The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1935-03-29
ORDINANCE No. 3477
Mar. 2e-1t

ORDINANCE No. 8477
An Ordinance to issue bonds for the purpose
of raising money to provide the necessary
funds for the cost and expense of purchasing
a motor vehicle to-wit street sweeper, for
the Department of Public Works of the City
of Hamilton Ohio.
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 con-
structed from the proceeds Of the bonds here
matter referred to, and the Director of Finance
has certified to Council such estimated life as
five 90 years, and has further certified the
maximum maturity of such bonds five (51
years: and
WHEREAS. This Council estimates that a
tax for said bonds will first appear on the
duplicate for the year 1885, and that the final
settlement with the County Treasurer next
following the inclusion of a 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 1896.
BE IT ORDAINED by the Council of the
City OF Hamilton, Ohio. all members elected
thereto concurring:
SECTION l: That it is deemed necessary to
issue and sell bonds of the City of Hamilton.
Ohio, in the principal SUM of Sixty-eight Hun
dred Dollars ($6,800.00j in order to provide a
fund for the cost and expense Of purchasing
a motor vehicle, to-wit, street sweeper, for
the Department of Public Works of the City
Of Hamilton Ohio Included in said amount
as interest on said bond issue is the sum of
One Hundred and Thirty-six Dollars (sl36.00)
for interest maturing previous to the receipt
of taxes from which said interest is to. be
paid
SECTION II: That bonds Of the City of
Hamilton, Ohio shall be issued in the prin-
cipal of Sixty-eight Hundred Dollars
00) for the purpose aforesaid.
SECTION III; Said bonds shall be in such
denomination as may be determined by the
Director Of Finance, shall be dated May l. 1885
shall draw interest at the rate of four (4} per
cent per annum, payable seni-annually the
1st day of November and May in each year
until the principal sum is paid That said
S1.3e0.00 on November 1st in each of the
years from 1886 to 1910, both inclusive which
matuities are hereby determined to be in sub
stantlally equal annual instailments
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 ex-
press 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 principle and interest at
the office Of the Treasurer Of the City Of Hamil-
ton. Ohio shall be issued and sold under the
direction of the Director of Finance and shall
bear such consecutive numbers as said Director
of Finance or the proper officers OF the City
may determine The interest coupons attached
TO said bonds shall bear the fac-simile signature
Of the Director of Finance
SECTION V That the proceeds Of the sale
Of said bonds, except the included in the
amount of the issue to the extent necessary
to provide fund for the payment of the
interest accruing on said bonds previous to the
receipt oil taxes from which such interest is
TO be ultimately paid, and the premium and
accrued interest thereon, shall be placed in the
City Treasury TO the credit of the Street
Sweeper Fund, and shall be disbursed upon
proper vouchers for the purpose of paying
the cost and expense of purchasing motor
vehicle. to-wit, street sweeper, for the
Department of Public Works of the City of
Hamilton, Ohio, and for no other purpose for
which purpose said money is hereby appro
priated, and the premium 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
principal and interest Of the bonds hereinbe-
fore described in accordance with the laws
and Constitution Of the State Of Ohio.
SECTION VII: That for the purpose of
providing the necessary funds TO pay the inter
est on the foregoing issue of bonds promptly
when and the fall due. and also TO ere
ate and maintain fund sufficient to discharge
the said 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 annually during the
period for which said bonds are to run, in an
amount sufficient To provide funds to pay inter-
est upon said bonds as and when the same fall
due and also to provide a fund for the disc
barge of the principal of said serial bonds at
interest and sinking fund tax required by Sec
ton 2. Article IL, Of the Constitution
That 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 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.
FINDS deruiad from said tav law, ,araJ,xy
required shall be placed in separate and dis
tinct fund which together with all interest
collected on the shall be irrevocably
pledged for the payment of the interest and
principal of the said bonds when and as the
same fall due.
SECTION VIII That such bonds shall be
issued in one lot and notes shall not be issued
IN anticipation of these bonds
SECTION TX That said bonds shall be first
offered at par and accrued interest to the Trus-
tees of the Sinking Fund in their official ca
pacity, and if said Trustees refuse 20 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 Coun-
eli, but not for less than their par value and
accrued interest; the bond sale advertisement
shall state that any one desiring to do so may
present a bid or bids for such bonds upon their
bearing different rate of interest than herein
before fixed: provided, however, that where a
fractional interest rate is bid such fraction shall
be one-quarter of one per cent or nultiples
thereof; the proceeds from the sale of said
bonds, except the premium and accrued interest
thereon and the amount of said bonds issued for
interest shall be used for the porpose aforesaid
and for no other purpose the premium and
accrued interest received from such sale and
the amount of said bonds issued for interest
shall be transferred to the Trustees of the
Sinking Fund to be applied by them in the pay
ment of the principal and interest of said bonds
in the manner provided by law
SECTION XII This ordinance shall take
effect and be in full force and effect from and
after the earliest period allowed BY the Charter
Of the City of Hamilton, Ohio.
Passed: March 90, 1885.
r. H. BURKE, Mayor
Attest ADELE EDMONDS,
Clerk of Council.
Mar 29-lt