The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-02-11
ORDINANCE No. aR4i


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
pense of the construction of sanitary sew
ers, house connections, manh0ies etc, where
necessary on South Twelfth Street, from
Bonacker Avenue 20 the south terminus of
Twelfth Street, in the Fifth Ward of the
City of Hamilton, Ohio.
BE 1T ORDAINED by the Council of the
City of Hamilton, Ohio:
SECTION 7: 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 the construction of sani-
tary sewers, house connections, manholes, etc,
where necessary on South Twelfth Street, from
Bonacker Avenue to the south terminus Of
Twelfth Street, in the Fifth Ward OF the City
Of Hamilton. Ohio provided in Section
2293-24 Of the General Code of Ohio, in the
sum of Sc, the estimated amount of said
assessment.
SECTION II: That the City Manager and
the Director Of Finance of the City Of Hamil-
ton. 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 issuance, and said note notes shall be
due and payable on or 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 pur-
suance to this ors&nance and in accordance
with Section 2293sfS 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 are not issued to provide fund fo1
the payment of such notes at maturity, that
there shall be and is hereby levied upon all
of the taxable property in the City of Hamil-
ton Ohio, in addition to all other taxes, 9
direct annual tax sufficient to pay the inter.
est and to create sinking fund to redeem al
maturity the above provided for notes, which
tax shall not be less than the interest anc
sinking fund tax required by Section Of
Article IL of the Constitution. Provided, how.
ever that in each year that the assessments
anticipated by said notes are payable and are
applicable to the payment Of such interest anC
principal and are appropriated for such pur
pose the amount of such tax shall be reduced
by the amount OF the assessment so appro
priated The amount of said tax to be com
puted by the taxing authorities and to be GER
titled to the proper officers. and the same
shall be levied and collected other take.
are levied and collected Said tax shall b,
placed before and in preference to all othel
| items for the full amount thereof, and al
! funds derived from said levies hereby re
/ quired shall be placed in a separate and dis
! tinct fund, which, together with all interes
/ collected on the same shall be irrevocabl,