The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1934-02-16
ORDINANCE No. 34I7

An Ordinance to issue bonds of the City of
Hamilton, Ohio, for the purpose of raising
money to provide the necessary funds for
that part of the cost and expense to be
borne by the City of Hamilton, Ohio, for the
improvement of Pleasant Avenue, from
Clinton Avenue to the south corporation
line of the City of Hamilton, Ohio. by
paving the roadway thereof with per-
manent material.
WHEREAS, This Council has requested the
Director of Finance to issue his certificate as
to the estimated life of the property, assets
or improvement proposed to be acquired or
constructed from the proceeds of the bonds
hereinafter referred to, and the Director of
Finance has certified to Council such estimated
life ten 10) years, and has further cer-
titled the maximum maturity of such bonds
| as ten 10) years; and
WHEREAS, This Council estimated that a
tax for said bonds will first appear on the
duplicate for the year 1884 and that the
final settlement with the County Treasurer
next following the inclusion of tax for this
issue in the annual budget of the County
Auditor as provided by law. will be obtained
not earlier than the first day of September
1885 and
WHEREAS, The State Highway Department
desires to improve Pleasant Avenue, from
Clinton Avenue to the south corporation line
of the City of Hamilton, Ohio, by paving the
and desires the City of Hamilton, Ohio, to
cooperate in such Improvement and that the
City pay the sum of 100000 as its portion
of the cost of such work.
NOW THEREFORE, BE IT ORDAINED
by the Council of the City of Hamilton Ohio.
all members elected thereto concurrng:
SECTION 1: That it is deemed necessary
to issue and sell bonds of the City of Ham
ilton, Ohio, in the principal sum of s3l5O.0O
in order to provide the necessary funds for
that part of the cost and expense to be borne
by the City of Hamilton, Ohio, for the inn
provement of Pleasant Avenue from Clinton
Avenue to the south corporation line in said
City of Hamilton, Ohio, by paving the road
way thereof with permanent material, the
City of Hamilton, Ohio, cooperating with
the State Highway Department in such I'M
provement. Included in said amount Is
interest on said bond issue is the of
$133.8S for interest maturing previous to the
receipt of taxes from which said interest IS to
be paid That such bonds shall be issued in
one lot and that anticipatory notes have not
been issued in anticipation of the issuance
of such bonds.
SECTION II: That bonds of the City Of
Hamilton, Ohio. shall be issued in the prin-
cipal sum of S3l50.00 for the purpose afore-
said.
SECTION III Said bonds shall be in such
denomination may be determined by the
Director of Finance and Council. shall be
dated March l, 1894, shall draw interest at
the rate of four and one-fourth (4A) per
cent payable sem-annually on the first day
of March and September in each year upon
presentation and surrender of interest coupons
simiIe signature of the Director of Finance,
provided, however. that if said bonds are sold
bearing different rate of interest than here
inbefore specified, such bonds shall bear such
rate of interest as may be provided for in the
resolution of Council approving the award
thereof. Said bonds shall be due and payable
as follows: $315.00 on September lst in each
of the years from 1885 to 1914. both inclusive.
which maturities are hereby determined to be
in substantially equal annual installments.
SECTION " Said bonds shall be prepared
by the Director of Law, signed by the City
Manager and the Director of Finance, sealed
with the City Seal and recorded in the office
of the Sinking Fund Commission, shall express
upon their face the purpose for which they
are issued and the fact that they are issued
pursuant to law and this ordinance; shall be
payable, both principal and interest, at the
office of the Director of Finance of the City
of Hamilton. Ohio; shall be issued and sold
under the direction of the Director of Finance
and Council, and shall bear such consecutive
numbers as said Director of Finance and
Council, or the proper officers of the City. may
determine.
of said bonds. except the premium and accrued
interest thereof, shall be placed in the City
Treasury to the credit of Pleasant Avenue
Improvement Fund, and shall be disbursed
upon proper vouchers for the purpose of pay
ing the City portion of the cost and expense
of improving Pleasant Avenue from Clinton
Avenue to the south corporation line of the
City of Hamilton, Ohio, by paving the road
way thereof with permanent material, and
for other purpose, for which purpose said
money is hereby appropriated, and the pre-
miums and accrued interest from said sale
shall be transferred to the Trustees of the
Sinking Fund to be applied by them in the
manner provided by law.
SECTION VI: That the faith. revenue and
credit of the City of Hamilton, Ohio, are
hereby pledged for the prompt payment of
both principal and interest of the bonds here
inbefore described in accordance with the laws
and Constitution of the State of Ohio
Al =
providing the necessary funds to pay the in
terest on the foregoing issue of bonds prompt
ly when and as the same fall due, and also to
create and maintain fund sufficient to dis
charge the said serial bonds at maturity, there
shall be and is hereby levied on all taxable
property of the City of Hamilton, Ohio, in
addition to all other taxes direct tax an
nually during the period for which said bonds
are to run, in an amount sufficient to provide
funds to pay interest upon said bonds as and
when the same fall due, and also to provide
fund for the discharge of the principal of
said serial bonds at maturity, which tax shall
be not less than the interest and sinking fund
tax required by Section H. Article IL of the
Constitution.
That said tax shall be and is hereby
ordered computed certified levied and ex
tended upon the tax duplicate and collected
by the same officers in the same manner and
at the time that the taxes for general
purposes for each of said years are certified,
extended and collected.
Said tax shall be placed before and in
preference to all other items, and for the
full amount thereof
All funds derived from said tax levies hereby
required shall be placed in a separate and
distinct fund. which together with all interest
collected the shall be irrevocaby
pledged for the payment of the interest and
principal of the said bonds when and as the
same fall due.
SECTION VIII: That said bonds shall be
first offered at par and accrued interest to
the Trustees of the Sinking Fund in their
official capacity, and if said Trustees refuse
TO take any or all of said bonds, then said
bonds not so taken shall be advertised for
public sale and sold in the manner provided
by law under the direction of the Director of
Finance and Council; but not for less than
their par value and accrued interest; the bond
sale advertisement shall state that anyone de-
string to do may present bid or bids for
such bonds upon their bearing different
rate of interest than hereinbefore fixed. pro-
vided, however that where a fractional inter-
est rate is bid, such fraction shall be one
quarter of one per cent, multiples thereof