Ordinance 110: Authorizing Bonded Indebtedness

An Ordinance authorizing and directing an increase of the bonded indebtedness of the Borough of Darlington in the sum of Six Thousand ($6000.00) Dollars and providing for the issue and sale of bonds of said Borough, in said amount to provide funds for the purpose of paying the Boroughs portion of the cost and expense incident to the paving of such additional width of Market Street and Second Street within the limits of said Borough, as may be prescribed by the Town Council to be paved and improved, and under prescribed legal proceedings and providing for the redemption of said bonds and the payment of interest thereon.

Whereas, the corporate authorities of the Borough of Darlington by Ordinance # 106 duly recorded in the Ordinance Book of said Borough, signified and expressed its desire to increase the indebtedness of said Borough in the sum of Six Thousand ($6000.00) Dollars, for the purpose of paying for the Boroughs portion of the cost and expense incident to the paving of such additional width of Market Street and Second Street, within the limits of said Borough, as may be prescribed by the Town Council to be paved and improved, under prescribed legal proceedings, and

Whereas, the Town Council aforesaid, by Ordinance #108 duly entered of record in the Ordinance Book of said Borough, authorized and directed that the question of the increase of indebtedness in said amount be submitted to a vote of the electors in such manner as to afford said elections and opportunity to vote upon said purpose, and Whereas, proper and timely notice having been given according to law, said election was conducted and held, in every respect, as required by law, and a duly certified return thereof, together with certified copies of said ordinance, and proper proof of publication and advertisement were duly filed, as required by law, which more fully appears in the proceedings in said matter filed of record in the office of the Clerk of Court of Quarter Sessions of the Peace of the County of Beaver, Pennsylvania in Miscellaneous Docket Volume 14, Page _ , at No. §, June Sessions 1921, and

Whereas, by the return of said election, filed with the Clerk of said Court of Quarter Sessions of the Peace of the County of Beaver, and duly counted by the court it appears that a majority of the electors voting at said election voted in favor of an increase of the bonded indebtedness of said Borough, in the sum of Six Thousand (6000.00) Dollars, for the purpose of paying the Boroughs portion of the cost and expense incident to the paving of such additional width of Market Street and Second Street, within the limits of said Borough, as may be prescribed by the Town Council to be paved and improved, under prescribed legal proceeding, and

Whereas, a duly certified copy of said record under the seal of said Court, has been furnished by the Clerk of the Court of Quarter Sessions of the Peace of the County of Beaver, Pennsylvania to the corporate authorities of the Borough of Darlington, and the same has been placed of record on the minutes thereof, as required by law.

Therefore be it enacted and ordained by the Town Council of the Borough of Darlington, and it is hereby enacted and ordained by authority of the same.

Sec. 1. That the indebtedness of the Borough of Darlington, in the County of Beaver and State of Pennsylvania, be increased in the sum and by the amount of Six Thousand ($6000.00) Dollars, for the purpose of paying the Borough’s portion of the cost and expense incident to the paving of such additional width of Market Street and Second Street, within the limits of said Borough, as may be prescribed by the Town Council to paved and improved, under prescribed legal proceedings.

Sec. 2. That bonds of the Borough of Darlington, in the aggregate principal amount of Six Thousand ($6000.00) Dollars, or 5.424 per centum of the assured valuation of the taxable property of said Borough, be issued and sold, to provide funds for the purpose aforesaid, with interest coupons attached, payable semi-annually.

