The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-06-30
ORDINANCE NO. 1907

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 Eighth Street Alley, from
Dayton Street to Campbell Avenue
said Eighth Street Alley being the
hrst alley lying west of and parallel
to- Eighth Street, and Dayton Street
Alley, from Eighth Street to Eighth
Street Alley, in the Fourth Ward of
the City Of Hamilton, Ohio, by grad
ing and paving said alleys to width
OF fourteen feet between said points
with a permanent material such as
concrete, asphalt, brick, asphaitic con-
crete, Warrenite bitulithic, or any
other type Of material as may be
determined.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION I: 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 special
assessments to pay the cost and expense
of improving Eighth Street Alley, from
Dayton Street to Campbell Avenue, said
Eighth Street Alley being the first alley
lying west of and parallel to Eighth
Street and Dayton Street Alley, from
Eighth Street to Eighth Street Alley,
in the Fourth Ward of the City of
Hamilton, Ohio, by grading and paving
said alleys to a width of fourteen feet
between. said points, with permanent
material such as concrete, asphalt, brick
asphaltic concrete, Warrenite bitulithic
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 S1O90OO, 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
MT af 70
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 to
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 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 ac-
cordance with the laws and conStitu-
ton 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
all of the taxable property of the City
of Hamilton, Ohio, in addition to all
other taxes a direct annual tax suffi-
cient to pay the interest and to create
a sinking fund to redeem at maturity
the above provided fer notes, which tax
shall not be less than the interest and
sinking fund tax required by Section II
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
hn <,f
cipal 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 and as the
same fall due.
SECTION w That the proceeds aris-
ing from the sale of said notes shall
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 or
notes and interest thereon until both
| are fully provided for.
SECTION V. That the Director of FL
nance 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 June 81 1889.
r. H. BURKE, Mayor.
| Attest ADELE EDMONDS,
Clerk of Council.