Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1955-09-22


nually during the period said
bonds are to run in an amount
sufficient to provide funds to
pay the interest upon said
bonds as and when the same
falls 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 of Ohio;
provided that the amount of
such tax may be reduced in
any year by the amount of
surplus funds from the opera
ton of the sewage disposal
plant which are available for
the payment of such principal
and interest and are appro-
priated for such purpose.
Section 5. Said tax shall be
and is hereby ordered comput-
ed, certified, levied and extend
ed upon the tax duplicate and
collected by the same officers,
in the same manner and at the
same time that taxes for gen.
eral purposes for each of said
years are certified, extended
and collected. Said tax shall
be placed before and in prefer
ence to all other items and for
the full amount thereof. The
funds derived from said tax
levy hereby required shall be
placed in parate and
distinct fund, which, together
with the interest collected on
the same, shall be irrevocably
pledged for the payment Of
principal and interest on said
bonds when and as the same
fall due.
Section 6. Said bonds shall be
first offered at par and &C
crued interest to the Village
Treasurer, and SO many of the
same as shall not be taken
by said Treasurer shall be
sold at public sale to tn e
highest bidder therefore, in the
manner prescribed by law. The
proceeds form the sale of said
bonds, except the premium and
accrued interest thereon, shall
be used for the purpose afore-
said and for no other pur-
pose and be allocated to the
Improvement herein described.
The premium and accrued in
tereSt received from such sale
shall be transferred to tn e
Bond Retirement Fund to be
applied to the payment of the
principal and interest of said
bonds, in the manner provided
by law.
Section 7. 1t is hereby deter
mined that all acts, conditions
and things necessaryto be done
precedent to and in the is =
suing of these bonds in order
to make them legal, valid and
binding obligations of said Viii
Iage have been done, perfor-
med and have happened in
regular and due form as re-
quired by law; that the faith,
credit and revenue of said Viii
lage are hereby irrevoca b bly
pledged for the prompt pay
ment of the principal and in
terest thereof at maturity and
that no limitations Of indebted
ness or taxation, either statu-
rory or constitutional, h a S
been exceeded in issuing these
bonds.
Section 8. The Clerk is here
by directed to forward a certi-
fled copy of this ordinance to
the County Auditor.
Section 9. This ordinance is
hereby declared to be an en-
ergency measure necessary for
the immediate preservation of
the peace, health and welfare
of said Village, since the notes
issued in anticipation of these
bonds are about to mature and
provision must be made t
once for the sale of said bonds
so that there will be no default
in the payment of said notes
and thereby preserve the Gre
dit of the Village; wherefore
this ordinance shall go into
effect Immediately upon its
passage.
D. C. Muchmore
Mayor
Attest: Jennie C. Davidson
Clerk
Passed: September 9, 1855