The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-05-12
ORDINANCE NO. a77s

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 Noyes Avenue, from Van
Hook Avenue to Benninghofen Ave-
nue., in the Sixth Ward of the City of
Hamilton, Ohio, by constructing side
walk, curb and gutter on both sides
of said street, between the points
aforesaid, where necessary, and doing
the necessary grading therefor.
BE IT ORDAINED by the Council of
the City of Hamilton. Ohio:
SECTION I: 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 Noyes Avenue, from Van
Hook Avenue to Bennnghofen Avenue,
in the Sixth Ward of the City of Ham
i1ton, Ohio by constructing sidewalk,
curb and gutter on both sides of said
street, between the points aforesaid,
where necessary and doing the neces-
sary grading therefor, as provided in
Section 2293-24 of the General Code of
Ohio, in the sum of $1,143.18, the esti-
mated 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 We're is
sued, that they We're issued in pursuance
to this ordinance and in accordance with
Section 2293-24 of the General Code of
Chic, 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
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 for notes which tax
sinking fund tax required by Section II
of Article 9 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
principal and are appropriated for such
purpose, 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 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-
ton of the collection of deferred install
mentS of assessments and all cash pay
ments of assessments shall be applied
to the payment of said note or notes and
interest thereon until both are fully pro-
vided 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.
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 May 3 > ] 4sae- R1rRKE Mavor.
Attest: ADELE EDMONDS,
Clerk of Council.