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

renite bitulithic, or any other type OF
| material as may be determined, as pro-
vided 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 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
from the date thereof. Said note or
notes shall express upon their face the
purpose for which they were issued. that
they We're issued in pursuance to this
ordnance and in accordance with Sec
tion 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 a 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 Ham
ilton, Ohio, in addition to all other taxes
|
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 2 of Article l2 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 full amount
thereof, and all funds derived from said
levies hereby required shall be placed
in a separate and distinct fund which
together with all interest collected on
the same shall be irrevocably pledged
for the payment of the interest and prin-
cipal of said notes when and as the same
fall due
SECTION W: 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
unexpended balances remaining in said
fund after the cost and expense of the
Improvement have been paid and the pro-
ceeds of all bonds sold in anticipation
of the collection of deferred installments
or assessments and all cash payments of
assessments shall be applied to the pay
ment of said note or notes and interest
thereon until both are fully provided for
SECTION V: 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 2, 1898.
r. Fl. BURKE, Mayor
Attest: ADELE EDMoNDS,
Clerk of Council
Nov lit