The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-04-29
ORDINANCE No. 1862

oiNbaNftAN1L w. oVoS
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 ex-
pense of the improvement of Street Alley
from Evn Avenue TO Rhea Avenue said L
Street Alley being the alley lying between
North E Street and North Street, in the
First Ward of the City of Hamilton, Ohio
by grading and paving said alley between
said points with a permanent material such
as concrete, asphalt, brick asphaltic con-
crete, Warrenite bitulithic, or any other
other type of material as may be determined
and constructing storm sewers, manholes and
inlet basins where necessary.
BE IT ORDAINED by the Council of the
City Of Hamilton. Ohio:
SECTION Il That ii is deemed necessary to
borrow money 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 Improvement of f.
Street Alley. from Evin Avenue to Rhea
Avenue said Street Alley being the alley
lying between North f Street and North F
Street in the First Ward of the City of Hamil-
ton, Ohio, by grading and paving said alley
between said points with a permanent ma
terial such concrete. asphalt, brick, asphalt
tic concrete Warrente bitulithic, or any other
type OF material as may be determined and
constructing storm sewers, manhoes and inlet
basins whore necessary provided in Sec
tion 2293-24 of the General Code Of Ohio,
of said assessment
SECTION II: That the City Manager and
the Director Of Finance of the City of Hamii-
ton. Ohio. shall issue note or notes for the
above amount. Said note notes shall bear
interest at the rate not to exceed six per cent
per annum, and shall be dated of date of
the issuance, and said note notes shall be
due and payable on or before two years from
the date thereof Said note notes shall
express upon their face the purpose for which
they were issued. that they were issued in pur-
suance to this ordinance and in accordance
with Section 2293-24 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 corpor-
ate 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 accordance with the
laws and Constitution Of the State of Ohio
in the event that assessments are not levied
or bonds are not issued to provide fund
for the payment 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 10 create a sinking fund to re-
deem at maturity the above provided for
notes, which tax shall not be less than the
interest and sinking fund tax required by
Section 2 of Article II 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 appro-
priated 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 author
tiles 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 be placed before and in preference to all
other items for the full amount thereof, and
all funds derived from said levies hereby re-
quired, shall be placed in a separate and dis
tinct fund which, together with all interest
collected on the same shall be rrevocaby
pledged for the payment of the interest and
principal of said notes when and as the same
fall due
SECTION ": That the proceeds arising
from the sale of said notes shall be placed 70
the credit of the fund for the payment of said
improvement and all unexpended balances re-
naming in said fund after the cost and ex-
pense 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 assess
nents shall be applied to the payment of said
note or notes and interest thereon until both
are fully provided for
SECTION v: That the Director of Finance
be and he is hereby authorized to issue his
warrant to the Treasurer in payment for the
cost of said improvement.
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; April 25. 1898.
r. H. BURKE Mayor.
Attest: ADELE EDMoNDS.
Clerk of Council
Apr 29-lt