The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-06-24
ORDINANCE No. $3.50

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
expense of improving Fitton Avenue from
Pleasant Avenue to Hill Road, in the Sixth
Ward of the City of Hamilton, Ohio. by
constructing curb and gutter both sides
OF said street between the points aforesaid,
and doing the necessary grading therefor.
BE 1T ORDAINED by the Council of the
City of Hamilton, Ohio:
SECTION / That it is deemed necessary
70 borrow money in anticipation of the issu-
anee Of bonds to be issued in anticipation of
the collection OF special assessments To pay the
cost and expense of improving Fitton Ave
nue., from Pleasant Avenue to Hill Road in
the Sixth Ward Of the City of Hamilton, Ohio
by constructing curb and gutter on both sides
OF said street between the points aforesaid
and doing the necessary grading therefor, as
provided in Section 2293-24 OF the General
Code Of Ohio, in the of S593.74, the est-
mated amount of said assessment.
SECTION IL: That the City Manager and
the Director OF Finance Of the City OF Hami-
ton. Ohio shall issue note or notes for the
above amount. Said note or notes shah 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 express upon their face the pur-
pose for which they were issued, that they
We're 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. and sealed with the COR
porate 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 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 an
nual tax sufficient to pay the interest and
to create sinking fund to redeem at ma
turity the above provided for notes, which tax
shall not be less than the interest and sink
ing fund tax required by Section 2 of Article
| II of the Constitution. Provided, however, that
/ in each year that the assessments anticipated
| by said notes are payable and are applicable
| to the payment of such interest and principal
and 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 tax
| ing authorities and to be certified to the
proper officers, and the same shall be levied
/ and collected 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, shalt be placed
/ in separate and distinct fund which to-
4
shall be irrevocably pledged for the payment
Of the interest and principal Of said notes
when and as the same fall due.
/ SECTION w 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 bal
ances remaining in said fluid after the cost
and expense Of the improvement have been
| paid and the proceeds of all bonds sold in
anticipation of the collection Of deferred in
| stallments of assessments and all cash pay
ments of assessments shall be applied to the
payment of said note notes and interest
| thereon until both are fully provided for.
/ SECTION v: 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 ear
liest period allowed by the charter of the
City Of Hamilton, Ohio.
Passed June 15 1888.
R. H. BURKE, Mayor.
Attest ADELE EDMONDS.
| Clerk of Council.
| II, 0t-1+