The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-06-24
ORDINANCE No. 1854

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
expense of improving Jersey Avenue. from
Fitton Avenue to Woodlawn Avenue, in the
Sixth Ward of the City of Hamilton. Ohio
by costructing curb and gutter on both sides
of said street between the points aforesaid
and doing the necessary grading therefor and
constructing storm sewer, manholes and in
let basins where necessary.
BE 1T ORDAINED by the Council of the
City of Hamilton. Ohio:
SECTION 4: 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 jersey Ave
nue. from Fitton Avenue to Woodlawn Ave-
nue. in the Sixth Ward of the City of Ham-
ton. Ohio, by constructing curb and gutter
on both sides of said street between the
points aforesaid, and doing the necessary
grading therefor and constructing storm
sewer manholes and inlet basins where neces-
sary. as provided in Section 2293-24 of the
General Code of Ohio, in the sum of S2,0l1.57.
the estimated amount of said assessment.
SECTION II: That the City Manager and
the Director Of Finance OF the City of Haml-
ton, 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 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 or notes shall
express upon their face the purpose for which
they were issued. that they We're 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 Man
ager 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
do
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 u direct
annual tax sufficient to pay the interest and
to create sinking fund 10 redeem at ma
turity the above provided for notes. which
tax shall not be less than the interest and
sinking fund tax required by Section of
Article II of the Constitution. Provided. how
ever, 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 appropriated for such
purpose, the amount Of such tax shall be re-
duced by the amount of the assessment 50 ap-
propriated. 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 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 separate and dis
tinct fund, which. together with all interest
collected on the same shall be irreyocably
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 to
the credit Of the fund for the payment Of said
improvement and all unexpended balances re-
naming in said fund after the cost and
expense Of the improvement have been paid
and the proceeds of all bonds sold in anticipa-
ton of the collection of deferred nstalments
of assessments and all cash payments of as
sessments shall be applied to the payment of
aid note or notes and interest thereon until
both are fully provided for.
SECTION " 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 june Is, 1888.
r. H. BURKE, Mayor
Attest; ADELE EDMONDS,
Clerk of Council.
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