The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-02-11
ORDINANCE No. 3645

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, manholes etc. where necessary
South Fourteenth Street, from Hanover
Street to Long Street in the Fifth Ward
of the City of Hamilton, Ohio.
BE 1T ORDAINED by the Council of the
City Of Hamilton, Ohio
SECTION /: That it is deemed necessary
to borrow money in anticipation of the issu-
ance 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, manholes, etc. where necessary
on South Fourteenth Street from Hanover
Street to Long Street, in the Fifth Ward of
the City of Hamilton, Ohio, as provided in
Section 2293-24 of the General Code OF Ohio
in the sum Of Sl80315, 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 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 or 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 were issued, that they were issued in pur-
suanee 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 are not issued to provide fund for
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-
n. III a
direct annual tax sufficient to pay the interest
and to create sinking fund TO redeem at
maturity the above provided for notes, which
tax snail not be less than the interest and
sinking fund tax required by Section 2 of
Article z Of the Constitution. Provided, how
ever that in each year that the assessments
anticipated by said notes payable and are
| applicable TO the payment Of such interest and
principal and 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 cer-
titled 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
| for the full amount thereof, and all funds
/ derived from said levies hereby required shall
| be placed in a separate and distinct fund,
/ when, together with all interest collected on
/ the same shall be irrevocably pledged for the
payment or the interest and principal of said
notes when and as the same fall due.
ShC ilON ": lnat the proceeds arising
| from the sale Of said notes shall be placed to
lthe credit of the fund for the payment of said
/ improvement and all unexpended balances re-
naming in said fund after the cost and ex-
pense Of the improvement have been paid and
! the proceeds Of all bonds sold in anticipation
! OF the collection of deferred instaments of
| assessments and al cash payments of assess
ments shall be applied to the payment of said
| note notes and interest thereon until both
are fully provided for.
! SECTION ". That the Director of Finance
/ be and he is hereby authorized to issue his
warrant to the Treasurer in payment for the
/ cost of said Improvement.
| 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.
1 Passed: February 2. 1888
r. H. BURKE. Mayor.
/ Attest ADELE EDMONDS,
Clerk of Council
| Feb 11-lt