The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-10-13
ORDINANCE NO. 1856

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 d Street Alley, from Rhea
Avenue to Rhea Avenue Alley, and
Rhea Avenue Alley, from d Street
to Prytania Avenue, in the First Ward
of the City of Hamilton, Ohio, by
grading and paving the roadway
thereof with permanent material
such as concrete, brick, asphalt as
phaltio 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 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
expense of improving ID Street Alley,
from Rhea Avenue to Rhea Avenue Al
ley, and Rhea Avenue Alley from ID
Street to Prytania Avenue in the First
by grading and paving the roadway
thereof with permanent material such
as concrete brick asphalt, asphaltlc
concrete Warrenite bitulithic, or any
other type of material as may be deter
mined as provided in Section 2293-24
of the General Code of Ohio, in the
sum of $1,727.6S, 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
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 snail
be due and payable on or before Two
wears 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 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 pay
ment of said notes hereinaboVe described
in accordance with the laws and conSti-
tuition 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 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 ta1
shall not be less than the interest and
sinking fund tax required by Section
IL, Of Article IL of the Constitution
that the assessments anticipated by sale
notes are payable and are applicable tc
the payment Of such interest and prin
cipai 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 o1
said tax to be computed by the taxing
authorities and to be certified to tht
proper officers, and the same shall bt
levied and collected as other taxes ar,
levied and collected. Said tax lall b'
placed before and In preference to al
other items and for the full amoun
thereof, and all funds derived from saie
levies hereby required shall be placed
in a separate and distinct fund which
together with all interest collected OF
the same shall be irrevocably pledged
for the payment OF the interest ant
principal of said notes when the same
fall due.
SECTION w: That the proceeds aris
ing from the sale of said notes shall b.
placed to the credit of the fund for tn
payment of said Improvement and al
unexpended balances remaining in sait
fund after the cost and expense Of th
improvement have been paid and th
proceeds of all bonds sold in anticipa
ton Of the collection of deferred install