The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1953-09-17
ORDINANCE l-S-53


AUTHORIZING THE ISSUANCE OF
NOTES TO EXTEND THE MATURITY OF
OUTSTANDING ONE YEAR NOTES IS
SUED IN ANTICIPATION OF S1S0.00 SEW
Err IMPROVEMENT BONDS AUTHORIZED
BY THE ELECTORS AT THE NOVEMBER
1850 Is,. ,,,,E ELECTION. AND DECLARING AN
WHEREAS. THE ONE YEAR s1so. 900
Sewer Improvement Notes authorized by ordi-
nance passed September s. 1852 which are
dated October /, 1852 are due October /, 1858,
and
WHEREAS. the work is not yet completed
and this council deems il necessary to extend
the maturity of said notes and renew them for
another year. now therefore.
BE 1T ORDAINED by the Council of the
village of Bluffton. State of Ohio,
Section 1. That for the purpose of con-
structing intercepting sanitary sewers and
sewage disposal works it is necessary to is
lage of Bluffton in the principal sum of $780,
600 under authority of the Uniform Bond Act
of the General Code. and notes shall be issued
In anticipation thereof
That this council contemplates that said
bonds will be dated approximately September
i. 1854, will bear interest at a rate estimated
az three and one-haf per sentum per annum,
payable semi-annually. and will mature in
twenty-five annual installnients after their is
suance.
Section 2. It is hereby determined to issue
notes to extend the maturity of said outstand-
the issuance of said bonds In the sum of $3.50
goo. Said issue shall consist of notes of such
denominations as the purchaser shall request,
dated october 4, 1858. due and payable one.
year from date and bearing interest at the
rate OF three per centum per anr,um payable.
at maturity. Both principal and interest shall
De De payable at The Citizens National Bank of
Biuffton in Bluffton. Ohio
Section 8. Said notes shall express on their
face the purpose for which they are issued !.
that they are issued in pursuance of this ordi-
nance and shall be signed by the Mayor and
Section 4. Subject to rejection of said
notes by the Board of Trustees of the Sinking
Fund' said notes are hereby awarded and sold
to Ryan, Sutherland and Company of Toledo
Ohio at par plus accrued interest in accordance
with their written offer of purchase dated
September l, 1858. Out of the proceeds of
sale. the accrued interest II any. together with
such amount as may be necessary to pay the
interest accruing on such notes to the maturi-
ty thereof shall be set aside and transferred
to the Bond Retirement Fund; and the balance
the proper, fund and used for the purpose for
which said notes are being issued under the
provisions of this ordinance
Section S: Said notes shall be the full gen.
eral obligations of the Village of Bluffton and
the full faith. credit. and revenue of the viii
lage are hereby pledged for the prompt pay
ment of the same. The mar value to be re-
ceved from the sale of the bonds anticipatetI
by said notes and any excess fund resulting
from the issuance thereof shall to the extent
necessary be used for retirement of said notes
at maturity, together with interest thereon,
and is hereby pledged for such purpose
Section s. During the year or years while
such notes run there shall be levied on all the
taxable property in the Village of Bluffton in
addition to all other taxes and outside of tax
limitations. a direct tax annually not less than
that which would have been levied if bonds
had been issued without the prior issue of such
notes.
Section z. The Clerk is hereby directed to
forward certified copy of this ordinance to
the County Auditor.
Section 8. This ordinance is hereby de-
clared to be emergency measure and shall
take effect and be in force from and after its
adoption. The reason for the emergency lies
in the fact that this ordinance is necessary
for the immediate preservation of the public
health
Passed September z, 1853
w. A HOWE, Mayor
Attest: A. j. B. Longsdorf Clerk
I hereby certify that the foregoing is a true
copy of an Ordinance providing for the issu-
ance of $l80.000 Sewer Improvement Notes
together with minutes of the meeting showing
the vote thereon.
A. ]. B. LoNGsDoRF. Clerk