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

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, ex-
cept any premium and accrued in
terest thereon and the amount there
of for the payment Of interest prior
10 the maturity Of said notes. shall
be paid into the proper fund and
used for the purpose aforesaid and
for no other purpose. Any premium
and accrued interest and the amount
for the payment of interest prior 10
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 g. Said notes shall be full
general obligations of the city and
the full faith, credit and revenue 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
notes and any excess fund resulting
from the issuance of said notes
shall. to the extent necessary, be US
ed only for the retirement of said
notes at maturity. together viii in
terest thereon, and is hereby pledg-
ed for such purpose.
Section T. During the year or years
while such notes run there shall he
levied on all the taxable property in
the city Of London. in addition to
other taxes a direct tax annually
not less than that which would have
been levied If bonds had been issued
without the prior issue Of such
notes.
Said tax shall be and Is hereby
ordered computed, certified. levied
and extended upon the tax duplicate
and collected by the same officers,
in the same manner and at the same
time that taxes for general purpos-
81. - - Va nv~4f
fled 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 de-
rived from said tax leyies hereby
required shall be placed in a separ-
ate and distinct fund. which to-
gether with the interest collected on
the same. shall be irrevocably pledg-
ed for the payment Of the PRINCIPAL
and interest of said notes or the
bonds in anticipation Of which they
are issued when and as the same fall
dne
Section s. It is hereby determined
that all acts conditions and things
and in the issuing of these notes, in
order to make them legal, valid and
binding obligations OF said city have
been done, performed and have hap
pened in regular and due form as
required by law: that the faith,
credit and revenue of said city are
hereby irrevocabley pledged for the
prompt payment OF the principal
and interest thereof at maturity and
that no limitation of Indebtedness Of
taxation either statutory or constitu-
tional, has been exceeded in Issuing
these notes.
Section 3. The city auditor is here
by directed to forward a certified
copy of this ordinance to the county
auditor
Section 10. This Ordinance is de-
clared to be an emergency measure,
for the reason that the public peace.
health. and safety Of the inhabitants
OF the city OF London require the
immediate issue of said notes in or
der to provide funds to, pay the cost
Of the Improvement contemplated
: and shall take effect Immediately
upon it's passage.
. Passed: August ] s, 1856
William j. Robson
President of Council
APPROVED:
r. p. Speasmaker. Mayor
ATTEST:
Forrest r. Hanson
Clerk OF Council
! Sept 27 % Oct. 4