Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1955-04-29

declared necessary to issue and
. there shall be issued a note of said
City in the principal amount of
$26,230.
Section A. That such anticipa-
tory note in the amount aforesaid
shall bear interest at the rate of
three per centum (Sd) per annum
payable at maturity. Such note
shall be dated as of the date OF
issuance and shall mature on or
before one year from said date.
Section s. such note shall be eN-
ecuted by the Mayor and Auditor
and bear the seal of the corpora
tion 1t shall be payable at the Of
flee Of The American Bank of Port
Clinton, Port Clinton. Ohio, and
, shall express upon it's face the pur-
| it is issued pursuant TO this ordi-
nance
Section 6. All assessments col
| lected for the Improvement afore-
! said, and any uneNpended balance
| remaining in the Improvement fund
after the costs and expenses of said
| improvements have been paid, shall
be applied to the payment Of SAID
| note and the interest thereon until
both are fully provided for.
Section T. Subject to the reiec-
ton of said note by the Treasurer
for investment i'm the bond retire
ment fund, said note shall be and
| hereby is awarded and sold to The
American Bank, Port Clinton, Ohio
| at the par value thereof: and the
Treasurer IS hereby authorized anC
directed to deliver said note, wher
executed, TO said purchaser upor
| payment of such purchase price
| The proceeds of such sale shall be
| paid into the proper fund and useC
for the purpose for which said note
is being issued under the provisions
of this ordinance.
Section s. Said note shall be TIL,
| fun general obligation OF the city
and the full faith, credit and reVe,
nue. of said City are hereby pledged
for the prompt payment of the same
| The par value to be received from
the sale of the bonds anticipated
by said note and any excess funds
resulting from the issuance of sait
note shall To the extent necessary
be used only for the retirement o
said note at maturity, together will
interest thereon, and is hereby
| pledged for such purpose.
Section 9. In the event that sucl
assessments are not levied or bond
are not issued TO provide a fund fo
| the payment of said note at ma
turity, Il general tax shall be Levied
against an Of the property in SAT-
City for the payment of such not
and the interest thereon.
Section 10. The Clerk is hereb.
directed to forward a certified copy
of this ordinance TO the Count.
Auditor
Section II. This ordinance i
hereby declared To be an emergenc
measure necessary for the imme
diate preservation of the public
health, safety and welfare of sal
City and for the further reasoI
that the immediate issuance and sal
of the note herein authorized /
necessary to enable the City to ente
into a cons,T 0ction contract to pro
vide the improvement describe
above which is urgently required t
protect the health of the abuttini
owners and the inhabitants of tht
City, afford fire protection an,
eliminate existing hazards 10 pedes
trian and Vehicular traffic. where
fore this ordinance shall be in ful
force and effect from and imme
diately after it's passage and ap
proVal by the Mayor.
Passed: April u, 1855
LEROY r. BRACKEN
President of Counci
Attest; BOYD MARTIN,
Clerk of Council.
f Approved: April -, 1875!
| Filed with
f the Mayor April 12, 1868.
E HAROLD G. JEREMN \
ll-2t Mayor