Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1954-02-19
Legal Notice
oRnINANCE NO. 80

AN ORDINANCE PROVIDING FOR
THE ISSUANCE OlF BONDS or
THE CITY or Port CLINTON
FOR THE PURPOSE or CON
STRUGGLING \ SEN AGE DISPOSAL.
PLANT.
WHEREAS, at an election htld
On November l. 1852, on the propo-
sition OF issuing bonds of the City
Of Port Clinton, Ohio, for the pur-
pose hereinafter stated, in the sam
Of Four Hundred Thousand Dollars
md OF leVNing taxes outside OF the
EN- mill limitation to pay the i'm
terest on ANA the principal of such
bonds, the requisite majority OF
those voting upon the proposition
voted in favor thereof, and
WHEREAS. this council has re-
quested the CITY Auditor TO issue
his certificate as TO the estimated
life OF the property. asset or inn
provement proposed to be acquired
or constructed from the proceeds
of the bonds hereinafter referred
to, and the City Auditor has c0rti-
lied to this council such estimated
life as exceeding five years and
has further certified the maximum
maturity of such bonds as twenty
five years.
NOW, THEREFORE,, be it ordain
ed by the council Of the city Of
Port Clinton, state of Ohio,
Section l.. That it is deemed
vide fund for the purpose Of con-
necessary to issue the bonds OF the
City Of Port clinton in the princi-
pal sum of 100000. i'm order To pro
structing a sewage disposal plant
That such bonds shall be issued in
one lot and that anticipatorN notes
shall not be issued in anticipation
Of the issuance of such bonds
Section , That bonds of thu
city of Port Clinton shall be issued
in the principal sum of $4oo,0oe
Tor the purpose aforesaid. Ea"h
Of said bonds shall be in the ,de-
nomination of $1,000. shall be num-
bered from to 400, both inclusive
and said bonds shall be dated Marc'
/, 1854, and shall bear interest AT
the rate of two and three quarters
per centum per annum, p"Naple
November l, 1854 and semi -annu9ilF
thereafter, on the first days of May
and November of each year until
the principal sum is paid, provided
however, that if said bonds are sold
bearing a different rate Of interest
than hereinbefore specified, such
bonds shall bear such rate Of int"r-
est as may be provided for in tn"
reeo 'ution Of council approving tn"
award thereof. Said bonds sha II
mature as follows:
$4,000 on November I, from 1859
20 1879, inclusive, which maturitieS
lre hereby determined to be in sub
tantially equal annual install
ments
The principal and interest Of all
said bonds shall be payable at the
! office of the ,eGal depository O.
| said City. presently, The American
Bank of Port Clinton, Ohio. in the
! City of Port Clinton, state Of ohto
Section 3. That said bonds sha Il
express upon their face the purpose
| for which they are issued; thai
they are issued in pursuance OF
of this ordinance. and shall be sign
ed by the Mayor and Auditor and
| sealed with the corporate seal. The
interest coupons attached 10 sai(
bonds shall bear the facsimile sig
nature of the City Auditor.
Section 4. That for the purpos'
Of providing the necessary fund
20 pay the interest on the forego-
ing issue of bonds, promptly when
and as the same falls due and alsc
provide fund sufficient to dis
rharge the said serial bonds at ma
turity there shall be and is hereby
levied on all the taxable property
in said City of Port Clinton, in adj
dition to all other taxes, a direc
tax annually during the period
said bonds are to run in an amoun
sufficient to provide funds to pay
interest upon said bonds as ant
when the same falls due and als'
to provide a fund for the discharg'
of the principal of said serial bond
at maturity which tax shall not b
less than the interest and sinllins
fund tax required by Section II o
Article XII of the Constitution
Said tax shall be levied outside tn
ten mill limitation.
Ca;J TOW chal1 ha and Is barah'
ordered computed, certified, leNie'
and extended upon the tax dupli
cate and collected by the same Off
GERS, in the same manner and a
the same time that taxes for gen
eral purposes for each of said year
are certified, extended and collect
ed Said tax shall be placed befor
and in preference to all other item
and for the full amount thereof
The funds derived from said TIA
levies hereby required shall b
placed in a separate and diStinc
fund. which together with all in
tereSt collected on the same, Sha
be irrevocably pledged for the pay
ment of the interest and-principa
of said bonds when and as the sam
fall due.
Section 5. That said bonds sha
be first offered at par and accrue
interest to the officer haNin
charge of the Bond Retiremer
/ Fund and if said officer refuses t
take any ar all of said bonds, the
| said bonds not so taken shall j
advertised for public sale and sol
in the manner provided by law ur
der the direction of the Audito
but not for less than their pa
value and accrued interest,"; tn
bond sale advertisement shall stat
that any one desiring to do so, ma
present bid or bids for sue
bonds based upon their bearing
different rate of interest than here
inbefore fixed, provided, howeve
that where fractional intercs
rate is bid, such fraction shall b
| one-quarter of one per cent, c
multiple thereof the amount {
the bond or certified check to aC
company bids shall be not less tina
10 of the par amount of the bond
bid for. The proceeds from the sal
of said bonds, except the premium
and accrued interest thereon an
the amount of said bonds issue
for interest, if any, shall be use
for the purpose aforesaid and fo
no other purpose; the premium an
accrued interest received from sue
sale and the amount of said bond
issued for interest, if any, shall b
transferred to the Bond Retiremen
Fund to he applied in the paYmen
of the principal and interest o
said bonds in the manner provide
by law
Section 6. The City Auditor /
hereby directed to forward certi
fled copy of this ordinance to TIL
County Auditor.
Section T. This ordinance
hereby declared to be an emergenc.
measure necessary for the imme
diate preservation of the publ
peace, health and safety. and 70
the further reason that the promp
| issuance of the bonds herein pro