The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-11-25

To borrow money by issuing note or
notes in anticipation of the issuance Of
bonds to be issued in anticipation of
the collection Of special assessments
to pay the cost and expense OF the con-
struction OF sanitary sewers, house
connections, manholes, ETC., where nee
essary on Bessie Avenue, from Street
to G Street, in the First Ward OF the
City of Hamilton, Ohio.
BE 1T ORDAINED by the Council of
the City Of Hamilton, Ohio
SECTION /: That it is deemed neces-
sary to borrow money in anticipation of
the issuance of bonds to be issued in an
ticipation of the collection of special as
sessments to pay the cost and expense OF
the construction of sanitary sewers,
house connections, manholes, etc, where
necessary on Bessie Avenue, from f
Street to G Street in the First Ward of
the City of Hamilton, Ohio, as provided
in Section 2293-24 of the General Code,
in the sum of $1,12400, the estimated
amount Of said assessment
SECTION II; That the City Manager
and the Director of Finance of the City
of Hamilton, Ohio, shall issue note or
notes for the above amount. Said note
or notes shall bear interest at the rate
not to exceed six per cent per annum.
and shall be dated as of date of the is
suance, and said note or notes shall be
due and payable on or before two years
from the date thereof. Said note or notes
shall express upon their face the purpose
for which they were issued, that they
We're issued in pursuance to this ord-
nance and in accordance with Section
229324 of the General Code of Ohio, and
shall be signed by the City Manager and
the Director of Finance of Hamilton,
Ohio, and sealed with the corporate seal
of said city.
SECTION III: That the faith, revenue
and credit of the City of Hamilton, Ohio,
are pledged to the prompt payment of
said notes hereinaboye described in ac-
cordance with the laws and Constitution
of ha fat Of in
assessments are not levied or bonds are
not issued to provide a fund for the pay
ment of such notes at maturity, that
there shall be and is hereby levied upon
all of the taxable property In the City of
Hamilton, Ohio in addition to all other
taxes, direct annual tax sufficient to
pay the interest and to create a sinking
fund to redeem at maturity the above
provided for notes, which tax shall not
be less than the interest and sinking fund
tax REQUIRED by Section II of Article IL
of the Constitution Provided, however,
that in each year that the assessments
anticipated by said notes are payable and
are applicable To the payment of such
interest and principal and are appropri-
ated for such purpose, the amount Of
such tax shall be reduced by the amount
of the assessment so appropriated The
amount of said tax to be computed by
the taxing authorities and to be certified
to the proper officers, and the same shall
be levied and collected as other taxes are
levied and collected. Said tax shall he
placed before and In preference to all
other items for the full amount thereof.
and all funds derived from said levies
hereby required, shall be placed in a sen
arate and distinct fund, which, together
with all interest collected on the same
shall be irrevocahly pledged for the pay
ment of the interest and principal OF said
notes when and the same fall due
SECTION w: That the proceeds aris-
ing from the sale of said notes shall he
placed to the credit of the fund for the
payment OF said Improvement and all nm
expended balances remaining in said
fund after the cost and expense of the
improvement have been paid and the
proceeds of all bonds sold in anticipation
of the collection of deferred installments
of assessments and all cash payments of
assessments shall be applied to the pay
ment Of said note or notes and interest
thereon until both are fully provided for
SECTION ": That the Director of Fi-
nance be and he is hereby authorized to
issue his warrant to the Treasurer in
payment for the cost of said improve
ment
SECTION vi: This ordinance shall
take effect and be in force from and
after the earliest period allowed by the
charter of the City Of Hamilton Ohio.
Passed: November 21, 1898.
r. II. BURKE, Mayor.
Attest: ADELE EDMONDS,
Clerk Of Council
Nov 25-1t