Madison County Democrat. (London, Ohio) 19??-1958, 1957-09-10
; Issuance of bonds

necessity of the issuance of bonds
for such purpose.
| Whereas. this council has request
| ed the city auditor to issue her GER
! tificate as to the estimated life of
| the Improvement to be constructed
/ 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 max
| imum maturity of such bonds and
notes, and the city auditor has GER
! titled to this council such estimat-
| ed life as exceeding five years and
has further certified the maximum
| maturity of such bonds as twenty
| one years and such notes as two
| years.
Now, therefore, be IL ordained b.
| the council of the City of London,
| State of Ohio.
Section 1. That it is deemed neces-
! sary to issue the bonds of the City
| of London in the principal sum of
| $6,000.00 in order to provide fund
| for the purpose of improving Whit
| aker Drive by the construction Of
curbs and cutters, a boulevard strip,
| and the paving of said street.
Section 2. That it is necessary and
| this council hereby determines that
notes shall be issued in anticipation
| of the issue of said bonds.
Section 8. That such anticipatory
notes in the amount of $4,000. 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 1st day of September,
1857, and shall mature on the 1st
day of September, 1858 (provided,
however; that such notes shall be
redeemable at any time). Such
notes shall be executed and deliver
ed in such number and such denom-
nations 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
Whitaker Drive Street Improve
ment Notes" and shall be payable
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 ordin-
ance.
Section 5. 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, eX-
cept any premium and accrued in
terest thereon and the amount
lItItbI lOF Itlt payment VI itiltTtSl
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
premium and accrued interest and
the amount for the payment of in
terest prior to their maturity shall
be transferred to the Bond Retire
ment Fund to be applied the pay
ment 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 of
said city are hereby pledged for ths
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 with in
terest thereon, and is hereby pledg-
ed for such purpose.
Section z. During the year or
years while such notes run there
property in the city of London, in
addition to all other taxes, 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 dupli-
cate and collected by the same. of
ficers, in the same manner and at
the same time that taxes for gen.
eral purposes for each of said years
are certified, extended and collect
ed. Said tax shall be placed before
and in preference to all other items
and for the full amount thereof.
The funds derived from said tax
levies hereby required shall be
placed in a separate and distinct
fund. which, together with the in
terest collected on the same, shall
be irrevocably pledged for the pay
ment of the principal and interest