Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1953-04-24
ORDINANCE NO. 40

OF BONDS OF THE CITY OF
| PORT CLINTON IN ANTICIPA.
| SPECIAL ASSESSMENTS AND FOF
| THE CITY PORTION OF CERTAIN
DESIGNATED ENTS 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 28, 1851
declared the necessity of making
certain designated improvements
| in East Sixth Street and in order
to finance such construction has
heretofore authorized and issued g
nets 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 to the
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 IT OR
DAINED by the Council of the City
of Port Clinton, Ottawa County
Ohio:
Section l. That it is deemed
necessary to issue bonds of SAID
city in the principal sum of $37,16t
in anticipation of the collection OF
special assessments heretofore lev
led to pay:
Q)The property owners por-
ton, to wit, $5,200S9 and the
portion assumed by the City, to-
wit, $402.52, of the cost of i'm
proving West Sixth Street be-
tween the termini specified in
Resolution No. 374, passed Au-
gust 2S, 1851, and
CD The property owners por-
ton, to-wit, $24,57S.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-
gust 90, 1851,
by grading, draining and paving
and otherwise improving the same
as provided in said resolutions. II
is hereby recited and declared that
there has been included in tn,
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.
cipal sum of $37, 160 shall be issued
in the denomination of $1,000 each
except one bond which is of the
denomination of SLIGO, shall be
numbered from l to 81, both in
elusive, and shall be dated May
1853. Said bonds shall bear interest
at the rate of three per centum
annually on the first days of May
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 sole
bearing different rate of inter
est than hereinbefore specified
then the same bonds shall beal
such rate of interest as may be
provided in the resolution of Coun-
ell approving the award thereof
said bonds shall mature as fol-
lows:
$3,160 November /, 1854.
$4,000 November !, from 1855
to 1856, inclusive.
$4,000 November /, from 1857
to 1868, inclusive.
said maturitieS are hereby deter
mined to be in substantially equa
annual INSTRUMENTS.
Section g. That said bonds shall
express upon their face the pur-
pose for which they are issued
hat they are issued in pursuance
of this ordinance and shall b.
signed by the Mayor and Auditor
and sealed with the corporate sea
Of said City. The interest coupons
attached to said bonds shall bea,
the facsimile signature of the Au
Hifnr InfQrQSf and nrinninQl
said bonds shall be payable at the
'egal depository of the City, pres
,ntly The American Bank of Port
Clinton, Port Clinton, Ohio.
Section 4. That for the purpost
ST providing the necessary fund.
% pay the interest on the forego
ing issue of bonds, promptly wher
Ind as the same fall due and alsC
provide a fund sufficient to dis
charge, the said serial bonds at ma
urity, there shall be and is here
by levied on all the taxable prop
.rty in said City of Port Clinton
in addition to all other taxes,
lirect tax annually during the pc
iod said bonds are to run in al
mount sufficient to provide fund
o pay interest upon said bonds a
md when the same falls due an(
also to provide a fund for the dis
charge of the principal of said Sc
shall not be less than the interest
ind sinking fund tax required b!
section IL of Article XII of tn,
Constitution. Provided, however
hat in each year when the assess
ments anticipated by said bonds
are available for the payment
such bonds and are appropriate
Tor such purpose, the amount OF
,uch tax shall be reduced by tho
amount of the assessment so ap
oropriated.
Said tax shall be and is hereb!
ordered computed certified, leviet
ind extended upon the tax dupli
cate and collected by the same of
ficers, in the same manner and a
he same time that taxes for gen
Aral purposes for each of said
years are certified, extended anf
collected. Said tax shall be placed
before and in preference to al
other items and for the ful.
mount thereof. The funds derived
rom said tax levies hereby re-
Iuired shall be placed in a sep
lrate and distinct fund, which to-
gether with all interest collecte
IN 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
If said assessments and all por-
lions thereof, together with inter
est thereon, shall be applied to the
payment of said bonds and inter
est as the same shall become due
Ind to no other purpose WhatSo-
sVer.
Section 6. 1t is hereby deter
mined that all acts, conditions anc
things necessary to be done pre-
,edent to and in and for the issu
ing of said bonds in order to make
hem legal, valid and binding OBJ
legations of the city, have beer
performed in regular and due form
as required by law; that the full
faith, credit and revenue of sale
City shall be and are hereby ire
ocably pledged for the prompt