The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-07-29
ORDINANCE No. 1884

To borrow money by issuing note or notes in
anticipation of the issuance of bonds to be
issued in anticipation of the collections of
special assessments to pay the cost and ex-
pense of improving Street Alley, from
Liberty Avenue to Elvin Avenue, said ID
Street Alley being the alley lying between
Ridgeawn Avenue and North ID Street, in
the First Ward of the City of Hamilton
Ohio, by grading and paving said alley be-
tween said points with permanent material
such as concrete brick, asphalt. asphaItic
concrete, Warrenite bituithic or any other
type of material may be determined.
BE IT ORDAINED by the Council Of the
City of Hamilton, Ohio:
SECTION 1: 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 ID Street Alley
from Liberty Avenue to Elvin Avenue. said ID
Street Alley being the alley lying between
Ridgelawn Avenue and North ID Street, in the
First Ward of the City of Hamilton. Ohio, by
grading and paving said alley between said
points with permanent material such as con-
crete, brick, asphalt, asphaltic concrete, War
renite bitulithc, any type of material as
may be determined as provided in Section
2293-24 of the General Code of Ohio, in the
of sl.471.89. the estimated amount of
said assessment.
SECTION IL: That the City Manager and
the Director of Finance of the City of Hamii-
ton, Ohio, shall issue note 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 issuance, and said note notes shall be
due and payable 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 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 ONO !,
in the event that assessments not levied
bonds not issued to provide fund Tor
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, ONO.
in addition to all other taxes, direct annual
tax sufficient to pay the interest and to create
a sinking fund to redeem ut maturity the above
/ provided for notes. which tax shall npt be less
than the interest and sinking fund tax re-
quired by Section 2 of Article II of the Consti-
tuition. Provided, however, that III each year
that the assessments anticipated by SAID notes
are payable and are applicable to the payment
of such interest and principal and are appfo-
priated 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 authorl-
ties and to be certified to the proper officers,
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 irrevocably
pledged for the payment of the interest and
principal of said notes when and as the same
fall due.
SECTION W. 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 ex-
pense 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 assess
ments shall be applied to the payment OF said
note or notes and interest thereon until botf
are fully provided for
SECTION V That the Director of Finance
be and he is hereby authorized TO issue ms
warrant to the Treasurer in payment for tht
cost Of said improvement.
SECTION VII This ordinance shall take ef-
feet and be in force from and after the earliest
period allowed by the charter of the City OF
Hamilton. Ohio
Passed July %, 1888.
r. H. BURKE, Mayor.
Attest; ADELE EDMONDS,
Clerk OF Council.
iuly 29-lt