The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-07-28
ORDINANCE NO. 1920


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 Progress Avenue Alley,
from Webster Avenue to Gray Ave
nue., said Progress Avenue Alley be-
ing the first alley west of and parallel
to Progress Avenue, in the First Ward
of the City of Hamilton, Ohio, by
grading and paving said alley between
said points with permanent material
such as concrete, asphalt, brick, as
phaltic concrete, 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 / 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 Progress Avenue Alley,
from Webster Avenue to Gray Avenue,
said Progress Avenue Alley being the
first alley west of and parallel to Prog
reSS Avenue, in the First Ward of the
City of Hamilton, Ohio, by grading and
paving said alley between said points
with a permanent material such as con-
crete, asphalt, brick, aSphaltic concrete,
Warrente bitulithic, or any other type
of material as may be determined as
provided in Section 2293-24 of the Gen
eral Code of Ohio, in the sum OF $o24.S0,
the estimated amount of said assess
ment
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 is
Suance, 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,
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 ac-
cordance with the laws and conStitu-
tion of the State of Ohio; in the event
that assessments are not levied or bonds
are not issued to provide fund Tor 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 az ail
other taxes a direct annual tax suffi-
| cent 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 Section IL
lof Article 12 of the Constitution. Pro
| yided however, that in each year that
| the assessments anticipated by said
| notes are payable and are applicable to
| the payment of such interest and prln-
! 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
4 said levies hereby required shall be
i placed in a separate and distinct fund,
which together with all interest col
lected 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 ": 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
/ 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 APP
| piled to the payment of said note or
/ notes and interest thereon until both
/ are fully provided for
SECTION ": 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 improve
ment.