Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1954-05-28

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
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.
oeC. d. OIf the purpose Ol 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
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
a 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 II 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-
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
terest collected on the same, shall
be irrevocably pledged for the pay
ment of principal and interest of
said bonds when and as the same
fall due.
Sec. 4. The city auditor is here
by authorized and directed to certi-
fly copy of this ordinance to the
Auditor of Ottawa County, Ohio ac
cording to law.
Sec. 5. That all installments of
said assessments and all portions
thereof, together with interest
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
such reduction shall be accomplish
ed by reducing all of the serial
bonds hereinabove provided for so
as to retain substantially equal an
nual maturity.
Sec. 6. The committee on finance
of this council is hereby directed
to have said bonds and coupons
properly prepared and executed, to
sell the same and to deposit the
proceeds in the city treasury to
the credit of d. w. Payne's Addi-
tion Water Line fund for the pur-
pose of paying the portion of the
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 effect
and he in force from and after the
earliest period allowed by law.
Passed: May IL. 1854.
LEROY BRACKEN
President of Council
Attest: BOYD MARTIN,
Clerk of the Council
Approved: HAROLD JEREMY,
Mayor.