The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-11-25
ORDINANCE NO. 1894

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 expense of improv-
ing Erwin Street, from Third Street to
Fourth Street, and Fourth Street Al
ley, from Dayton Street to Erwin
Street, in the Third Ward of the City
of Hamilton Ohio, by grading and paw
ing said alley between said points with
permanent material such as concrete,
asphalt brick, asphaltic concrete, War
renite bitulithic, any other type of
material as may be determined.
BE IT ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION l. That it is deemed neces-
sary to borrow money in anticipation of
the issuance of bonds to be issued in an
ticipation of the collection Of special as
sessments to pay the cost and expense of
improving Erwin Street, from Third
Street to Fourth Street, and Fourth
Street Alley, from Dayton Street to Err
win Street, in the Third Ward of the City
of Hamilton Ohio, by grading and paving
said alley between said points with a
permanent material such as concrete, as
phalt, brick, asphaltic concrete, Warren
ite bitulithic, or any other type of ma
terial as may be determined, as provided
in Section 2293-24 Of the General Code
of Ohio, in the sum of 81, 1880, the es-
timated amount of said assessment.
SECTION II: That the City Manager
and the Director Of Finance of the City
of Hamilton, Ohio, shall issue note or
notes for the above amount. Said note
or notes shall bear interest at the rate
not to exceed six per cent per annum
and shall be dated as Of date of the issu
ance, and said note or 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 We're 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 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 ac
cordance 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 pay
ment of such notes at maturity, there
shall he and Is hereby levied upon all of
the taxable property of the City of Ham
ilton, 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 fund tax
required by Section IL of Article y Of
the Constitution. Provided, however,
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 appropri-
ated 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 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 and for the fun amount
thereof, and all funds derived from said
| eYies hereby required shall be placed
| in a separate and distinct fund, which,
| together with all interest collected on
! the same shall be rrevocably pledged for
| the payment of the interest and prin-
| cipal of said notes when and as the same
/, fall due.
| SECTION ": That the proceeds aris-
| ing from the sale of said notes shall be
placed to the credit of the fund for the
payment of said Improvement and all un-
| expended balances remaining in said
| fund after the cost and expense of the
! Improvement have been paid and the
proceeds of all bonds sold in anticipation
| of the collection of deferred installmentS
| OF assessments and all cash payments of
/ assessments shall be applied to the pay
ment of said note OF notes and interest
| thereon until both are fully provided for.
SECTION ": That the Director of FL
nance be and he is hereby authorized to
| issue his warrant to the Treasurer in
| payment for the cost of said improve
ment.
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: November 81, 1888.
r. I'll. BURKE, Mayor.
Attest: ADELE E,DMONDS,
Clerk of Council.
| Nov. 25-1t