Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1954-10-22

estimated rate of three per centum
(S%o) per annum, payable semi-an-
paid, and shall mature in ten sub
stantially equal annual installments
after their issuance.
Section 8. 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
SOS, 900.
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
Vember, 1854, and shall mature on
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 5. 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 6. 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
interest thereon until both are fully
provided for.
first offered to the Treasurer of the
city and so many of the same as
shall not be taken by 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 maturity shall be transfer
red to the sinking fund to he ap-
piled in the payment of principal
and interest Of said notes in the
manner provided by law.
Section 8. 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
the same. The par value to be re-
ceived from the sale of the bonds
anticipated by said notes and any
excess fund resulting from the is
81 a .l,.. Ii,
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 .. In the event that such
assessments are not levied or bonds
are not issued to provide a fund for
the payment Of said notes at ma
turity, n 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
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
levies hereby required shall be plac-
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 a certi-
fled copy of this ordinance to the
county auditor.
Section II. That this ordinance
shall take effect and be in force
from and after the earliest period
allowed by law.
Passed: Oct. IL, 1854.
LEROY T. BRACKEN,
President of the Council.
Attest: BOYD MARTIN
Clerk Of the Council
Approved: HAROLD G.. JEREMY,
Mayor.