Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1954-10-15
Legal Notice
ORDINANCE NO. 4s1

I
of the Levy of Special Assessment,
and in anticipation of the Issuance
OF Bonds to pay the Property Own.
ers' and the City's portions of the
Cost of improving Alice street ant
Monroe street by Paving, Curbing
Guttering, Installing storm Sewer,
and Water Line and Otheryvis.
Improving the same, and declaring
an Emergency.
| WHEREAS, the Council of the
| City of Port Clinton has heretofore
! by proper legislation declared the
necessity of improving Alice Street
and Monroe Street by paving, curb
ing, guttering, installing storm
| sewers and a water line and other
wise improving the same;
NOW, THEREFORE,, BE 1T OR
| DAINED by the Council of the City
of Port Clinton, ottawa County
| Ohio:
Section l. That it is hereby de-
| clared necessary to issue bonds OF
the City of Port Clinton in the
| principal sum of $6S, 900 for the
owners portion, in anticipation St
the collection of special assess
ments, and the City's portion of the
cost Of improving Alice Street and
| Monroe Street by paving, curbing
guttering, installing storm sewers
| ehhu d water line ana OTHERWISE I'm l.
| proving the same between the ter
mini and in the manner provided in
! Resolution No. 54-6, adopted June
| 22, 1854. OF said amount the City, S
portion is $12,750, and the property
owners portion is $55,250.
Section g. That said bonds shall
be dated approximately September
l, 1855, shall bear interest at the
estimated rate of three per centum
(3%l per annum, payable semi an
nually, until the principal sum is
paid, and shall mature in ten sub
stantially equal annual installments
after their issuance.
Section 3. That for the purpose
of raising money in anticipation of
the levy and collection of special
assessments and of the issuance of
the aforesaid bonds for the above
described improvement, it is hereby
declared necessary to issue and
there shall be issued notes of said
City in the principal amount of
$6S,00O
Section 4. That said anticipatory
notes in the amount aforesaid shall
be issued bearing interest at the
rate of percent per annum pay
able semi-annually. Such notes
shall be dated the 1st day of No
the 31st day of October, 1864. Such
notes shall be executed and deliver
ed in such number and such de-
nominations as may be requested
by the purchaser of such notes.
Section 8 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;
they shall express upon their face
the purpose for which they are is
sued and that they are issued pur-
suant to this ordinance.
Section g. 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
provided for.
Section Z. Said notes shall be
first offered to the Treasurer of the |
city and so many of the same as |
shall not he taken hy said Treasurer |
shall be sold at private sale by the |
city auditor. but for not less than |
par and accrued interest, and the !
proceeds from such sale, except any |
premium and accrued interest |
thereon and the amount thereof |
necessary for the payment of in
terest prior TO the maturity of said /
notes, shall be paid into the proper |
fund and used for the purpose !
aforesaid and for not any other
purpose. Any premium and accrued |
interest and the amount necessary |
for the payment of interest prior |
to their neaturitv shall be transfer
red to the sinking fund to be ap--
piled in the payment of principal
and interest of said notes in the !
manner provided by law.
Section 3. Said notes shall be !
the full general obligations Of the |
city and the full faith. credit and |
revenue of said city are hereby |
pledged for the prompt payment of |
ceived from the sale of the bonds |
anticipated by said notes and any
excess fund resulting from the is
suance of said notes shall, to the |
extent necessary. be used only for |
the retirement of said notes at ma
turity, together with interest there
on. and is hereby pledged for such |
purpose.
Section Q. In the event that such
assessments are not levied or bondS
are not issued to provide fund for
the payment vof said notes at ma
turity, a general tax shall be levied
against all of the property in said !
city for the payment of said notes
and the interest thereon; provided,
however, that during the year or
years while such notes run there
shall be levied on all the taxable
property in said City, in addition
to all other taxes, a direct tax an
nually not less than that which
would have been levied for the
City's portion of said notes, if bonds
had been issued therefor without
the prior issue of said notes.
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
ed in a separate and distinct fund
which, together with the interest
collected on the same, shall be ir-
revocably pledged for the payment
of the principal and interest of said
notes or the bonds in anticipation
of which they are issued when and
as the same fall due.
Section 10. The city auditor is
hereby directed to forward certi-
fled copy of this ordinance to the
county auditor.
shall take effect and be in force
from and after the earliest period
allowed bv law
Passed: Oct. 70, 1854
LEROY IT. BRACKEN,
President of the Council.
Attest: BOYD MARTIN
Clerk of the Council.