The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-09-16
ORDINANCE No. s7o4

To borrow money by issuing note notes in
anticipation of the issuance of bonds to be
issued in anticipation of the collection oil
special assessments to pay the cost and ex-
pense of improving Park Avenue Alley, from
Eaton Avenue 10 Dick Avenue. in the First
Ward of the City of Hamilton, Ohio, said
Park Avenue Alley being the first alley run
ming east and west south of Park Avenue,
by grading and paving said alley between
said points with permanent material such
as concrete, asphalt brick, asphaltic
crete, Warrenite bituithic, any other type
Of material as may be determined.
BE II 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 Park Avenue
Alley from Eaton Avenue to Dick Avenue, in
the First Ward Of the City Of Hamilton, Ohio,
said Park Avenue Alley being the first alley
running east and west, south Of Park Avenue,
by grading and paving said alley between said
points with permanent material such con-
crete, asphalt, brick, asphaitic concrete, War
rente bituhthic, or any other type Of material
as may be determined, provided in Section
2293-24 Of the General Code Of Ohio. in the
sum OF Sl,47589. the estimated amount Of said
assessment
SECTION II: That the City Manager and
the Director Of Finance OF the City OF Hamli-
ton Ohio. shall issue note or notes for the
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 or before two years from
the date thereof. Said note or notes shall
press upon their face the purpose for which
they were issued, .that they were issued in pur-
suance to this ordinance and in accordance with
Section 2293-24 of the General Code OF ONO
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 not issued to provide d fund for
the payment of such notes at maturity, there
shall he 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
4 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 are payable and applicable to the
/ payment Of such interest and principal and
are appropriated for such purpose, the amount
4 of such tax shall be reduced by the amount of
| the assessment appropriated. The amount
/ of said tax to be computed by the taxing au-
thorities and to be certified TO the proper Of
i 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 and for the full
amount thereof and all funds derived from
said leves hereby required shall be placed in
a separate and distinct fund, which, together
| with all interest collected on the same shall
be irreyocably pledged for the payment of the
/ interest and principal Of said notes when and
| as the same fall due,
4 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-
1 pense of the improvement have been paid and
the proceeds of all bonds sold in anticipation
of the collection of deferred installments of
assessments and all cash payments of assess
ments shall be applied to the payment Of said
note or 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 eff
feet and be in force from and after the earliest
period allowed by the charter of the City Of
Hamilton, Ohio.
Passed September T. 1888
R. H. BURKE, Mayor
Attest: ADELE EDMONDS,
Clerk of Council.
} Sept l61t