The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-09-30
ORDINANCE NO. s7ls

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 Main Street Alley from
Street to Street in the First Ward of
the City of Hamilton, Ohio, said Main Street
Alley being the first alley running east and
west, south of Main Street, by grading and
paving said alley between said points with
permanent material such concrete as
phalt brick, asphaltic concrete. Warrenite
bitulithic. or any other type of material as
may be determined.
BE IT ORDAINED by the Council of the
City of Hamilton, Ohio
SECTION /: 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 of Main Street
Alley from Street to + Street in the First
Ward of the City of Hamilton, Ohio, said
Main Street Alley being the first alley running
east and west, south of Main Street, by grading
and paving said alley between said points with
a permanent material such as concrete, asphalt
brick asphaltic concrete, Warrenite bitulithic,
or any other type of material may be de-
terrnined, as provided in Section 2293-24 of
the General Code of Ohio, in the sum OF
$2,795.67, the estimated amount OF said as
sessment
SECTION II: 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. S5alu note or nOIeS SHall DedT
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 or notes shall ex-
press upon their face the purpose for which
they were issued. that they issued in
pursuance 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,
nd lad with hp To nj CIT
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 a fund for
the payment of such notes at maturity, there
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
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 IL of the
Constitution Provided however, that in each
year that the assessments anticipated by said
notes are payable and 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 said 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 other taxes are levied and collected.
Said tax shall be placed before and in pref
erence to all other items for the full amount
thereof and all funds derived from said evies
hereby required shall be placed in a separate
and distinct fund, which, together with all in
terest collected on the shall be irrevocably
pledged for the payment of the interest and
principal of said notes when and the same
fall due.
SECTION " That the proceeds arising
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 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 antici-
| patton of the collection of deferred Install
| ments and all cash payments of assessments
shall be applied to the payment of said note
or notes and interest thereon until both are
| fully provided for.
| SECTION W 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 ef-
feet and be in force from and after the earliest
period allowed by the charter of the City OF
| Hamilton. Ohio.
| Passed: September 21 1888
| r. III. BURKE. Mayor.
! Attest: ADELE EDMONDS.
Clerk Of Council.
| Sept 30-1t