The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-09-30
ORDINANCE NO. s7o6

To borrow money by issuing note or 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-
pcnse of improving Ridgeawn Avenue Alley,
from Rhea Avenue south TO its southern ter
minus at st. Peters Church property, said
Ridgelawn Avenue Alley being the first alley
running north and south, west of Rdgelawn
Avenue. in the First Ward of the City of
Hamilton, Ohio. by grading and paving said
alley between said points with a permanent
material such concrete, asphalt, brick, as
phaltic concrete, Warrenite bitulithic or any
other type of material may be determined.
BE IT 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 Ridgelawn Ave.
nue. Alley, from Rhea Avenue south to its
southern terminus at St. Peters Church prop
erty, said Ridgelawn Avenue Alley being the
first alley running north and south, west of
Ridgeawn Avenue, in the First Ward of the
City of Hamilton, Ohio, by grading and paving
said alley between said points with perma-
nent material such concrete, asphalt, brick,
asphatic concrete Warrente bitulithic, or any
other type of material as may be determined
as provided in Section 2293-24 of the General
Code of Ohio, in the sum of $l,7S9.44, the
timated amount of said assessment
SECTION II: That the City Manager and
ilton, 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 on or before two years from
the date thereof. Said note or 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 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
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 for
the payment of such notes at maturity, there
shall be and is hereby levied upon all of the
taxable property of the City of Hamilton. Ohio
| IN addition to all other taxes, u direct annual
| tax sufficient to ray 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 of Article IL of the
Constitution. Provided, however. that in each
4 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
/ the assessment appropriated. The amount
of said tax to be computed by the taxing au.
/ thorties and to be certified to the proper of.
! fcers, and the same shall be levied and col
/ lected other taxes levied and collected
| Said tax shall be placed before and in pref
I, erence to all other items and for the ful
4 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 shal
| be irrevocably pledged for the payment of tht
interest and principal Of said notes when ant
| as the same fall due
SECTION ": That the proceeds arising
from the sale of said notes shall be place,
TO the credit of the fund for the payment d
said improvement and all unexpended balances
remaining in said fund after the cost and ex
pense of the Improvement have been paid an,
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 SAT-
note or notes and interest thereon until botl
are fully provided for.
n SECTION vi: 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.
SECTION VI: This ordinance shall take ef
feet and be in force from and after the earlies