Sec. 3. Said bonds shall be issued in denominations of Five Hundred ($500.00) Dollars each, with interest coupons attached and designated as “Borough Improvement Bonds” numbered consecutively from one to twelve, both inclusive, dates as of July 1st, 1921, and payable as follows:

Bond No. 1    July 1st, 1924

Bond No. 2 July 1st, 1 925
Bond No. 3 July 1st, 1926
Bond No. 4 July 1st, 1927
Bond No. 5 July 1st, 1928
Bond No. 6 July 1st, 1929
Bond No. 7 July 1st, 1930
Bond No. 8 July 1st, 1931
Bond No. 9 July 1st, 1932
Bond No. 10 July 1st, 1933
Bond No. 11 July 1st, 1934
Bond No. 12 July 1st, 1935

Said bonds shall bear interest at the rate of six (6) per centum per annum, payable semi-annually, at the Farmers National Bank of Beaver Falls, Pennsylvania, on the first days of January and July of each year and the principal thereof shall be payable at maturity at the same place. The said bonds shall be signed by the President of Council, sealed with the corporate seal of the Borough attested by the Secretary of Council, and countersigned by the Borough Treasurer, and the coupons shall be signed by the Borough Treasurer. The aforesaid officers are hereby authorized and directed to execute said bonds and to sell the same, and the Borough Treasurer is hereby authorized and directed to deliver said bonds to the purchaser or purchasers, and to receive payment therefore, in behalf of the said Borough of Darlington, provided, however, said bonds shall not be sold for less than par and accrued interest to date of delivery and payment.

Sec. 4. Until said bonds issued as herein provided, shall be fully paid, together with all interest thereon, there is hereby levied and assessed upon all property, real and personal, in said Borough, subject to taxation for municipal purposes, an annual tax, as set forth in the following schedule, the collection of which shall commence with the fiscal year 1922, being the first fiscal year following the issue of said bonds, which tax is sufficient for and shall be applied exclusively to the payment from time to time of the interest due, and the liquidation of the principal of said bonds, at maturity. The money arising from said taxes shall be paid into a sinking fund, and shall be applied to the redemption at par, and the payment of interest upon said bonds, as they severally mature:

Schedule of Assessment

For the year 1922, there is hereby levied the sum of $650.00 For the year 1923, the sum of $650.00

For the year 1924, the sum of $650.00 For the year 1925, the sum of $750.00 For the year 1926, the sum of $850.00 For the year 1927, the sum of $850.00 For the year 1928, the sum of $750.00 For the year 1929, the sum of $800.00 For the year 1930, the sum of $800.00 For the year 1931, the sum of $650.00 For the year 1932, the sum of $650.00 For the year 1933, the sum of $750.00 For the year 1934, the sum of $550.00 For the year 1935, the sum of $550.00

Sec. 5. There is hereby appropriated from the funds of the Borough of Darlington, the sum of One Hundred Eighty ($180.00) Dollars, for the purpose of meeting the requirements of this issue of bonds for the first six months, pending the commencement of the collection of the tax levied for the purpose which commences with the fiscal year 1922.

Sec. 6. All bonds issued by authority of this ordinance and the Acts of Assembly authorizing the same shall be and become part of the funded debt of the Borough of Darlington, and shall be entitled to all the rights, privileges and immunities thereof, and for the payment of the principal of said bonds, and the interest thereon, payable semi­ annually, as the same shall mature and become payable the faith, honor credit and property of said Borough are hereby pledged.

Sec. 7. Said bonds shall be coupon bonds, and shall be substantially in the following form:

Form of Coupon Bond

Borough Improvement Bond Series, 1921

No.         _ $500.00

United States of America Commonwealth of Pennsylvania County of Beaver

Borough of Darlington

Know all new by these presents, that the Borough of Darlington, a municipal corporation, created by an existing under the laws of the Commonwealth of Pennsylvania, is justly and legally indebted, and for value received hereby promises to pay to bearer on the first day of July A.D. 19_, the just sum of Five Hundred ($500.00) Dollars, with interest thereon at the rate of six per centum, per annum, payable semi­ annually on the first day of July and the first day of January of each year, upon presentation and surrender of the annexed coupons, as they severally become due.

All payments on this bond, both principal and interest, shall be made at the Farmers National Bank of Beaver Fall, Pennsylvania, in lawful money of the United States.

