Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1955-04-22
ORDINANCES No. 4ai


issuance of n note Ina anticipation
of the levy of Special Assessments
and i'm anticipation OF the issuance
of bonds to pny the cost of inn
proving Harrison street between
vcertufnn Ter1nfni and the Loon
street coAnectinE Harrfson Street
and 0Fchards Drive by paving,
curbSiig, extending the existing
cityS water line i'm Harrison
Street, installing storm and sani-
tary sewers i'm Harrison street
and otherwise { improving the
same. and declaring am ener-
Rency.
WHEREAS the Council of the
City of Port Clinton has heretofore
by proper legislation declared the
necessity of improving Harrison
Street between certain termini and
the Loop Street connecting Harrison
Street and Orchard Drive by paw
ing, curbing, extending the existing
| city water line in Harrison Street,
I installing storm and sanitary sew
4 ers in Harrison Street and otherwise
improving the same;
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 $26,230 for the purpose
| Of paving, in anticipation of the col
| lection of special assessments, the
| cost of improving Harrison Street
and the Loop Street connecting Har-
| rison Street and Orchard Drive by
| paving, curbing, extending the ex-
| listing city water line in Harrison
| Street, Installing storm and sanitary
| sewers in Harrison Street. and
| otherwise improving the same be-
| tween the termini and in the man
ner provided in Resolution No 55-1
adopted February %. 1885. as
! amended by Resolution Noa 55-3
| adopted April IL, 1855. =
Section g. That said bonds shall
| be dated approximately April l.
! 1856, shall bear interest at the es-
, timated rate of three per eentum
! (3qo) per annum. payable sefni-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
| $26,230.
Section 4. That such anticipa-
tory note in the amount aforesaid
| shall bear interest at the rate of
three per centum (3%6) 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 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 it's face the pur-
pose for which ii is issued and that
| il is issued pursuant to this ordi-
! nance.
Section 6. 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
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 rejec-
ton 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 Bank, Port Cllntons Ohio,
at the par value thereof; and the
Treasurer is hereby authorized and
directed to deliver said note, when
executed, to said purchaser upon
payment of such purchase price.
The proceeds of such sale shall be
paid into the proper fund ana used
for the purpose for which said note
is being issued under the provisions
of this ordinance. aas
Section 8. Said note shall be the
full 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 said
note shall to the extent necessary
be used only for the retirement of
said note at maturity, together with
| interest thereon, and is hereby
pledged for such purpose,
Section Q. In the event that such
| assessments are not levied or bonds
| are not issued to provide a. fund for
the payment of said note at ma-
turity, a 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
directed to forward certified copy
of this ordinance to the County
Auditor.
1 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
necessary to enable the City to enter
into a construction contract to pro-
vide the Improvement described
above which is urgently required to
protect the health of the abutting
owners and the inhabitants of the
City, afford fire protection and
eliminate existing hazards to pedes-
trian and vehicu1ar traffic, where
fore this ordinance shall be in full
force and effect from and imnle-
diately after it's passage and ap-
proval by the Mayor
| Passed: April 10, 1855
LEROY t. BRACKEN,
; President of Council.
Attest: BOYD MARTIN,
Clerk of Council.
Approved: April II, 1855.
Filed with
the Mayor April -, 1855.
HAROLD G. JEREMY,
11-2t Mayor