Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1953-02-13
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ORDINANCE NO. 4O5

Nj 1hIAkA1E AMI
DECLARING AN EMERGENCY.
WHEREAS, pursuant to Ordi-
nance No. 3S2 passed May IA, 1862
the City of Port Clinton has here.
tofore issued City Garage Note
for the sum of $55,000 in anticipa
tion of the issuance of bonds foi
the purpose hereinafter stated
which notes mature on or before
April /, 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 th
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
qufred is at least twenty-five veal +
and that the maximum maturity o.
such proposed bonds would b,
twenty-five years; but Council ha.
determined to retire the same in i
shorter period, to-wft, ten years
han the maximum period so Ger
lifted:
NOW, THEREFORE,, BE IT OR
DAINED by the Council of the Cit.
2f Port Clinton, Ottawa County
Section l. That it is necessary
to issue the bonds Of the City 0
/ = VI N'lihlOIl III Tic iii
of $56,650 for the purpose of pro
viding a fund for the purchase o
a. building to be used as a Cit. :
| garage building and to the exten
necessary, to pay not to excee,s
one years interest on said bonds
that such bonds shall be issued il
| one lot and that notes have beer
| issued in anticipation of the is.
suance of said bonds.
Section g. That said bonds shal
be in the denomination of $1,000
each, except bond No. whic.5
| shall be in the denomination
| $3.50, and numbered from one t,
fifty six, shall be dated the frs;
day of April, 1853, and bear inter
est at the rate of three per cen
tum (3%) per annum, payabio
April and the first day of Octobe
of each year until the principa
sum is paid, provided, however
that if said bonds are sold bearing
a different rate of interest thai
shall bear. such rate as may b
| provided for in the resolution
COUNCIL approving the award there
| of. Said bonds shall mature a
follows: fenou $6650 on October l, 1885,;
from 1855 to 1859. Inclusive, ano
| $4,000 on October / in each year
from 1860 to 1868, inclusive, which
maturities are hereby determine.
to be in substantially equal annua.
| installments.
The principal and interest OF
| said bonds shall be payable at The
American Bank of Port Clinton
Port Clinton, Ohio.
/ Section 8. That said bonds shall
express upon. their face the pur-
that they are issued in pursuance
of this ordinance. and shall be
signed by the Mayor and City Audi.
tor, and sealed with the corporate
coupons attached to said bonds
shall bear the facsimile signature
/ of the City Auditor.
Section A. That for the purpose
| OF providing the necessary funds
to pay the interest on the forego-
tag issue of bonds, promptly when
and as the same falls due and also
to provide a fund sufficient to dis
charge the said serial bonds at ma
turity, there shall be and is hereby
levied on & 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 and
to provide a 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
| ton.
Section 5. Said tax shall be and
| is hereby ordered computed, GER
| titled, levied and extended upo1
| the tax duplicate and collected by
ner, and at the same time tha
taxes for general purposes fol
each of said years are certified
extended and collected. Said ta,
shall be placed before and in pre-
ference to all other items and foI
derived from said tax levies hereby
required shall be placed in 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
tirement Fund, and if said officer
| refuses to take any or all of sale
| bonds, that said bonds not so takel
| shall be advertised for public sal
and, sold in the. manner. provide
| by law, but not for less than their
| par value and accrued interest;
the bond sale advertisement shal
state that anyone desiring to 90
SO may present a bid or bids TO
| such bonds based upon their bear
than hereinbefore fixed. provided,
however, that where fractional
interest rate is bid. such fraction
shall be one-quarter of one pei
centum or multiple thereof; the
amount of the bond or certified
check to accompany bids shall b,
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
and accrued interest thereon shal,
be used for the purpose aforesaid
and for no other purpose; the pre-
MUM and accrued interest received
from such sale shall be transferred
be applied in the payment OF tht
principal and interest of said bonds
in the manner provided by law
Section T. 1t is hereby. deter,
mined that all acts. conditions ana
things necessary to be ,.s,,ie done pre- 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
that the faith, credit, and revenue u
J Of said City are hereby 1rrevocaD-
ly pledged for the prompt payment
Of the principal and interest there
of at maturity; and that no limita-
ton of indebtedness or taxatlon,
/; 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.
| cantioY, q m his ordinance is
| hereby declared to be an emergency
| rnea snre NECESSARY for the imme-