Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1955-04-15
ORDINANCE No. aa.

ORDINANCE NO. 462
An Ordinance to provide for the
issuance OF note I'm authorization
Of the Levy OF Special Assessments
and I'm anticipation of the issuance
of Bonds TO pay the cost of improve
ing West Fifth street between GER
tain Termini by excaVating existing
pavement. paving with Water Bound
MacRdam with Asphaltic Concrete
Surface. constructing integral con-
crete curb and gutter, rebuild in
tersectiOns. construct Alley cross
walks. build curb inlets and Install
street drainage tile, and declaring
an emergency.
WHEREAS, the Council Of the
City of Port Clinton has heretofore
by proper legislation declared the
necessity of improving West Fifth
Street from Harrison Street to the
athletic field of Port Clinton High
School by excavating existing pave
ment paving with water bound ma
cadam with aSphaltic concrete sur
face, constructing integral concrete
curb and gutter, rebuild intersec-
tionS, construct alley crosswalks,
build curb inlets and install street
drainage tile;
NOW, THEREFORE,, BE 1T Or
DAINED by the Council of the City
of Port Clinton, ottawa County,
Ohio:
Section l. That it is hereby de-
clared necessary to issue bonds of
the City of Port Clinton in the prin-
| cipal sum of $l3,647 for the purpose
Of paying, in anticipation of the
| collection of special assessments,
the cost of improving West Fifth
Street from Harrison Street to the
athletic field of Port Clinton High
School by eXcavating existing pave
ment, paving with water bound ma
! e1l Al "a I 10
| face, constructing integral concrete
curb and gutter, rebuild intersec-
tions, construct alley cross walks,
build curb inlets and install street
drainage tile.
Section 2. That said bonds shall
he dated approximately April |,
1855, shall bear interest at the esti-
mated rate of three per centum
| (3fo) per annum, payable semi-an-
nually, until the principal sum is
paid, and shall mature in ten sub
stantially equal annual installments
after their issuance.
Section 3. 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 a note of said
City in the principal amount of $l3,-
| CAT.
Section 4. That such anticipatory
note in the amount aforesaid shall
| bear interest at the rate of three
| per centum (3%) per annum, pay
able at maturity. Such note shall
! he dated as of the date of issuance
and shall mature on or before one
year from said date
Section 5. Such note shall be ex-
ecuted by the Mayor and Auditor
and bear the seal of the corpora
ton. 1t shall be payable at the Of
flee of The American Bank of Port
Clinton, Port Clinton, Ohio, and
shall express upon its face the pur-
pose for which ii is issued and that
it is issued pursuant to this ordi-
nance.
Section g. All assessments col
lected for the Improvement afore-
| said, and any uneXpended balance
! remaining in the Improvement fund
after the costs and expenses of said
improvement have been paid, shall
be applied to the payment of said
| note and the interest thereon unit
both are fully provided for.
Section Z. Subject to the rejec-
tion of said note by the Treasurer
for investment in the bond retire
ment fund, said note shall be and
hereby is awarded and sold to The
| american Bunk, GOfl CilnIOn, on1O
at the par value thereof; and the
Treasurer is hereby authorized ant
directed to deliver said note, wher
executed, to said purchaser upoT
payment of such purchase price
The proceeds of such sale shall ht
paid into the proper fund and useC
for the purpose for which said note
is being issued under the provisions
of this ordinance.
| Coi
full general obligation of the Cit,
and the full faith, credit and reve
i nue. of said City are hereby pledged
for the prompt payment of th'
same. The par value to be received
| from the sale of the bonds antici.
pated by said note and any excess
| funds resulting from the issuance
of said note shall to the extent
necessary be used only for the re.
| tirement of said note at maturity
| together with interest thereon, and
Is hereby pledged for such purpose
Section 3. In the event that such
assessments are not levied or bonds
for the payment of said note at ma
turity, general tax shall be levied
against all of the property in said
city for the payment of such note
| and the interest thereon.
Section 10. The Clerk is hereby
ulfecleu 10 forward certified copy
of this ordinance to the County
| Auditor.
Section IL. This ordinance is
hereby declared to be an emergency
| measure necessary for the imme-
diate preservation of the public
| health, safety and welfare of said
City and for the further reason that
the immediate issuance and sale OF
the note herein authorized is neces-
sary to enable the City to enter into