Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1953-04-17

TION OF THE COLLECTION OF
| SPECIAL ASSESSMENTS AND FOR
| THE CITY PORTION OF CERTAIN
DESIGNATED IMPROVEMENTS IN
WEST SIXTH STREET AND EAST
FIFTH STREET BETWEEN GER
| TAIN TERMNI, AND DECLARING
AN EMERGENCY.
WHEREAS, the Council of the
City of Port Clinton has heretofore
by Resolution No. 374 passed Au-
gust %, 1851, declared the neces-
sity of making certain designated
improvements in West Sixth Street
| and has heretofore by Resolution
No. 373 passed August %, 1851,
declared the necessity of making
certain designated improvements
to finance such construction has
heretofore authorized and issued a
note in anticipation of the Issuance
or bonds and the levy and collec-
tion of special assessments. which
note Is now due; and
WHEREAS, the City Auditor. as
fiscal officer has certified to the
maximum maturity of the bonds
proposed to be issued and as tn tha
estimated life of the improvements
SO constructed. which maximum
maturity may not exceed the ten
year period provided for collection
OF said assessments;
NOW, THEREFORE,, BE 1T Or
DAlNED by the Council of the City
OF Port Clinton, Ottawa County,
Section /. That 1t is deemed
city In the principal sum of $37,160
In anticipation of the collection of
special assessments heretofore lew
led to pay:
..5G)The property owners por-
tion, to wit, $5.2oo.89 and the
nnrfinn q ocr1 INN hxr -
wit, $4o2.52, of the cost of i'm
proving West Sixth Street be-
tween the termini specified in
Resolution No. 374, passed Au-
gust %, 1851, and
90 The property owners por-
tion, to-wit, $24,578.34 and the
portion assumed by the City, to-
wit, .$6.975.96 of the cost of i'm
proving East Fifth Street be-
tween the termini specified in
Resolution No. 373, passed Au-
by grading, draining and paving
and otherwise improving the same
as provided in said resolutions. 1t
Is hereby recited and declared that
there has been included in the
amount of said bonds (and in the
amount of notes previously issued
In anticipation thereby an amount
sufficient to pay the interest there
on until said assessments are
available
Section Q. Said bonds in the prin-
cipal sum of $37,160 shall be issued
in the denomination of $1,000 each,
denomination of s1,16o, shall be
numbered from to 81, both in
elusive, and shall be dated May /,
1853. Said bonds shall bear interest
at the rate of three per centum
(3%) per annum. payable semi
and November OF each year begin
ming May l. 1854, until the princi-
pal sum is paid, provided, how
ever, that If said bonds are sold
bearing a different rate of inter-
est than hereinbefore specified,
such rate of interest as may be
provided in the resolution of Coun-
Gil approving the award thereof
Said bonds shall mature as fol-
lows:
$3.50 November /, 1854.
$4,000 November /, from 1865
to 1855, Inclusive.
$4,000 November 1, from 1857
to 1868, inclusive.
Said maturities are hereby deter
mined to be in substantially equal
annual installments.
Section 8. That said bonds shall
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 Auditor,
and sealed with the corporate seal
| attached to said bonds shall bear
the facsimile signature of the Au-
I ditor. Interest and principal of
! said bonds shall be payable at the
legal depository of the City, pres
emily The American Bank of Port
Clinton, Port Clinton Ohio.
Section 4. That for the purpose
of providing the necessary funds
to pay the interest on the forego-
ing issue of bonds. promptly when
| and as the same fall due and also
| to provide a fund sufficient to dis
, charge the said serial bonds at ma
turity, there shall be and is here
by levied on all the taxable prop
| erty in said City of Port Clinton,
| in addition to all other taxes, a
direct tax annually during the pc
| riod said bonds are to run in an
amount sufficient to provide funds
to pay interest upon said bonds as
and when the same falls due and
| also to provide fund for the dis
charge of the principal of said Sc
| rial bonds at maturity, which tax
| shall not be less than the interest
| and sinking fund tax required by
| Section II of Article XII of the
d.
that in each year when the assess
ments anticipated by said bonds
are available for the payment of
such bonds and are appropriated
! for such purpose. the amount of
such tax shall be reduced by the
amount of the assessment so ap-
propriated.
Said tax shall be and is hereby
ordered computed, certified, levied
and extended upon the tax dupli-
cate and collected by the same Of
ficers, in the same manner and at
the same time that taxes for gen
eral purposes for each of said
years are certified. extended and
collected. Said tax shall be placed
before and in preference to all
other items and for the full
amount thereof. The funds derived
quired shall be placed in a sep
arate and distinct fund. which to-
gether with all interest collected
on the same, shall be irrevocably
pledged for the payment of the in
terest and principal of said bonds
when and as the same fall due.
Section 5. That all installments
of said assessments and all por-
tions thereof, together with inter-
est thereon, shall be applied to the
payment of said bonds and inter-
est as the same shall become due
and to no other purpose whatso-
ever.
Section 6. 1t is hereby deter
mined that all acts, conditions and
things necessary to be done pre-
cedent to and in and for the issu-
ing of said bonds in order to max e
them legal. valid and binding OBJ
legations of the city, have been
performed in regular and due form
as required by law; that the full
faith. credit and revenue of said
City shall be and are hereby ire
vocably pledged for the prompt
payment of the principal and in
terest thereof at maturity; and
that no limitation of Indebtedness