The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1935-03-29

An Ordinance to issue bonds for the purpose
of raising money to provide the necessary
funds for the cost and expense of purchasing
motor vehicles and fire apparatus to-wit,
Fire Trucks for the Police and Fire Divi-
sons in the Department of Public Safety of
the City of Hamilton, Ohio.
WHEREAS, The Council of the City of Ham
ilton, Ohio. has determined that the cost OF
purchasing motor vehicles other than fire
apparatus will be approximately Sixty-fve
Hundred and Eighty Dollars S6,5S000), and
that the cost of purchasing fire apparatus
will be approximately Eighty-six Hundred and
Twenty Dollars ($862000) and
WHEREAS, The 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
Structed from the proceeds of bonds herein
after referred to, and the Director of Finance
has certified to this Council such estimated life
exceeding five (5) years, and has further
certified the maximum maturity of such bonds
determined by the weighted average as
seven tI) years and
WHEREAS, This Council estimates that
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 tax for this issue
in the annual budget of the County Auditor
provided by law, will be obtained not
earlier than the first day Of September, 1886
BE IT ORDAINED by the Council Of the City
Of Hamilton, Ohio, all members elected thereto
concurring
2E0IION Il mat 1t IS deemed necessary
to issue and sell bonds of the City Of Hamilton
Ohio, in the principal sum of Fifteen Thousand
Two Hundred Dollars (S15, 00l in order to
provide fund for the cost and expense of pur-
chasing motor vehicles and fire apparatus to-
wit fire trucks for the police and fire divisions
in the Department of Public Safety Of the
City Of Hamilton, Ohio Included in said
amount as interest on said bond issue is the
sum of Three Hundred and Four Dollars
l$304.0 00l 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 principal
sum of Sl5,20000 for the purpose aforesaid.
SECTION III Said bonds shall be in such
denomination may be determined by the
Director of Finance, shall be dated May l. 1886
shall draw interest at the rate of four (4) per
cent per annum, payable semi-annually on the
lst day Of November and May in each year until
the principal sum is paid. That said bonds
shall be due and payable follows. 50 600 90
on November l. 1896. and S2,200.O0 on Noyem-
Der 1st in each of the years from 1897 to 1912,
both inclusive, which maturities hereby de-
termined to be in substantially equal annual
nstalnents.
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 pur-
suant to law and this ordinance; shall be pay
anle, Doth prlnclpal and interest, at the office
of the Treasurer of the City of Hamilton, Chic
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 facsimile signature
of the Director of Finance.
SECTION v That the proceeds of the sale
of said bonds, except the sum included in the
amount of the issue to the extent necessary
to provide fund for the payment Of the in
terest accruing on said bonds previous to the
receipt Of taxes from which such interest is
to be ultimately paid, and the premiums and
accrued interest thereon, shall be placed in the
City Treasury to the credit of the Police and
Fire Division Improvement Fund, and shall be
disbursed upon proper vouchers for the pur-
pose OF paying the cost and expense of pur-
chasing motor vehicles and fire apparatus, to-
wit fire trucks for the police and fire divisions
in the Department of Public Safety of the
City of Hamilton Ohio, and for other pur-
pose, for which purpose said money is hereby
appropriated, and the premiums and accrued
interest from said sale shall be transferred to
the Trustees Of the Sinking Fund 70 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 prin-
cipal and interest of the bonds hereinbefore
described in accordance with the laws and
Constitution of the State of Ohio.
SECTION VII That for the purpose of pro-
viding the necessary funds to pay the interest
on the foregoing issue of bonds promptly when
and as the same fall due, and also to create
and maintain fund sufficient to discharge
the said bonds at maturity, there shall be and
is hereby levied 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 interest upon
said bonds 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 2,
Article 12 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 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.
All funds derived from said tax levy hereby
required shall be placed in separate and dis
tinct fund, which together with all interest
collected 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
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 Coun-
ell, but not for less than their par value and
accrued interest: the bond sale advertisement
shall state that any one desiring to do may
present bid or bids for such bonds upon their
bearing a different rate of interest than here
nbefore fixed; provided, however, that where a
fractional interest rate is bid such fraction
shall be one-auarter of one per cent, or null
tiples thereof; the proceeds from the sale of
sai
interest thereon and the amount of said bonds
issued for interest, shall be used for the pur-
pose aforesaid and for 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 Trus-
tees of the Sinking Fund to be applied by them
Of said bonds in the manner provided by law.