Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1955-09-15
ORDINANCE NO. 275

AN ORDINANCE AUTHORIZ-
ING THE ISSUANCE OF $110,-
600 OF SEWAGE DISPOSAL
BONDS OF THE VILLAGE OF
CHARDON, OHIO, FOR THE
PURPOSE OF IMPROVING
ENLARGING AND REMOD-
ELING THE EXISTING SEW
AGE DISPOSAL PLANT, AND
DECLARING AN EME R :
ENCY.
WHEREAS, the Council Of
the Village of Chardon, Ohio,
has heretofore by proper legis-
lation declared the necessity of
improving, enlarging and re-
modelling the existing sewage
disposal plant; and
WHEREAS, at council, S
request the Village Clerk, as
fiscal officer of the Village, has
certified that the estimated life
of the properties and improve
mentS to be acquired and con-
structed would exceed five
(5) years and that the maxi
mum maturity of such propos-
ed bonds would be IS years;
NOW, THEREFORE, BE IT
ORDAINED by the Council of
the Village of Chardon, Geauga
County, Ohio:
Section /. That it is neces~
Sary to issue the bonds of the
Village of Chardon in the prin-
cipal amount of $4,000 in Or
der to improve, enlarge and
remodel the existing sew a e
disposal plant; that such bonds
shall be issued in one lot and
that notes have been issued in
anticipation of the issuance of
said bonds and are about to
mature.
Section 2. That said bonds
shall be in the denomination
Of 81, 900 each, and numbered
from l to ITO, both inclusive,
shall be dated the first day of
October, 1855, and shall bear
interest at the rate of three
per Centum g per cent? per
annum, payable Simi-annually
on the first day Of June and
the first day of December Of
each year until the principal
sum is paid, commencing June
/, 1856, as evidenced by the
coupons attached thereto; pro-
Vided, however, that if t h
bonds are sold bearing a diff
ferent rate of interest h a n
herein specified, such bon d S
shall bear such rate of interest
as may be provided in the re
solution of Council approving
the award thereof. Such bonds
shall mature as follows: $4,000
on the first day of December
from 1857 to 1871, inclusive,
and 5000 on December first,
from 1912 to 1881. inclusive.
which maturities are hereby de
termined to be substantially in
equal annual installments.
( Section 3. Said bonds shall
be executed by the Mayor and
Clerk and shall bear the cor
porate seal of said Village.
The interest coupons attached
to said bonds shall bear the
facsimile signature of the Clerk
printed or Autographed there
on, They shall be designated
Sewage Disposal Plant Bonds"
and shall be payable in law
full money of the United States
of America at the office Of the
legal depoSitary, presently The
ChardOn Savings Bank Com
pany, Chardon, Ohio,
Section 4. For the purpose of
providing the necessary funds
to pay the interest on the fore
going issue of bonds promptly
when and as the same falls
due, and also to provide fund
sufficient to discharge the said
serial bonds at maturity, there
shall be and is hereby levied |
on tn e taxa lie proper |
ty in the Village of Char
don in d d tiOn to all
other taxes, a direct tax an
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 a separ tie and
u -