55,0OO in anticipa
ton Of the issuance of bonds foi
the purpose hereinafter stated
which notes mature on or befor.
April i, 1853; and
WHEREAS, Council has deter
mined to issue and sell bonds iL
the amount and bearing the term
hereinafter set forth in order t.
pay, off at maturity thereof tn,
said note issue; and
WHEREAS, at Councils request
the City Auditor. as Fiscal Officer
of the City. has certified that tn
estimated life of property to be ac
quired is at least twenty-five year
| and that the maximum maturity o
such proposed bonds would b,
| determined to retire the same in &
shorter period, to-wit, ten years
| han the maximum period so Ger
i tified:
IF Port Clinton, Ottawa County
Ohio:
to issue the bonds Of the City o.
| Port Clinton in the principal sun
| of $56,650 for the purpose of pro
vidfng a fund for the purchase
garage building and to the exten
necessary, to pay not to exceed
| one years interest on said bonds
that such bonds shall be issued ir
| one lot and that notes have bee1
| issued in anticipation of the is
/ no Nd
Section 2. That said bonds shall
be in the denomination of $1,000
each, except bond No. whici
shall be in the denomination O.
$3.50, and numbered from one tc
| fifty six, shall be dated the frs
day of April, 1853, and bear inter
est at the rate Of three per cen
semi annually on the first day OF
April and the first day of Octobei
of each year until the principa
sum sum is paid. provided, however,
that IT said bonds are sold bearinl
different rate of interest thai.
hereinbefore specified, such bond.
shall bear such rate as may b
| provided for in the resolution o.
of: Said bonds shall mature a
! follows: $6650 on October /, 1854
! $4,000 on October l in each yeal
! from 1855 to 1859, inclusive, ano
| $5000 on october ! In each year
from 1860 to 1863, inclusive, which
to be In substantially equal annual
installments.
The principal and interest OF
said bonds shall be payable at The
American Bank of Port Clinton
Port Clinton, Ohio.
express upon their face the pur-
pose for which they are issued
that they are issued in pursuance
of this ordinance, and shall be
signed by the Mayor and City Audi.
seal of said City. The interest
coupons attached to said bonds
shall bear the facsimile signature
of the City Auditor.
Section A. That for the purpos.
of providing the necessary funds
to pay the interest on the forego-
and as the same falls due and also
to provide fund sufficient to dis
charge the said serial bonds at ma.
turity, there shall be and is hereby
levied on al; All the taxable property
addition to all other taxes, a di.
rect tax annually during the period
| said bonds are to run in an amount
sufficient to provide funds to pay
interest upon said bonds as anG
|
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 sink
ing fund tax required by Section
II of Article XII of the Constitu-
| tion.
Section 5. Said tax shall be and
is hereby ordered computed, GER
| titled, levied and extended upon
the tax duplicate and collected by
the same officers, in the same man
ner, and at the same time tha'
each of said years are certified,
extended and collected. Said tax
shall be placed before and in pre-
ference, to all other items and fol
| the full amount thereof. The funds
derived from said tax levies hereby
required shall be placed Ain a sep
arate and distinct fund, which to-
gether with all interest collected
pledged for the payment of the in
terest and principal of said bonds
when and as the same fall due.
Section 6. That said bonds shal
be first Offered at par and accrued
interest to the City Treasurer as
officer in charge Of the Bond Re
refuses to take any or all Of sale
bonds, that said bonds not so takeT
shall be advertised for public sale
and sold in the manner provide
| by law, but not for less than their
the bond sale advertisement shall
| state that anyone desiring to do
so may present bid or bids TO
such bonds based upon their bear
than hereinbefore fixed, provided
however, that where a fractional
interest rate is bid. such fraction
shall be one-quarter of one per
| centum or multiple thereof; the
amount. Of the bond or certified e
in the amount Of one percent OF
| the par amount of the bonds bi
| for; the proceeds from the sale OF
said bonds. except the premium mum
| be used for the purpose aforesaid
| and for no other purpose; the pre-
MUM and accrued interest received
| from such sale shall be transferred
to the Bond Retirement Fund to
| be applied in the payment of the
in the manner provided by law.
Section T. It is hereby. deter ),
things necessary to be done pre-
cedent. to and in the issuing OF
these bonds in order to make them
legal, valid and binding obligations
of said City have been done. hap
pened and performed in regular
and due form as required by law
| that the faith, credit and revenue
of said City are hereby irrevocab :
ly pledged for the prompt payment
+. of the principal and interest there
! of at maturity: and that no limita-
tion of Indebtedness or taxation
either statutory or constitutional,
has been exceeded in issuing these
bonds.
Section s. The City Auditor Is
hereby directed to forward a GER.
titled copy of this ordinance to the
County Auditor.
Section 8. This ordinance is
hereby declared to be an emergency