Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1954-05-21

1t is hereby determined that the
above maturities are in substantial
ly equal annual installments.
Said bonds shall be of the de-
nomination of $4,000 each, except
bond numbered 10 of the denomina-
ton of $561.39; shall bear interest
at the rate of 3 percentum per
annum, payable semi-annually on
the first days of October and April
of each year and for which the
proper interest coupons bearing
facsimile of the signature of the
auditor, shall be attached to and
made a part of said bonds; proVid-
ed, however, that if said bonds are
sold bearing a different rate of in
terest than hereinbefore specified,
such bonds shall bear such rate of
interest as may be provided for in
the resolution of council approving
the award thereof Principal and
interest shall be payable at the
American Bank in the City of Port
Clinton, Ohio.
1t is hereby stated and recited
that the final tax settlement be-
tween the county treasurer and the
city of Port Clinton, next follow
ing the inclusion of a tax for the
issue of the bonds herein provided
for in the annual budget, as pro-
vided by law, will take place in
August. 1854.
Sec 3. For the purpose of pro-
viding the necessary funds to pay
interest on the foregoing issue of
bonds promptly when and as the
same falls due, and also to provide
a fund sufficient to discharge the
said serial bonds at maturity, there
shall be and is hereby levied on all
taxable property in the City of
Port Clinton, in addition to all
other taxes, a direct tax annually
during the period said bonds are to
run, in an amount sufficient to pro-
vide funds to pay the interest upon
| said bonds as and when the same
| shall fall due, and also to provide
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.
| Provided however, that in each
year that the assessments antici-
| pated by said bonds are payable
and are applicable to the payment
Of such interest and principal and
are appropriated for such purpose,
the amount of such tax shall be
reduced by the amount of the as
| sessment so appropriated.
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 collect
ed. 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 the in
| n COZ Sh n
be irrevocably pledged for the pay
ment of principal and interest of
said bonds when and as the same
| fall due.
Sec. f. The city auditor is here
by authorized and directed to certi
Auditor of Ottawa County, Ohio ac-
cording to law.
Sec. 5. That all installments of
said assessments and all portions
| thereof, together with interest
| thereon, shall be applied to the pay
ment of said bonds and interest as
| the same shall become due and to
| no other purpose whatsoever. In
| the event that the amount of bonds
| required to be issued for said i'm
| provement shall be reduced by the
| cash payment by the property own
| ers in accordance with the option
| included in the assessing ordinance,
such reduction shall be ACCOMPLISH
ed by reducing all of the serial
| bonds hereinabove provided fer so
as to retain substantially equal an
nual maturity.
Sec. g. The committee on f. nance
of this council is hereby directed
to have said bonds and coupons
properly prepared and execu ed, to
sell the same and to deposit the
proceeds in the city treasury to
the credit of d. w. Payne's tddi-
ton Water Line fund for the NV
pose of paying the portion of tho
cost of said improvements not here
tofore provided to be paid by said
city and for which purpose said
money is hereby appropriated.
This ordinance shall take effant
and be in force from and after the
earliest period allowed by law.
Passed: May II, 1854.
LEROY BRACKEN.
President of Council.
Attest: BOYD MARTIN,
Clerk of the Council
Approved: HAROLD JEREMY,
Mayor.
NJ