The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-09-29
ORDINANCE NO. 3s4e

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 Cereal Avenue Alley, from
Hunter Avenue to North Street, in
the First Ward of the City of Ham-
ilton, Ohio, by grading and paving the
roadway thereof with a permanent
material such as concrete, brick, as
phalt, asphalttc concrete, Warrenite
bitu1ithic, or any other type Of ma
terial as may be determined.
BE IT 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
anticipation of the collection of special
assessments to pay the cost and expense
of improving Cereal Avenue Alley, from
Hunter Avenue to North ID Street, in
the First Ward of the City of Hamilton,
Ohio, by grading and paving the road
way thereof with a permanent material
such as concrete brick, asphalt, as
or any other type of material as may
be determined, as provided in Section
2293-24 of the General Code of Ohio, in
the sum of $56S.00, 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 were issued,
that they were issued in pursuance of
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 pay
ment of said notes hereinabove described
in accordance with the laws and consti-
tuition 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
of Hamilton, Ohio, in addition to all
| other taxes direct annual tax suff1-
cient 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 Sec
tion II, of Article IL of the Constitution.
Provided, however, that in each year
! that the assessments anticipated by
| said notes are payable and are applic-
able to the payment of such interest
| and prlnc1pai 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 tax
/ ing 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 W. 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 antici-
patton of the collection of deferred in
| stallments of assessments and all cash
| 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 ": That the Director OF
Finance be and he is hereby authorized
to issue his warrant to the Treasurer