Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1954-02-12
ORDINANCE NO. 424

PLANT.
WHEREAS, at an election held
on November 4, 1862, on the propo-
sition of issuing bonds of the City
of Port Clinton, Ohio, for the pur-
pose hereinafter stated, in the sum
of Four Hundred Thousand Dollars,
and of levying taxes outside of the
ten mill limitation to pay the in
terest on and 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 i'm
provement proposed to be acquired
or constructed from the proceeds
of the bonds hereinafter referred
to, and the City Auditor has certi-
fled 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-
Port Clinton, State of Ohio,
Section /. That it is deemed
necessary to issue the bonds of the
| City of Port Clinton in the princi-
| pal sum of $500, 900, in order to pro-
| vide fund for the purpose of con-
| structing a sewage disposal plant.
| That such bonds shall be issued in
| one lot and that anticipatory notes
| shall not be issued in anticipation
| Of the issuance of such bonds
Section g. That bonds of the
| City Of Port Clinton shall be issued
( in the principal sum of 100000
| for the purpose aforesaid. Each
| of said bonds shall be in the de-
nomination of $1,000, shall be num-
| bered from / to 400, both inclusive,
| nd 90 oh ~ ha dot ad 10
| /, 1854 and shall bear interest at
| the rate of two and three quarters
| per centum per annum, payable
| November l, 1854 and semi-annually
| 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 inter
est as may be provided for in the
! resolution of council approving the
| award thereof. Said bonds shall
| mature as follows:
$4,000 on November |, from 1855
| to 1879, inclusive, which maturities
are hereby determined to be in sub
| stantially equal annual INSTALL
| ments.
The principal and interest of all
said bonds shall be payable at the
office of the legal depository of
said City, presently, The American
Bank of Port Clinton, Ohio, in the
! City of Port Clinton, State of Ohio.
| Section g. That said bonds shall
express upon their face the purpose
for which they are issued; that
| 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 to said
l.. Il, g.. ct
nature of the City Auditor
Section 4. That for the purpose
of providing the necessary funds
to pay the interest on the forego-
ing issue of bonds, promptly when,
and as the same falls due and also
to provide a fund sufficient to dis
, charge 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 ad-
/ dition to all other taxes, a direct
tax annually during the period
said bonds are to run in an amount
sufficient to provide funds to pay
interest upon said bonds as and
when the same falls due and also
to provide 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 III of
Article XII of the Constitution
Said tax shall be levied outside the
ten mill limitation.
| Said tax shall be and is hereby
1 ordered computed, certified, levied
| and extended upon the tax dupli-
| cate and collected by the same off
GERS, in the same manner and at
the same time that taxes for gem
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 separate and distinct
fund, which together with all in
terest collected on the same, shall
be irrevocably pledged for the pay
ment of the interest and principal
of said bonds when and as the same
fall due.
Section S. That said bonds shall
be first offered at par and accrued
interest to the officer having
charge of the Bond Retlremen'
Fund and if said officer refuses to
take any or all of said bonds, then
said bonds not so taken shall be
advertised for public sale and sold
; in the manner provided by law un-
der the direction of the Auditor
but not for less than their PAL
value and accrued interest; the
, bond sale advertisement shall state
that any one desiring to do SO, may
present a bid or bids for such
bonds based upon their bearing a
. | different rate of interest than here
inbefore fixed, provided, however
that where a. fractional Interest
rate is bid, such fraction shall be
one quarter of one per cent, oi
, multiple thereof; the amount OF
. the bond or certified check to ac-
company bids shall be not less thar
! 20 of the par amount of the bonds
bid for The proceeds from the sale
f of said bonds, except the premium
! and accrued interest thereon ant
the amount of said bonds ISSUED
: for interest, If any, shall be uset
, for the purpose aforesaid and fol
no other purpose; the premium ano
accrued interest received from sucf
a sale and the amount of said bonds
issued for interest, If any, shall be
;, transferred to the Bond Retirement
: Fund to be applied in the payment
y of the principal and interest o
9 said bonds in the manner provided
Z by law.
: Section g. The City Auditor Il
hereby directed to forward certi
a fled copy of this ordinance to tht
" County Auditor.
Section Z. TIL is ordinance 1!
hereby declared to be an emergency
measure necessary for the imme
date preservation of the public
: peace, health and safety, and fol
the further reason that the promp
Y issuance of the bonds herein pro
: vided for is necessary in order i'm
; mediately to provide funds neces
i sary for the construction of ;
sewage disposal plant; WHERE
. FORE, this ordinance shall be il
full force and effect from and i'm
mediately after its passage.
L I.EPOY TT RRACK EN