Madison County Democrat. (London, Ohio) 19??-1958, 1957-09-10
Legal Notices
a. |
ORDINANCES NO. I2I1

ORDINANCE NO. 1911
An Ordinance providing for the is
suance of notes by the City Of Lon
don I'm anticipation of the issuance
OF bonds for the purpose of the i'm
provement of Lafayette Road by the
construction of eurbs and cutters
commencing 60 feet east of the pres
ent curb and gutter and thence in
an easterIy direction to the most
easterly property line 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 GER
tlflcate as to the estimated life of
the Improvement to be constructed
from the proceeds of the bonds here
lnafter referred to and of the notes
to be issued in anticipation of said
bonds, and as to the maximum ma
tQfity 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 il ordained by
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
$1,000. 90 in order to provide a fund
Tor the purpose of improving Laf-
ayette Road by the construction of
curbs and cutters commencing 60
feet east of the present curb and
gutter and thence in an easterly di-
rection to the most easterly proper
ty line of w. Richard Day.
Section 2. That it is necessary and
TINS council 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 S1.20000
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 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
payable at the office of the legal
depository OF the city and thew
shall express upon their face the
purpose for which they are issued
and that they are issued pursuant
to this ordinance.
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 s
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 in
n mt
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
ium and accrued interest and the
amount for the payment of interest
prior to their maturity shall be
transferred to the Bond Retirement