The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1936-05-29

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
create and maintain fund sufficient TO dis
charge 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 be run,
in amount sufficient to provide funds to pay
interest upon said bonds and when the same
fall due, and also 10 provide fund for the
discharge of the principal of said serial bonds
at maturity, which tax shall not be less than
the interest and sinking fund tax required
by Section 2, Article l2. 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 pre-
ference 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
distinct fund, which together with all interest
collected the same 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 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 all of said bonds then said bonds not
SO taken shall be offered to the Treasury Invest
ment Commission, and if said Treasury Invest
mcnt Commission refuses 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
nor for less than their par and accrued inter-
| est: the bond sale advertisement shall state
/ that any one desiring to do so may present
a bid or bids for such bonds upon their bear
1 ing different rate of interest than hereinbe-
/ fore fixed, provided. however that where a
! fractional interest rate is bid such fraction
4 shall be one-quarter of one per cent or null
/ tiples 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 pur-
/ pose aforesaid and for other purpose the
premium and accrued interest received from
such sale and the amount of said bonds issued
Tor interest shall be transferred to the Trus-
tees Of the Sinking Fund to be applied by them
| IN the payment of the principal and interest
OF said bonds in the manner provided by law.
/ SECTION X This ordinance shall take
/ effect and be in full force and effect from and
| after the earliest period allowed by the char
ter of the City of Hamilton, Ohio.
| Passed: May 20, 1886.
R. H. BURKE, Mayor
Attest ADELE EDMoNDS.
Clerk of Council
May 29-lt