The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1938-11-11
ORDINANCE NO. a72a

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 assess
ments to pay the cost and expense of
improving Street Alley, from Lib
erty Avenue to Gray Avenue, said +
Street Alley being the first alley run
ming north and south, west of F Street,
in the First Ward OF the City of Ham
iIton, Ohio, by grading and paving said
alley between said points with a per-
manent material such as concrete, as
phalt, brick, asphaltic concrete, War
renite pituIithic, or any other type Of
material as may be determined.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION /: That it is deemed neces-
sary to borrow money In anticipation of
the issuance of bonds to be issued in an
ticipation of the collection of special as
SeSSments to pay the cost and expense
of improving f Street Alley, from Lib
erty Avenue to Gray Avenue, said r
Street Alley being the first alley running
north and south, west of + Street, In the
First Ward of the City Of Hamilton,
Ohio, by grading and paving said alley
between said points with q permanent
material such as concrete, asphalt, brick
aSphaltic concrete Warrenite bftulithic
or any other type Of material as may be
determined as provided In Section 1928
"a of the General Code of Ohio in the
sum OF $2,291.84, the estimated amount
of said assessment.
SECTION II: That the City Manager
and the Director of Finance of the City
of Hamilton, Ohio, shall issue note or
notes for the above amount Said note
or 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 or notes shall
express upon their face the purpose for
which they We're 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 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
i said notes hereinabove described In ac-
cordance 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 pay
ment of such notes at maturity, there
| shall be and is hereby levied upon all Of
/ the taxable property of the City of Ham
| ilton, Ohio, In addition to all other taxes,
a direct annual tax sufficient to pay the
| interest and to create sinking fund tc
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
4 tHt NuiShlluNiCn- IIuVldCdt hbWGNGil
| 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 are appropri.
ated 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 authorities and TO be certified
| 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 al
/ other items and for the full amoun
thereof and all funds derived from sale
levies hereby required shall be placed
in a separate and distinct fund, which
together with all interest collected on the
same shall be irrevocably pledged fol
4 the payment of the interest and principa
i of said notes when and as the same fal
due.