The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-11-11
ORDINANCE MO. a72s

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 Benninghofen Avenue Alley, from
Hooven Avenue to Clinton Avenue,
said Benninghofen Avenue Alley being
the first alley running north and south,
west of Benninghofen Avenue, in the
sixth Ward Of the City Of Hamilton,
Ohio, by grading and paving said alley
between said points with permanent
material such as concrete, asphalt,
brick, asphaltic concrete, Warrenite
bitulithic, or any other type of ma
teria1 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 Benninghofen Avenue Al
ley, from Hooven Avenue to Clinton Ave-
nue. said Benninghofen Avenue Alley be-
ing the first alley running north and
south west of Benninghofen Avenue, in
the Sixth Ward of the City of Hamilton,
Ohio by grading and paving said alley
between said points with permanent
material such as concrete, asphalt brick
aSphaltic concrete, Warrentte bitullthlc
or any other type of material as may be
determined, as provided In Section 2293-
sum of $635.19, the estimated 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 is
suance, and said note or notes shall be
due and payable on or before two years
In% 10 ~ ~ M f9aG
shall express upon their face the purpose
for which they were issued, that they
We're Issued In pursuance to this ordl-
nance 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 hereinaboye 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 be and Is hereby levied upon all
of the taxable property OF the city OF
Hamilton, Ohio, in addition to all other
taxes, direct annual tax sufficient to
pay the interest and to create 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 Ar
ticle IL OF the Constitution Provided
however, that in each year that the AS
sessments anticipated by said notes are
payable and are applicable to the pay
ment of such interest and principal and
are appropriated for such purpose, the
amount Of such tax shall be reduced by
the amount Of the assessment so appro.
priated The amount of said tax to be
xal t,xyt 10 ito nttth thnr- iac
to be certified to the proper officers, an6
the same shall be levied and collected
as other taxes are levied and collected
Said tax shall be placed before and II
preference to all other items and for the
full amount thereof and all funds de-
rived from said leyies hereby required
shall be placed in a separate and dis
tinct fund, which, together with all In
terest collected on the same shall be ir
revocably pledged for the payment o1
the interest and principal of said note.
when and as the same fall due.
SECTION Nv: That the proceeds aris
ing from the sale of said notes shall bt
placed to the credit of the fund for tn,
pavment Of said Improvement and al
unexpended balances remaining in salt
fund after the cost and expense of tn
Improvement have been paid and th'
proceeds of all bonds sold in anticipa
tion of the collection of deferred install
ments Of assessments and all cash pay
ments of assessments shall be applied t,
the payment of said note or notes ant
interest thereon until both are fully pro
SECTION ": That the Director OF Fl
nance be and he is hereby authorized t
issue his warrant to the Treasurer II
payment for the cost of said improve
ment.
SECTION VI: This ordinance shall
take effect and be in force from and afte
the earliest period allowed by the charte
of the City Of Hamilton, Ohio