Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1953-01-16

ORDINANCE NO. 4os

OnOANANCE NJ. 4U6
TO PROVIDE FOR THE ISSUE OF
THE LEVY OF SPECIAL ASSESS
MENTS AND IN ANTICIPATION
OF THE ISSUANCE OF BONDS IN
ANTICIPATION OF THE COLLEC-
TION OF SPECIAL ASSESSMENTS
FOR THE IMPROVEMENT 0 F
THE WESTERLY PORTION OF d.
W: PAYNES ADDITION TO THE
BY LAYING, CONSTRUCTIN AND
INSTALLING A WATER Ii N e
WITH SERVICE CONNECTIONS.
Whereas, the council of the City
Of Port Clinton, Ohio, has hereto
fore, by proper legislation, declared
the necessity of improving the west
erly portion of d. w. Payne's Ad-
dition to said city by installing
water line with service connections,
as set forth in said legislation, and
Whereas, this Council contem-
plates the use Of $4774.90 for the
purpose of paying the portion of
the cost of said Improvement, which
is to be paid by assessments, and
1T Will require not to exceed $2S6.49
to care for interest maturing pre-
vious to the receipt of assessments
from which such interest is ulti-
mately to be paid, either upon the
and making an aggregate amount
of $5061.39, now therefore, -
Be 1t ordained by the Council OF
the City Of Port Clinton, Ohio,
Section /. That it is hereby de-
clared necessary to issue bonds OF
the City of Port Clinton, Ohio, in
the principal sum of $506I39 for
the purpose of raising money, In
anticipation Of the collection of
special assessments for the i'm
provement of the westerly portion
of D. w. Payne's Addition to said
City by laying, constructing and In
stalling a water lire with service
cribed in Ordinance No. 402, passed
1852.
Section 2. That said bonds Of
the City Of Port Clinton, shall be
issued in the principal sum OF
S5061.39 for the purpose aforesaid
That the bonds shall be of the de-
in the amount of $1061.39 and shall
be dated approximately April l.,
1855, shall bear interest at the es-
timated rate of go per annum, pay
able semi-annually until the prtn-
cipal sum is paid and shall mature
in 10 annual installments after
their issuance.
Section 3. That for the purpose
of raising money in anticipation OF
the levy of special assessments and
Of the issuance of the aforesaid
bonds in anticipation Of the collec-
tion of special assessments for the
aforesaid improvements, to be made
in accordance with the legislation
heretofore passed by the city coun-
Gil with respect thereto, to pay the
property owners share of the cost
and expense of said improvement,
it is hereby declared necessary to
issue and there shall be issued
notes of said city in the amount or
S5O6139 which shall be placed to
dition Water Line Improvement
Fund.
Provided, however, that the ap-
preparation hereinabove made for
said improvement is subject to the
qualification that interest at the
rate of go per annum for the
period prior to the collection of the
first installment SO to be levied
shall be included in said amount
and the amount necessary to pay
said interest is hereby appropriated
for the payment thereof and for no
other purpose and the amount
above set forth shall be reduced
payment of said interest.
Section f. That such antfcipa-
tory notes in the amount aforesaid
shall be issued bearing interest at
the rate of 80 per annum, payable
semi-annually. Such note or notes
shall be dated the LIST day of April,
1953 and shall mature on the 31st
day Of March, 1855. Such note or
notes shall be executed and deliver
ed in such number and such de-
nominations as may be requested
by the purchaser thereof.
Section 5. Such notes shall be
executed by the Mayor and City
Auditor and bear the seal of the
Corporation. They shall be payable
at the office Of The American Bank
in the City of Port Clinton. Ohio,
and shall express upon their face
the purpose for which they are is
sued and that they are issued pur-
suant to this ordinance.
Section 6. All assessments col
lected for the improvements afore-
said and unexpended balances re-
| naming in the funds after the costs
and expenses of said improvements
have been paid. shall be applied to
the payment of said notes and the
interest thereon until both are fully
provided for
Section T. Said notes shall be
| first offered to the Sinking Fund