Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1954-06-04
ORDINANCE NO. 374-A
nDnTNy AyCE AIynIInDTO DTOTNyC


AN ORDINANCE AUTHORIZING
THE ISSUANCE OF $4,000 OF
VILLAGE HALL ENT
BONDS OF THE VILLAGE OF
PUT-IN-BAY, OTTAWA COUNTY,
OHIO, FOR THE PURPOSE OF
MAKING PERMANENT. IMPROVE
MENTS TO THE EXISTING VII
CONSTRUCTING AND IMPROVING
THE SAME AND REPLACING AND
REPAIRING FURNISHINGS, FUR
NITURE AND E @ U p M e N T
THEREIN
WHEREAS, pursuant to resolu-
tions heretofore adopted by this
Council an election was held on
November 3, 1853, upon the ques-
tion of issuing bonds for the pur-
pose OF making permanent improve
ments to the existing Village Hall
by repairing, reconstructing and
improving the same and replacing
and repairing furnishings, furniture
and equipment therein in the a
mount of 100000 and of a. levy of
taxes outside of tax limitations to
pay the principal of and interest
on such bonds; and
WHEREAS, at said election the
requisite majority Of those voting
upon the proposition voted in favor
thereof and this Council now pro-
poses to proceed with the issuance
of said bonds; and
WHEREAS, in pursuance of the
request of this Council the Village
Clerk, as Fiscal Officer of the Viii
lage, has heretofore certified that
the estimated life of the property
and improvements to be financed
by the issuance of said bonds is at
least five years and that the max
imum maturity of said bonds is
fourteen years, being the period OF
years for which said bonds were
voted
NOW, THEREFORE,, BE 1T Or
DAINED by the Council Of. the VII
lage of Putin Bay, ottawa County,
Ohio:
Section 1. That it is necessary
to issue the bonds of the Village
of Put in Bay in the principal a
mount of $4,000 in order to pro-
vide a fund for making permanent
improvements to the existing VIII
lage Hall by repairing. reconstruct
ing and improving the same and
replacing and repairing furnish
ings, furniture and equipment
therein; that such bonds shall be
issued in one lot; and that notes
shall not be issued in anticipation
of the issuance of said bonds.
Section 2. That said bonds shall
be in the denomination of $1,000
each, shall be numbered from l to
80, both inclusive, shall be dated
the first day of May, 1854, and
shall bear interest at the rate of
three per centum (3%) per annum,
payable semi-annually on the first
day of May and the first day of
November of each year, until the
principal sum is paid, as evidenced
by the coupons attached thereto;
provided, however, that If the bonds
are sold bearing a different rate
of interest than herein specified,
such bonds shall bear such rate of
interest as may be provided in the
resolution of Council approving the
award thereof. Such bonds shall
Der / in each year from 1855 to
1856, inclusive and $4,000 on Novem-
Der l in each year from 1867 to
1868, inclusive, which maturities
are hereby determined to be sub
stantially in equal annual INSTALL
ments.
Section 8. Said bonds shall be
executed by the Mayor and Clerk
and shall bear the corporate seal
of said Village. The interest cou-
pons attached to said bonds shall
bear the facsimile signature of the
Clerk printed or autographed there
on. They shall be designated will
lage Hall Improvement Bonds" and
shall be payable in lawful money
of the United States of America
at the office of the legal depository
of said Village, presently The A
merican Bank of Port Clinton, Ohio,
Port Clinton, Ohio.
Section 4. For the purpose of
providing the necessary funds to
pay the interest on the foregoing
issue of bonds promptly and 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 the taxable property in
the Village of Putin Bay. in addi-
tion to all other taxes, direct tax
annually during the period said
bonds are to run in An amount Suf-
ficient to provide funds to pay the
interest upon said bonds as and
when the same fal! due, and also
to provide q fund for the discharge
of the principal of said serial bonds
at maturity, which tax shall not be
less than the interest and sinking
fund tax required by Section IL of
Article XII of the Constitution of
Ohio, and shall be outside of the
limitation of Section of said Ar
ticle. -
Section 5. Said tax shall be and
is hereby ordered computed, certi-
fled, levied and extended upon the
tax duplicate and collected by the
same officers, in the same manner
and at the same time that taxes
for general 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
from said tax levies hereby required
shall be placed in a separate and
distinct fund, which together with
all interest collected on the same
shall be irrevocably pledged for the
payment of the interest and prin-
cipal of said bonds when and as
the same fall due.
Section 6. That said bonds shall
be first offered at par and accrued
Interest to the Village Treasurer
as officer in charge of the Bond
Retirement Fund, and If said offfc-
er refuses to take any or all OF
said bonds. that said bonds not sc
taken shall be advertised for public
sale and sold in the manner pro-
vided by law, but not for less than
their par value and accrued inter
est: the bond sale advertisement
shall state that any one desiring tC
do so may present a bid or bids
for such bonds, based upon their
bearing a. different rate of interest
than hereinbefore fixed, provided
however, that where a 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 bs
one per cent of the par amount OF
the bonds bid for: the proceeds
from the sale Of said bonds, except
the premium and accrued interes,
thereon, shall be used for the pur-
pose for which said bonds are is
sued and for no other purpose: the
premium and accrued interest re-
ceived from such sale shall be
transferred to the Bond Retire.
,,,apt LSupd RI ha annJiad in tho nav