Madison County Democrat. (London, Ohio) 19??-1958, 1956-09-28

mencing at the Intersection OF Stew
art Avenue and Kendall Street. and
enue to the intersection OF Stewart
Avenue and south Main Street and
declaring the necessity Of the issu-
ance of bonds for such purpose.
WHEREAS, this council has re-
quested the city auditor TO issue her
certificate as to the estimated life
OF the Improvement to be construct
ed from the proceeds of the bonds
hereinafter referred to and of the
notes to be issued in anticipation of
said bonds, and as to the maximum
maturity of such bonds and notes,
and the city auditor has certified to
this council such estimated life as
exceeding five years and has further
certified the maximum maturity of
such bonds as twenty-five years and
such notes as two years.
Now, therefore. be it ordained by
the council of the City of London.
State OF Ohio,
Section /. That it is deemed neces-
sary to issue the bonds of the City
of London in the principal sum of
$35, ,050.00, in order to provide a fund
for the purpose of constructing 81
sanitary sewers commencing at the
intersection of Graham Avenue and
Kendall Street and thence westerly
along Graham Avenue to the inter-
section of Graham Avenue and South
Main Street: commencing at the IN
dali Street. and thence westerly
along Riley Avenue to the intersec-
tion of Riley Avenue and South
Main Street: commencing at the fn-
Kendall Street, and thence westerly
along Stewart Avenue to the inter-
section OF Stewart Avenue and South
Main Street.
Section 2. That ii is necessary and
this council hereby determines that
notes shall be issued in anticipation
of the issue of said bonds.
Section 3. That such antielpatory
notes in the amount of $35, ,050. 90
which sum does not exceed the
amount of the bond issue. shall be
issued bearing interest at the rate
of four per centum per annum, pay
able annually. Such notes shall be
dated the 30th day OF August, 1856.
and shall mature on the goth day of
August 1857 (provided, however.
that such notes shall be redeemable
at any time). Such notes shall be
executed and delivered in such num-
Der and such denominations 8 may
be requested by the purchaser of
such notes. H
Section 4. Such notes shall be ex-
ecuted by the mayor and city audi
tor and bear the seal of the corpora
tion. They shall be designated Ri
ley, stewart, and Graham Avenue
Sewer Project Notes, and shall be
payable at the office Of the legal
depository OF the city and they shall
express upon their face the purpose
for which they are issued and that
they are issued pursuant to this or
dinance.
Section S. Said notes shall be first
offered to the officer having charge
of the Bond Retirement Fund of the
city and so many of the same a.
shall not be taken by said officer
shall be sold at private sale by the
city auditor, but for not less than
par and accrued interest thereon and
the proceeds from such sale, except
any, premium and accrued interest
thereon and the amount thereof fol
the payment of interest prior to the
maturity of said notes, shall be paid
into the proper fund and used fol
/. the purpose aforesaid and for nc
other purpose. Any premium and ac-
crued interest and the amount fol
the payment of interest prior tc
their maturity shall be transferred
to the Bond Retirement Fund to be-
, applied the payment of principal and
interest Of said notes in the manner
provided by law.
Section 6. Said notes shall be full
general obligations of the city and
, the full faith, credit and revenue oi
said city are hereby pledged for the
prompt payment of the same. The
par value to be received from the