The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-08-26
Aug 26-1t
ORDINANCE No. 26ea

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 North Street. from
Wayne Avenue to Liberty Avenue, in the
First Ward of the City of Hamilton, Ohio.
by constructing concrete curb and gutter
and sidewalk both sides of said street
where necessary
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 North + Street,
from Wayne Avenue to Liberty Avenue, in
the First Ward Of the City Of Hamilton, Ohio,
by constructing concrete curb and gutter and
sidewalk on both sides of said street where
necessary as provided in Section 2293-24 of
the General Code of Ohio. in the of
$877.40. the estimated amount of said assess
ment.
SECTION IL That the City Manager and
the Director of Finance of the City of Ham
ilton, Ohio, shall issue note or 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 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 notes shall
| press upon their face the purpose for which
they We're issued that they We're issued in
1
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
| herenabove 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 for
i tha nav of n m
shall be and is hereby levied upon all of the
/ taxable property in the City of Hamilton, Ohio,
| in addition to all other taxes, direct annual
tax sufficient to pay the interest and to create
1 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 of Article II of the
Constitution. Provided, however, that in each
year that the assessments anticipated by said
notes payable and are applicable to the
payment 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 appropriated The amount
of aid tax to be computed by the taxing au
thorities and to be certified to the proper of
fcers and the same shall be levied and col
lected as other taxes are levied and collected
Said tax shall be placed before and in pref
| erence to all other items for the full amour
thereof and all funds derived from said levie
, hereby required shall be placed in a separat
and distinct fund, which, together with al
interest collected on the same shall be irrev
ocably pledged for the payment of the interes
, | and principal of said notes when and as tn
same fall due
SECTION W. That the proceeds arising
from the sale of said notes shall be placed t
i the credit of the fund for the payment of sal
Improvement and all unexpended balances re
: naming in said fund after the cost and eS
Y pense of the improvement have been paid an
E the proceeds of all bonds sold in anticipatio
/. I of the collection of deferred installments Q