The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-09-30
ORDINANCE NO. a7Os

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 Park Avenue Alley from
Dick Avenue to Edgewood Avenue, said
Park Avenue Alley being the first alley
south of Park Avenue, in the First Ward of
the City of Hamilton, Ohio. by grading and
paving said alley between said points with
permanent material such concrete
phalt, brick, asphaltic concrete, Warrenite
bitulithic, or any other type of material as
may be determined
BE TT ORDAINED by the Council of the
City of Hamilton, Ohio
SECTION L: That it 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 improving Park Avenue
Alley, from Dick Avenue to Edgewood Ave-
nue., said Park Avenue Alley being the first
alley south of Park Avenue, in the First Ward
Of the City of Hamilton. Ohio, by grading and
paving said alley between said points with
permanent material such concrete. asphalt
brick, asphaltc concrete Warrenite bitulithic
or any other type of material as may be de-
termined. as provided in Section 2293-24 of
the General Code of Ohio, in the sum of
81, ,lT622, the estimated amount of said as
sessment.
SECTION II That the City Manager and
the Director of Finance of the City of Ham
iiton, 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 as of date
of the issuance, and said note notes shall
be due and payable before two years
| from the date thereof. Said note or notes shall
express upon their face the purpose for which
| they We're issued that they We're issued in
| pursuance to this ordinance and in accordance
| with Section 229S-24 of the General Code of
| Ohio, and shall be signed by the City Man
ager and the Director of Finance of Hamilton.
a1[1 a
| 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 not issued to provide a fund for 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, a 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 func
| tax required by Section of Article IL of the
| Constitution. Provided, however. that in each
| year that the assessments anticipated by sale
notes payable and applicable to the
| payment of such interest and principal anC
| are appropriated 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 au
thorities and to be certified to the proper of
ficers and the same shall be levied and col
lected other taxes are levied and collected
Said tax shall be placed before and in pref
erence to all other items and for the full
amount thereof. and all funds derived from
said levies hereby required shall be placed il
a separate and distinct fund, which, together
| with all interest collected the same shall
be irrevocaby pledged for the payment of tn,
interest and principal of said notes when an,
as the fall due.
SECTION ": That the proceeds arising from
the sale Of said notes shall be placed to tn
credit of the fund for the payment of said i'm
. provement and all unexpended balances re
manning in said fund after the cost and ex
pense of the Improvement have been paid am
J the proceeds of all bonds sold in anticipation
of the collection of deferred installments o
assessments and all cash payments of assess
! ments shall be applied to the payment of sal
note notes and interest thereon until bot
are fully provided for.
! SECTION ": That the Director of Financ
be and he is hereby authorized to issue hi
warrant to the Treasurer in payment for tn
, cost of said improvement.
Z SECTION VI: This ordinance shall tax
effect and be in force from and after tn
earliest period allowed by the charter of til
t City of Hamilton, Ohio.