The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-09-29
ORDINANCE NO. se47

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 Twelfth Street Alley, from
Hanover Street to Hanover Street AL
ley b, said Twelfth Street Alley being
the first alley west OF and parallel to
Twelfth Street, in the Fifth Ward OF
the City Of Hamilton, Ohio, by grading
and paving the roadway thereof with
permanent material such as con-
crete, brick, asphalt, asphaltic con-
crete, Warrenite bitulithic, or any
other type Of material as may be de-
terrMined.
BE IT ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION L: That it is deemed nee
essary to borrow money in anticipation
of the issuance of bonds to be issued
in anticipation of the collection of spe-
cial assessments TO pay the cost and ex-
pense of improving Twelfth Street AL
ley, from Hanover Street to Hanover
Street Alley B, said Twelfth Street AL
ley being the first alley west of and
parallel to Twelfth Street, in the Fifth
Ward of the City of Hamilton, Ohio. by
grading and paving the roadway thereof
with a permanent material such as con-
crete, brick, asphalt, aSphaltic concrete,
Warrenite bitulithic, or any other type
of material as may be determined, as
provided in Section 2293-24 of the Cen
eral Code of Ohio, in the sum of $797.46,
the estimated amount of the assessment.
SECTION II: That the City Manager
and the Director of Finance of the City
of Hamilton Ohio, shall issue note
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 were issued,
that they were issued in pursuance of
this ordinance and in accordance with
Section 229324 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 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
payment of such notes at maturity,
| there shall be and is hereby levied upon
all of the taxable property of the City
of Hamilton, Ohio, in addition to all
other taxes direct annual tax suff-
cient to pay the interest and to create
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 H.
| of Article IL of the Constitution. Pro-
vided, however, that in each year that
the assessments anticipated by said
| notes are payable and are applicable to
! the payment of such interest and prin-
cipai and are appropriated for such pur-
| pose, the amount of such tax shall be
reduced by the amount of the assess
ment 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 all
| other items and for the full amount
thereof, and all funds derived from said
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
for the payment of the interest and
! principal of said notes when the same
| fall due.
SECTION ": That the proceeds aris-
ing 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 remaining in said
fund after the cost and expense of the
| improvement have been paid and the
proceeds of all bonds sold in anticipa'
tion of the collection of deferred in
payments of assessments shall be ap-
piled to the payment of said note OF
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 i'm
proVement.
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.
Passed: September 20, 1899.
! r. H. BURKE, Mayor.
Attest ADELE EDMONDS.
Clerk of Council.
Sept 29-1t