The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-05-26
ORDINANCE NO. s7ss

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
nients to pay the cost and expense Of
improving Highland Place, from Ce-
real Avenue to northern terminus, in
the First Ward of the City of Hamil-
ton, Ohio, by constructing sidewalk,
curb and gutter on both sides of said
street between said points aforesaid,
where necessary, and doing the neces-
sary grading therefor.
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 Highland Place, from Ce-
real Avenue to northern terminus, in
the First Ward of the City of Hamilton
Ohio, by constructing sidewalk, curb
and gutter on both sides of said street
between said points aforesaid, where
necessary, and doing the necessary grad
ing therefor, as provided in Section
2293-24 of the General Code of Ohio, in
the sum of sS62.52, 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 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,
that they We're 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 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 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
of Hamilton, Ohio, in addition to all
other taxes a direct annual tax suffi-
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
sinking fund tax required by Section IL
of Article IL 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
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 leves hereby required shall be
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 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-
ments and all cash payments of assess
ments shall be applied to the payment
of said note or notes and interest thereon
until both are fully provided for.
SECTION V; 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 i'm
proyement
SECTION VI: This ordinance shall
take effect and be in force from and
after the earliest period allowed by the
Passed: May IT, 1889.
r. H. BURKE, Mayor.
Attest: ADELE EDMONDS,
Clerk of Council.
May 26--1t