Madison County Democrat. (London, Ohio) 19??-1958, 1957-09-17
Notices



An Ordinance providing for the Is
suance OF notes by the City of Lon
don In anticipation of the. issuance
Of bonds for the purpose OF the Ina
pFovement of Lafayette Road by the
constructfen Of curbs and cutters
commencing 80 feet east of the pres
ent curb and gutter and thence in
an easteriy direction TO the most
eastersly property fine OF w. Richard
Day, and declaring the necessity of
the issuance OF bonds for such pur-
pose.
Whereas, this council has request
ed the city auditor to issue her cer-
tificate as TO the estimated life of
the Improvement to be constructed
from the proceeds of the bonds here
matter referred to and of the notes
to be issued In anticipation of said
bonds. and as to the maximum ma
turity OF such bonds and notes. and
the city auditor has certified to
this council such estimated life as
exceeding five years and has furth-
er certified the maximum maturity
of such bonds as ten years and such
notes as two years.
Now, therefore. be ii 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
S1,200.00 in order to provide a fund
for the purpose of improving Laf-
curbs and cutters commencing so
feet east of the present curb and
gutter and thence in an easterly dt-
rection to the most easterly proper
ty line of w. Richard Day.
Section 2. That 1T is necessary and
this council hereby determines that
notes shall be issued in anticipation
OF the issue of said bonds.
Section 3; That such anticipatorg
notes in the amount of $1,200.00
which sum does not exceed the
amount of the bond issue, shall be
issued bearing interest at the rate
of four per centum per anfluIn, pay
able annually. Such notes shall, be
dated the 1st day OF September,
1857, and shall mature on the 1st
day Of September, 1858 (provided,
however, that such notes shall be
shall be executed and delivered in
such number and such denomina-
tions as may be requested by the
purchaser of such notes.
Section 4. Such notes shall be ex-
ecuted by the mayor and city audi
tor and bear the seal of the cor
poration. They shall be designated
Lafayette Road Curb and Gutter
Improvement Notes" and shall be
depository OF the city and they
shall express upon their face the
purpose for which they are issued
and that they are issued pursuant
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 as
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,
terest thereon and the amount
thereof for the payment of interest
prior to the maturity of said notes.
shall be paid into the proper fund
and used for. the purpose aforesaid
and for no other purpose. Any prem
tum and accrued interest and the
amount for the payment of interest
prior to 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 s. 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 re-
notes shall. to the extent necessary.
be used only for the retirement of
said notes at maturity, together
with interest thereon, and is here
by 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 all 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 purpose
for each of said years are certified,
extended and collected. Said tax
shall be placed before and in pref
erence to all other items and for the
full amount thereof. The funds de-
rived from said tax levies hereby