The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1953-10-29
ORDINANCE NO. IS 1853

PROVIDING FOR THE ISSUANCE OF
NOTES OF THE VILLAGE OF BLUFFToN
TO PROVIDE FUNDS TO PAY MATURING
THE ISSUANCE OF BONDS TO PAY THE
VILLAGES PART OF THE COST AND IN
ANTICIPATION OF THE LEVY AND COL
LECTION OF SPECIAL ASSESSMENTS
PROPERTY OWNERS PART OF THE
COST OF CONSTRUCTING A MAIN IN
TERCEPTOR SEWER AND BIG RILEY
INTERCEPT0R. LITTLE RILEY INTER
GEPToR. AND ELM STREET INTERCEP-
TOR SEWERS IN GENERAL SEWER DIS
WHEREAS. the villages part of the cost
and expense of constructing the hereinafter
erty owners portion Is s23s. 600, and
WHEREAS the one year S250.000 General
Sewer District No. Il Improvement Notes
authorized by Ordinance passed November 81.
1852 as amended by Ordinance passed Decem-
Der |. 1852 and which are dated December 1,
1852 are due December & 1858, and
WHEREAS. the work Is not yet completed
nor the assessments leyied and this council
deems 1t necessary to issue one year notes to
provide funds TO pay the notes maturing on
December 1. 1853. now therefore
BE TT ORDAINED by the Council of the
Village of Bluffton. State of Ohio.
Section /. That ittis hereby declared nec-
essary to issue the bonds of the Village of
Bluffton in the principal sum of $3.50. 900. to
pay the Villages part of the cost and in an
ticipation of the collection of special assess
ments to pay the property owners portion
of the cost of constructing main intercen.
tor sewer and Big Riley Interceptor. Little
Riley Interceptor. and Elm Street Intercept
tor Sewers in General Sewer District No. l.
Section 2. Said bonds shall be dated Decem-
Der /. 1853. shall bear 'pterest at three (sesl
per centum per annum payable semi i-annually
until the principal sum is eaid. and shall
mature in 20 Substantially equal annual in
stallments after their issuance.
z ttYaF aa&e es,f Ji,,c
funds to pay maturing notes lsfued in anti
cipation of the ISSUANCE Of bonds to pay the
villages portion of the cost of, eaid improve
ment and ip anticipation Of theAIevy of spec
the properly ownerf portion Aof the cost OF
said improvemepf. u sccordance with the leg.
islation hereteforeE passed by Ethe Village
Council with respect thereto. it is hereby de
$3.50. 900.
Section T. Said issue shall consist of notes
of such denomination as the purchaser shall
with one. dated December /, 1858. due and
payable on December l 1854 and bearing in.
terest at the rate cf three per centum (3Te)
per annum. payable at the maturity of said
notes. Both principal and interest shall BE-
payable at The Citizens National Bank OF
Button. in Bluffton. Ohio.
Section 5. Said notes shall express on their
face the purpose for which they are issued
nance and shall be signed by the Mayor and
Clerk and sealed with the corporate seal OF
the Village.
Section S. Said notes shall be the full gen.
eral obligations Of the Village. for the pay.
ment of principal And interest Of which the
hereby pledged Said Village also hereby
pledges itself to levy assessments to pay the
property owners part of the cost of the i'm.
provement in anticipation Of which these
notes are issued. and to issue bonds In anti.
eination of the collection of such assessments
The proceeds of the sale of said bonds and
any excess funds above the actual cost result
ing from the issuance of such notes are here
by pledged for the retirement of the notes al
maturity. The Resessments collected for the
Improvement shall be applied to the paymen,
of the notes and interest thereon until both
are fully paid and thereafter such assess
ments shall be applied to the payment of the
bonds 10 be issued and the interest thereon
In the event that assessments are not leviet
or bonds issued to provide fund for the pay
ment of the notes at maturity. a general Ia,
shall be levied on all fhe taxable property OF
the Village sufficient % pay said notes ant
such notes run there shall he levied on ai
the taxable property In the Village of Bluff
ton. in addition to III other taxes. drec
tax. tax annually od not lss than that yhich wou
without the nrior issue of such notes.
Section g. Subject a rejection of said note.
by the Board of Trustees of the Sinkine
Fund. said notes are hereby awarded and solt
m Ryan. Sutherland and Company Of Toledo
Ohio at not less thaa par plus accrued in
terest in accordance with their writer offe,
of purchase dated October 10. f95s Out q.
the proceeds of sale. the accrued interest. /.
any. together with such amount as NAV b.
necessary to nav the interest aceruing or
such notes tn the MATURITY thereof shan b,
set aside and transferred to the S'rtinr
Fund: and the balance of the proceeds O.
such sa'- shall be naid into tha proper fun,
and nsad for the purpose for which said rose'
are being issued under the provisions of thi
ordinance.
Section O. The Clerk Is hereby directed +,
send certified COPY Of this ordinance to m,
County Auditor of Allen County.
Section 10. This ordnance shall take efF.c
and be in force from and after the earlies
period allowed bv Law.
Passed October 26. 1858.
w. A. HOWE. Mayor
Attest: