The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1954-06-24
ORDINANCE NO. l2-S4

ORDINANCE NO. l2-54 -.
PROVIDING FOR THE ISSuANGSIEz S "a ySIz-ross oS
FOR THE PURPOSE OF CONSTRUCTING
INTERPRETING SANITARY SEWERS AND
SEWAGE DISPOSAL @oRKS. .n.
600 issued in antieieation of bonds to pro
vide funds for the hereinafter stated inn
provement are aboet to fall due, now there
BE TT oRDAINED by the Council of the VIII
laue of Bluffton State of Ohio,
Section /. That 1t is hereby declared neees-
sary to issue the bonds of the Village of
Button in the principal sum of SlsO'00O Tor
the purpose of constructing intercepting sani-
tary sewers and sewage disposal works. ,,o
Section 2. Said issne shall consist ot ls0
bonds of the denoIpination of $1,000 each
numbered consecutively from l to lSo, in
elusive dated Septsfnoer l, 1854. due ana
payable $1,000 on pecember l in each OF the
years 1865 to 1919 inclusive, and $4,000 on
December l in eaeh of the years 1875 TO 1879
inclusive, which Rstallments hereby de
cared to be in SUBSTANTIALLY equal annual IN
stallments. and sall bear interest at the rate
of three and oue-half per centum l315Rol
per annum, payable on June /, 1855 and
semi-annually tlNreafter on the first day of
June and December in each year, said inter
est to be evideM by coupons to be attached
to said bonds aRd both principal and inter-
est shall be nayable at The Citizens National
Bank of Blqftap, in BluHton, Ohio
Section g. Said bonds shall express on their
face the purpose for which they are issued /:
that they. are issued pursuant to this ordi-
nance and shgfI be signed by the mayor and
clerk and sShled with the corporate seal of
the facsiHfe signature Of 3 clerk.
Said bong shall be the fl general obliEa-,
faith eyedit. an1 revenue j said Village are are
hereby pledged ffor the prR8npt payment of
sRs ssstioaE ssE f%orI.be yarpo.s of providing the
foregoing issue 81 honds rpmptly. when and
as the same fan dpe. and Falso to provide. a
sufficient fund TO idFscharge the said serial
bonds at maturity, there shall be and is here
| by levied al the taxable property in the
said Village in addition to all other taxes
and outside the ten-mill constitutional limta-
| tion, a direct tax annually during the period
said bonds are to run, in an amount suffi-
! cient TO provide funds TO pay the interest up
on said bonds as and when the same falls
due. and also to provide fund for the dis
charge of thu principal of said serial bonds
| at maturity which tax shall not be less than
| the sinking fund tax required by Section XI
| of Article XII of the Constitution.
| Said tax shah be and is hereby ordered com
| puted, certified, levied, and extended upon
| the tax duplicate and collected by the same
officers, in 4he same manner. and at the
/ same time dat taxes for general purposes
! for each of said years are certified, extended,
and collecteds Said tax shall be placed before
and in preference to all other items and fcr
the full amount thereof. The funds derived
from the tax Slevies hereby required shall be
placed in a separate and distinct fund. which
together with the interest collected on same
of principal and interest of said bonds wher
and the same fall due.
Section 5. Said bonds shall be offered at pa
and accrued interest to the Trustees of th
Sinking Fund. and any bonds not taken b.
said FUND shall pe advertised and sold in th'
Section 6. The bond sale advertisement fol
the sale of said bonds shall state that any.
one desiring to do so may present bid for
such bonds based upon their bearing a differ
ent rate of interest than hereinbefore fixed
provided however,, that where a fractional
of one per ce1t or multiples thereof. II
said bonds are sold bearing a different rate
of interest than herenbefore specified such
bonds shall beax such rate of interest as may
be provided forrin the resolution awarding tht
| same.
sale of said h0nds, except the premium and
accrued interest, shall be used for the pur-
pose for which said bonds issued and foI
no other purpnse; the premium and accrued
interest shall be transferred TO the Sinking
Fund to be applied to the payment of prin.
clpal and interest in the manner provided by
law.
Section 8. The clerk is hereby directed tc
send a certified copy of this ordinance to thu
county auditor.
Section 9. This. ordinance shall take effect
and be in force from and after the earliest
period allowed bv law.
Passed June p. 1864
Attest:
A. J. B. LONGsnoRF. Clerk
| hereby certify that the foregoing is a true
copy of the ordinance providing for the is,
suance of $3.50 COO Sewer Improvement Bonds
adopted by the Council of the Village oi
Bluffton on June ~. 1854
A. T. B. LoNGSDoRF. Clerk
June "a. July