The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-03-10
ORDINANCE NO. s7s1

notes in anticipation of the issuance
of bonds to be issued in anticipation
of the collection OF special assess s.
ments to pay the cost and expense of
improving ROSS Avenue Alley, from
Edgewood Avenue to Lawn Avenue,
in the First Ward of the City of Ham
i1ton, Ohio, by grading and paving
the roadway thereof with a perna-
nent material such as sheet asphalt,
asphaltic concrete, Warrenite btu
1ithic, concrete, brick, or any other
type of material as may he deter
mined, constructing storm sewers,
manholes and inlet basins where nee
essary.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION l: 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 Spe-
cial assessments to pay the cost and eX-
penSe of improving Ross Avenue Alley,
from Edgewood Avenue to Lawn Ave
nue. in the First Ward of the City OF
Hamilton, Ohio, by grading and paving
the roadway thereof with permanent
material such as sheet asphalt, asphal-
tic concrete, Warrenite b1tullthlc, con-
crete brick, or any other type OF ma
teral as may be determined, construct
ing storm sewers, manholes ana MET
basins where necessary, as PROVIDED IN
Section 2293-24 of the General Code OF
Ohio in the sum of $2,4SS.S0, the eStl-
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. Sald 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 issued,
that they were issued in pursuance TO
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 suth-
cient to pay the interest and to create
sinking fund to redeem at maturity
the above provided for notes, which tax
shall not be less than the interest and
sink ing fund tax required by Section
IL of Article 2 of the Constitution.
Provided, 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 all
other items and for the full amount
thereof, and all funds derived from sald
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 ": 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-
tion 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
Finance 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: March /, 1889.
| r. Fl. BURKE. Mayor.
| Attest ADELE EDMONDS.
Clerk of Council.
| Mar. lot