The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-11-25

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has certified to this Council the esti-
| mated life of said Improvement as ten
years and has further certified the max
| imum maturity of the bonds hereinafter
| provided for at ten years; and
/ WHEREAS, the Council estimates that
| a tax for said bonds will first appear on
/ the duplicate for the tax year 1889 and
| that the final tax settlement of the
/ County Treasurer next following the in
/ clusion Of a tax for this issue in the an
nual budget of the County Auditor, as
| provided for by law, Will be obtained
not earlier than the 18th day of Septem-
| ber 1910.
| Now THEREFORE BE IT OR
| DAlNED by the Council of the City of
| Hamilton, Ohio:
| SECTION I: That it is deemed neces-
sary by the Council of the City of Ham
ilton, Ohio, to issue and sell bonds of
said city in the sum Of $4,000 in order
to provide fund for the purpose of pay
ing the Citys share of the cost and ex-
pense of improving both sides of Nc
k1nley Avenue, from Highland Avenue
Alley TO Highland Avenue, in the City of
Hamilton, Ohio by constructing what is
commonly known as boulevard or white
way lighting and secondary lighting sys-
tenn, and also for the purpose of pro-
viding fund to pay the interest accrll-
ing on said bonds previous to the receipt
of taxes from which such interest is to
be ultimately paid.
SECTION II: That it is hereby deter
mined to proceed with the issue of said
bonds in one lot and without issuing
notes in anticipation of the issuance of
said bonds.
SECTION III: That serial bonds of the
City of Hamilton, Ohio, shall be issued
in the sum of $4,000, which amount i'm
cludes the sum of S1S75 for interest
maturing on said bonds previous to the
receipt of taxes from which such inter-
est is to be ultimately paid for the pur-
pose aforesaid. Each of said bonds shall
be dated December /, 1888, and shall
bear interest at the rate of three per
ty1Hl fr,,.,
on the lst day of April and October in
each year until the principal sum is paid,
upon presentation and surrender Of i'm
terest coupons to be attached to said
bonds bearing the facsimile signature of
the Director of Finance; that said bonds
shall mature as follows: $500 on the
lst day of October in the years 1910 to
l949, both inclusive, which maturities
are hereby determined to be in substan-
TALLY equal annual inStallmentS.
Said bonds shall be issued, executed
and disposed of in accordance with the
general laws of the State of Ohio, par
ticularly the Uniform Bond Act of the
General Code of Ohio.
The principal and interest Of said
bonds shall be payable at the office of
the City Treasurer of the City Of Ham
ilton, Ohio; said bonds shall bear such
consecutive numbers as the Director of
Finance or the proper officers of the City
shall determine, and shall express upon
their face the purpose for which they
are issued and that they are issued in
pursuance Of this ordinance and shall
be signed by the City Manager and the
Director Of Finance and sealed with the
corporate seal of said City.
SECTION ": The proceeds from the
sale of said bonds except the sum in
cluded in the amount of the issue to the
extent necessary to provide a fund for
the payment of interest accruing on said
bonds previous TO the receipt of taxes
from which such interest is to be ulti-
mately paid and the premium and ac-
interest thereon. shall credited
to fund for the purpose Of paying the
City'S share of the cost and expense of
constructing what is commonly known
as boulevard or white way lighting and
secondary lighting system on both sides
of Mckinley Avenue, from Highland
Avenue Alley to Highland Avenue, in
the City of Hamilton Ohio, and for no
other purpose and shall be disbursed
upon proper vouchers for the purpose
specified herein for which purpose said
money is hereby appropriated.
SECTION v: That the faith revenue
and credit of the City of Hamilton, Ohio,
are hereby pledged for the prompt pay
ment of both principal and interest of
said bonds hereinbefore described, in ac-
cordance with the laws and constitution
OF the State of Ohio.
SECTION vi: For the purpose of pro-
viding the necessary fund TO pay the I'M
terest on the foregoing issue of bonds
promptly when and as the same falls
due, and also TO provide a fund sufficient
to discharge the said serial bonds at ma
turity there shall be and is hereby levied
on all of the taxable property Of the City
of Hamilton, Ohio in addition to all other
taxes a direct tax annually during the
period of the time such bonds are to run.
in an amount sufficient to provide funds
to pay the interest upon said bonds as
and when the same falls due, and also
to provide a fund for the discharge of
the principal Of said serial bonds at ma
turity which taxes shall not be less than
the interest and sinking fund tax re-
quired by Section IL, Article 2, of the
Constitution of the State Of Ohio
Said tax shall be and is hereby ordered
computed and certified, levied and ex-
tended upon the tax duplicate, collected
by the same officials, in the same man
ner and at the same time as the taxes
for general purposes for each OF said
years are certified extended and col
lected Said tax shall be placed before
and in preference to all other items and
for the full amount thereof The funds
derived from said tax levy hereby re-
quired shall be placed in a separate and
distinct fund which together with the
interest collected on the same shall be
irrevocably pledged for the payment of
principal and interest ON said bonds when
and as the same fan due.
SECTION VII: These bonds shall be
subject to call or redemption prior to
maturity at not more than par and ac-
crued interest
is hereby directed to forward a certified
copy of this ordinance to the County
Auditor
SECTION TX: This ordinance shall
| take effect and be in full force and effect
from and after the earliest period al
lowed by the charter of the City of Ham
| ilton, Ohio.
Passed: November 81, 1888.
r. Fl. BURKE. Mayor.
Attest: ADELE EDMONDS,
Clerk of Council.