The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-09-30
ORDINANCE NO. s7l2

To borrow money by issuing note notes in
anticipation of the issuance of bonds to be
issued in anticipation of the collection of
special assessments to pay the cost and
pense of improving Madison Avenue, from
Hayes Avenue to Moves Avenue, in the Sixth
Ward Of the City of Hamilton. Ohio, by
structing sidewalk curb and gutter on the
east side of said Madison Avenue between
the points aforesaid and doing the necessary
grading therefor.
BE 1T ORDAINED by the Council of the
City of Hamilton, Ohio:
SECTION I: That it is deemed necessary to
borrow money in anticipation of the issuance
of bonds to be issued in anticipation of the col
lection of special assessments to pay the cost
and expense of improving Madison Avenue.
from Hayes Avenue TO Noyes Avenue. in the
Sixth Ward of the City of Hamilton, Ohio. by
constructing sidewalk curb and gutter the
east side of said Madison Avenue between the
points aforesaid and doing the necessary grad-
ing therefor. as provided in Section 2293-24 of
the General Code of Ohio. in the of $374.35,
the estimated amount of said assessment.
SECTION II: That the City Manager and
the Director of Finance of the City of Ham
ilton, Ohio, shall issue note 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 before two years from
the date thereof. Said note notes shall ex-
press upon their face the purpose for which
they were issued that they were issued in
pursuance 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 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
hereinabove 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 far
the payment of such notes at maturity 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
/ quired by Section of Article IL of the Consti-
tuition. Provided. however that in each year
that the assessments anticipated by said notes
are payable and applicable to the payment
of such interest and principal and appro-
priated for such purpose, the amount of sueh
| 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 al
| other items and for the full amount thereof,
| and all funds derived from said levies hereby
| required shall be placed in a separate and
| distinct fund, which together with all inter-
est collected the same shall be irrevocaby
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 to
the credit of the fund for the payment of said
Improvement and all unexpended balances re-
manning 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
ments 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 ne is hereby authorized to issue his
warrant to the Treasurer in payment for the
cost of said improvement.
SECTION VI This ordinance shall take ef-
feet and be in force from and after the earliest
period allowed by the charter of the City of
Hamilton, Ohio
; Passed: September 81, 1888.
R. H. BURKE. Mayor
Attest ADELE EDMONDS,
Clerk of Council.
Sent 30-1t