This bond is one of a series of twelve bonds of the dame date, amount and tenor, except as to date of maturity aggregating Six Thousand ($6000.00) Dollars, numbered consecutively from one to twelve, both inclusive issued for the purpose of paying the Borough’s portion of the cost and expense incident to the paving of such additional width of Market Street and Second Street, within the limits of said Borough as may be prescribed by the Town Council to be paved and improved, under prescribed legal proceedings, as set forth in Ordinance No. _     of said Borough of Darlington, and for no other purpose or purposes whatever. All of said bonds are issued for valid municipal purposes, and by authority of An Act of Assembly of the Commonwealth of

Pennsylvania, entitled “An act to regulate the manner of increasing the indebtedness of municipalities to provide for the redemption of the same and to impose penalties for the illegal increase thereof, approved April 20, 1874, and the several amendments thereto and supplements thereof and of the assent of the qualified electors voting at an election duly and legally called and held therein and in pursuance of Ordinance No. 107 of the Borough of Darlington duly enacted by the Town Council, and recorded in the Ordinance Book of said Borough, and in accordance with the statement of the principal officers of the Borough of Darlington, filed with the Clerk of the Court of Quarter Sessions of the Peace of the County of Beaver, Pennsylvania, at No. 5 June Sessions, 1921.

It is hereby certified, that every requirement of law necessary to give validity to said bonds has been duly complied with, and that provision has been made for the collection of an annual tax sufficient to pay the interest and principal debt of which this is a part, within the time limited by law, and that all acts, conditions and things required to be and to be done in relation to the said election and precedent to and in the issuance of this bond, were and have been legally done and performed, and that the total indebtedness of said Borough of Darlington, including this issue of bonds, is not in excess of any statutory or constitutional limitation of indebtedness. For the payment of both principal and interest hereby secured, the faith, credit, honor and property of the Borough of Darlington are hereby solemnly and irrevocably pledged and that this bond and the debt created herby are within every debt and other limit prescribed by the Constitution and laws of the Commonwealth of Pennsylvania.

In witness thereof, the Borough of Darlington has caused this bond to be signed by its President of Council, and its corporate seal to be hereto affixed, duly attested by the Secretary of Council, and countersigned by the Borough Treasurers, and the interest coupons hereto attached to signed by the Borough Treasurer, as of the first day of July, A.D. 1921.

  1. J. Nicely, President of Council

Attest:

Glenn H. Watterson, Secretary of Council

Countersigned:    Borough Treasurer

(Form of Coupon)

 

Borough Improvement Bond Series 1921

No. _         $1500.00  On _ _ __ _, 19

, the Borough of Darlington, in the County of Beaver and Commonwealth of Pennsylvania, will pay to bearer, at the Farmers National Bank of Beaver Falls, Pennsylvania, Fifteen ($15.00) Dollars, lawful money of the United States of America, six (6) months interest on this bond, dated July 15 1921, and numbered _ .

Borough Treasurer

Sec. 8. The money received from the sale of said bonds is hereby directed to be paid into the hands of the Borough Treasurer, who shall use the same for the purpose set forth in Section 1 of this Ordinance, and for no other purpose or purposes whatever.

Sec. 9. That before said bonds are issued; a statement of the financial condition of the Borough of Darlington shall be filed in the Office of the Clerk of Court of Quarter Sessions of the Peace of the County of Beaver as required by law, and the President of Council and Secretary of Council are hereby authorized empowered and directed to execute said financial statement and file the same in the Office of the Clerk of the Court aforesaid.

Sec. 10. Any ordinance or part of ordinance conflicting with the provisions of this ordinance is and the same is hereby repealed, so far as the same affects this ordinance.

Ordained and enacted into a law by the Town Council of the Borough of Darlington, this 20th day of June, A.D. 1921.

  1. J. Nicely, President of Council

Attest:    Glenn H. Watterson, Secretary of Council Examined and approved by me this 20th day of June, A.D. 1921,

James H. Gaunt, Burgess

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