The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-09-15
ORDINANCE NO. aa4l

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 Grand Boulevard, from
Parrish Avenue to Parkamo Avenue.
in the Fifth Ward of the City of
Hamilton, Ohio, by constructing curb
and gutter on both sides of said street
where necessary, and doing the nee
essary grading therefor.
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 special
assessments to pay the cost and expense
of improving Grand Boulevard, from
Parrish Avenue to Parkamo Avenue in
the Fifth Ward of the City of Hamilton,
Ohio, by constructing curb and gutter
on both sides of said street where nee
eSsary, and doing the necessary grad
ing, as provided in Section 2293-24 of
the General Code of Ohio in the sum
of $792.7S, 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
y
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 to
this ordinance and in accordance with
Section 229324 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 hereinaboye 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 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
| shall not be less than the interest and
| sinking fund tax required by Section II
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
aQtnOrlt1eS ana TO be c6rtlned TO the
proper officers, and the same shall be
4 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 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 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-
J | tion 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
provided for
SECTION V: That the Director OF
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 anC
after the earliest period allowed by the
charter of the City of Hamilton, Ohio.
Passed: September 6, 1889
r. Fl. BURKE, Mayor.
Attest: ADELE EDMONDS,
Clerk of Council.
. Sent 15-1t