The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-10-13
ORDINANCE NO. 1857

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 Erwin Street, from Front
Street to Third Street, In the Third
Ward OF the City OF. Hamilton, Ohio
by grading and paving said street
between said points with a permanent
material such as concrete, brick, as
phalt, asphaltic concrete, Warrenite
bitulithic, any other type of ma
terial as may be determined.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION l: That 1T Is deemed neces-
sary 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
expense Of improving Erwin Street. from
Front Street to Third Street, in the
Third Ward of the City of Hamilton
Ohio by grading and paving said street
between said points with a permanent
phalt, aSphaltic concrete Warrenite btu
lthic, or any other type Of material as
may be determined, as provided in Sec
tion 2293-24 of the General Code of Ohio,
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
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 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 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 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 direct annual tax sufficient
to pay the interest and to create sink
ing 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 II 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-
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 al
| other items and for the full amount
| thereof, and all funds derived from sai6
| levies hereby required shall be placed
| in separate and distinct fund, which
| together with all interest collected or