Madison County Democrat. (London, Ohio) 19??-1958, 1957-12-20

tain streets, and Declaring the Ne
cessity of the Issuance of Bonds for
such purpose.
Whereas, this council has request
ed the city auditor to issue her GER
tlflcate as the estimated life of the
Improvement to be constructed from
the proceeds of the bonds hereinaf-
ter referred to and of the notes to
De issued in anticipation of said
bonds, and as to the maximum ma
turlty of such bonds and notes and
the city auditor has certified to this
council such estimated life as ex-
ceedIng flye years and has further
certified the maximum maturity Of
such bonds as twenty-five years and
such notes as five years
Now, therefore, be it ordained by
the council of the City of London,
State of Ohio.
Section 4.
That II is deemed necessary to is
sue the bonds of the City of London
in the principal sum of $40, 100000, in
order to provide fund for the pur-
pose or constructing sanitary sewers
commencing on Lincoln Avenue at
South Oak Street; thence in q west
erly direction to Hope Street; thence
continuing westerly on Hope Street
to Toland street; thence northerly
on Toland Street to the bridge; also
southerly on Toland Street from
Hope Street TO the end thereof: also
commencing at the most northerly
end of Fairview Avenue and thence
southerly to Hope Street in Antie-
tam Street from the most easterly
end thereof to Fairview Avenue; in
Wood Street from Mound Street to
Antietam Street; also in Antietam
Street starting at Toland Street and
thence in a westerly direction to
Cherry Street: thence north on
Cherry Street to Mound Street: and
thence west on Mound Street to the
end OF the present sanitary sewer
Lao n
Wood Street east to the first alley;
| and in Wood Street from Hope
| Street to Antietam Street. in accord
ance with Ordinance No. 1920, pass
| ed on the 18th day of October, 1857.
That it is necessary and this coun-
| Gil hereby determines that notes
| shall be issued in anticipation OF the
| issue Of said bonds.
| Section 3.
That such anticipatory notes in
the amount of $40, 100000. which sum
| does not exceed the amount of the
bond issue, shall be issued bearing
interest at the rate of four per cent
Such notes shall be dated the 18th
day of December, 1857, and shall
mature on the 18th day of December,
1858 Crowded, however, that such
notes shall be redeemable at any
time) Such notes shall be executed
and delivered in such number and
such denominations as may be re-
quested by the purchaser of such
notes.
Section 4.
Such notes shall be executed by
the mayor and city auditor and bear
the seal OF the corporation. They
sshall be designated "Toland Street
and Antietam Street Sewer 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 pur-
suant to this ordinance.
Section 3.
Said notes shall be first offered co
the officer having charge of the
Bond Retirement Fund of the city
and so many of the same as shall
not be taken by said officer shall be
sold at private sale by the city audi
tor, but for not less than par and
accrued interest thereon and the
proceeds from such sale, except any
premium and accrued interest there
on and the amount thereof for the
payment of interest prior to the ma
turity of said notes, shall be paid
into the proper fund and used for
the purpose aforesaid and for no
other purpose. Any premium and ac-
crued interest and the amount for
the payment of INTEREST prior to
their maturity shall be transferred
to the Bond Retirement Fund to be
appIled the payment OF DrlnclDai
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 of said city
are hereby pledged for the prompt
payment of the same. The par value
10 be received from the sale of the
bonds anticipated by said notes and
any excess fund resulting from the
nF cot nt - hn
extent necessary, be used only for
the retirement of said notes at ma
turity, together with interest there
on, and is hereby pledged for such
purpose.
Section z.
During the year or years while
such notes run there shall be 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 il bonds had been issued
without the prior issue or 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 purposes
for each OF said years are certified,
extended and collected. Said tax
shall be placed before and in pre-
ference to all other items and for
the full amount thereof. The funds
derived from said tax levies hereby
required shall be placed in separ-
ate and distinct fund, which, togeth-
er with the interest collected on the
same, shall be irrevocably pledged
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
due.
Section 4.
1t is hereby determined that all
acts, conditions and things neces-
sary to be done, precedent to and In
the issuing of these notes, in order
to make them legal. valid and bind
ing 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 irrevocably pledged for the
prompt payment of the principal
and interest thereof at maturity and
that no limitation of Indebtedness
of taxation, either statutory or con-
stitutional has been exceeded in is
suing these notes.
section o.
The city auditor is hereby direct
ed to forward a certified copy of
this ordinance to the county auditor.
Passed: Nov 81, 1857.
c. o. Snow
President OF Council
APPROVED:
GnaaauaaIxar