The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-11-10
ORDINANCE NO. 1875

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 Ridgelawn Avenue Alley,
from Rhea Avenue to Gray Avenue,
in the First Ward of the City of Ham
ilton, Ohio, by grading and paving the
roadway thereof with permanent
phalt, asphaltic concrete, Warrenite
bitu1ithic, any other type of ma
terial 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 special
assessments to pay the cost and expense
! of improving RidgelaWn Avenue Alley,
from Rhea Avenue to Gray Avenue, in
the First Ward Of the City of Hamilton,
! Ohio, by grading and paving the road
way thereof with permanent material
such as concrete, brick asphalt, asphalt
tic 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 S1,236.51 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 shall
| be due and payable 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 We're issued in pursuance of
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, reve-
nue. and credit of the City of Hamilton,
Ohio, are pledged to the prompt pay
ment of said notes hereinabove de-
Scribed in accordance 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 addi-
tion to all other taxes direct annual
tax sufficient 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 II, of Article II of the Con-
each year that the assessments antici-
pated by said notes are payable and are
F applicable to the payment of such in
: tereSt and principal and are appropri-
ated for such purpose, the amount of
such tax shall be reduced by the amount
of the assessment so appropriated The
!. amount of said tax to be computed by
the taxing authorities and to be certi-
: fed 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 pref
erence to all other items and for the
I full amount thereof and all funds de-
! rived from said levieS hereby required
! shall be placed in a separate and dis
tinct fund which together with all in
terest collected on the same shall be
c 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
f placed to the credit of the fund for the
payment of said Improvement and al
: unexpended balances remaining in sale
t fund after the cost and expense of the
a Improvement have been paid and the
t proceeds of all bonds sold in anticipa
Y tion of the collection of deferred install
f mentS of assessments and all cash pay
i mentS of assessments shall be applied
:, to the payment of said note or note:
e and interest thereon until both are full.
: provided for
v SECTION v: That the Director of Fl
II nance be and he is hereby authorized
: to issue his warrant to the Treasure
a in payment for the cost of said i'm
d provement.
n SECTION VI: This ordinance shal
) take effect and be in force from ant
i after the earliest period allowed by tn
lie charter of the City of Hamilton, Ohio
l. Passed: November /, 1889.
$ R. II. BURKE, Mayor.
g. Attest: ADELE EDMONDS,
IT Clerk of Council
ID Nov. 10--1t