The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-09-30
ORDINANCE NO. 37lO

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-
pense of improving Street Alley, from
Rhea Avenue to Gray Avenue, in the First
Ward of the City of Hamilton, Ohio, said
e Street Alley being the first alley running
north and south, west of Street by grad
ing and paving said alley between said points
with permanent material such concrete
asphalt. brick, asphaltic concrete, Warrenite
bitulithc, or any other type of material as
may be determined.
BE IT ORDAINED by the Council of the
City of Hamilton, Ohio
SECTION I: 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 + Street Alley,
from Rhea Avenue to Gray Avenue in the
First Ward of the City of Hamilton. Ohio, said
Street Alley being the first alley running
north and south, west of Street, by grading
and paving said alley between said points with
permanent material such concrete,
phat, brick asphaltic concrete, Warrenite
bitulithc, or any other type of material
may be determined, provided in Section
2293-24 Of the General Code of Ohio, in the
sum of $4,000. the estimated amount of said
assessment.
SECTION II: That the City Manager and
the Director of Finance of the City of Ham
iiton, 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 of date of
the issuance. and said note or 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 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 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 a direct
| annual tax sufficient to pay the interest and
| to create sinking fund to 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, however that
| in each year that the assessments anticipated
| by said notes are payable and applicable
| to the payment of such interest and principle
and appropriated for such purpose, the
amount of such tax shall be reduced by the
amount of the assessment 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 fol
the full amount thereof, and all funds de.
rived from said levies hereby required shall be
placed in a separate and distinct fund. which
together with all interest collected the
same shall be irrevocably pledged for the pay
ment of the interest and principal of sale
notes when and as the same fall due.
SECTION ": That the proceeds arising
from the sale of said notes shall be placed tt
the credit of the fund for the payment of saic
improvement and all unexpended balances re
naming in said fund after the cost and ex
pense of the improvement have been paid anc
the proceeds of all bonds sold in anticipation
of the collection of deferred nstalments o
assessments and all cash payments of assess
ments shall be applied to the payment Of sale
note or notes and interest thereon until boti
are fully provided for.
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 eff
feet and be in force from and after the earlies
period allowed by the charter of the City o
Hamilton, Ohio.
Passed: September 81, 1888.
r. HI. BURKE, Mayor.
Attest ADELE EDMONDS,
Clerk of Council.
e Sept 30-1t