The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-08-26
ORDINANCE No. 3sss

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 ex-
pense of improving Sherman Avenue Alley,
from Elvin Avenue to Webster 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, asphaitic con-
crete, Warrenite bituiithie. any other type
of material as may be determined. and con-
structing storm sewers, manhoes and inlet
basins where necessary.
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
collection of special assessments to pay the
cost and expense of improving Sherman Ave-
nue. Alley. from Elvin Avenue TO Webster Ave-
nue. in the First Ward of the City of Ham
ilton, Ohio by grading and paving said alley
between said points with a permanent material
such as concrete asphalt. brick asphaltc con-
crete. Warrenite bitulithic, or any other type
Of material as may be determined and con-
structing storm sewers, manhoies and inlet
basins where necessary, as provided in Sec
| tion 2293-24 of the General Code of Ohio, in
| the sum of s2,l7408, the estimated amount of
| said assessment.
| SECTION II: That the City Manager and
| the Director of Finance of the City of Ham
| ton, Ohio, shall issue note notes for the
above amount. Said note notes shall bear
l
1 per annunl and shall be dated as 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 ex
| press upon their face the purpose for which
they were issued, that they were issued in pur-
1 suance to this ordinance and in accordance
| with Section 2293-2d of the General Code of
1 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 not issued to provide 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. 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 2 of Article IL of the
Constitution. Provided, however, that in each
year that the assessments anticipated by said
notes payable and are applicable to the
payment of such interest and principal and
| 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 as other taxes levied and collected
Said tax shall be placed before and in pref
: erence to all other items for the full amount
: thereof and all funds derived from said leves
hereby required shall be placed in separate
( and distinct fund.- which, together with al
J interest collected on the same shall be irrev-
! ocably pledged for the payment of the inter.
/ est and principal of said notes when and as
& the same fall due.
al SECTION w. That the proceeds arising
t from the sale of said notes shall be placed t6
f the credit OF the fund for the payment of sale
t Improvement and all unexpended balances re
i manning in said fund after the cost and ex
+ pense of the Improvement have been paid ant
7 the proceeds Of all bonds sold in anticipation
|. of the collection of deferred installments O
: assessments and all cash payments of assess
It mepts shall be applied to the payment of sal,
IS note notes and interest thereon until boil
K are fully provided for.
u SECTION " That the Director of Financ
1. be and he is hereby authorized to issue hi
- warrant to the Treasurer in payment for tn
e cost of said improvement.
SECTION vi: This ordinance shall take Ell
g feet and be in force from and after the earlies
70 period allowed by the charter of the City o
ID Hamilton. Ohio.
E. Passed: August 10, 1888.
& r. II. BURKE, Mayor.
id Attest: ADELE EDMONDS,
IN Clerk of Council.
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