The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-09-29
ORDINANCE NO. 1851

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 Cereal Avenue Alley, from
North z Street to Eaton Road, in the
First Ward of the City of Hamilton,
Ohio, by grading and paving the road
way thereof with a permanent ma
terial such as concrete, brick, asphalt,
asphaltic concrete, Warrenite btu
as may be determined, the block from
Sherman Avenue to Eaton Road to be
paved to 1e-foot width only.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio
SECTION 1: 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-
expense of improving Cereal Avenue
Alley, from North f Street to Eaton
Road, in the First Ward of the City
of Hamilton, Ohio, by grading and paw
nent material such as concrete, brick,
asphalt, asphaltic concrete Warrenite
bitulithic, or any other type of material
as may be determined, the block from
Sherman Avenue to Eaton Road to be
paved to a 16-foot width only, as pro-
vided in Section 2293-24 of the General
Code of Ohio in the sum of $2,111.13,
the estimated amount of said assess
ment.
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 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
~ In 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
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 pro-
vide 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 sufficient to pay the interest
and to create a sinking fund to redeem
at maturity the above provided for
the interest and sinking fund tax re-
quired by Section Ii, or Article IL 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 principal and are ap-
propriated for such purpose, the amount
of such tax shall be reduced by the
amount of the assessment so appropri-
ated 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 de-
rived from said levies hereby required
shall be placed in separate and dis
tinct fund, which together with all In
terest collected on the same shalt be
irrevocably pledged for the payment Of
the interest and principal Of said notes
when 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-
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: September 20, 1889