The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-07-28
ORDINANCE NO. as22

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 Cleveland Avenue Alley,
from Gray Avenue to Elvin Avenue,
first alley west of and parallel to
Cleveland Avenue, in the First Ward
of the City of Hamilton, Ohio, by
grading and paving said alley be-
material such as concrete, asphalt,
brick, asphaltic concrete, Warrenite
bitulithic, or any other type of ma
teria1 as may be determined.
BE IT ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION I: 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 Cleveland Avenue
Alley from Gray Avenue to I2lVin Ave
nue., said Cleveland Avenue Alley being
the first alley west of and parallel to
Cleveland Avenue, in the First Ward OF
the City of Hamilton, Ohio, by grading
and paving said alley between said
points with permanent material such
as concrete, asphalt, brick, asphaltic
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
| 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 were issued in pursuance to
| 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
a sinking fund to redeem at maturity
the above provided for notes which taS
| shall not be less than the interest and
| sinking fund tax required by Section ii
of Article 10 Of the Constitution. Pro.
| vided, however, that in each year that
| the assessments anticipated by Saic
notes are payable and are applicable tc
the payment of such interest and prin-
cipal and are appropriated for such pur-
| pose, the amount of such tax shall bt
| 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 the
| proper officers and the same shall be
| Law 1S az
levied and collected Said tax shall BIZ
placed before and in preference to al
| other items and for the full amount
thereof and all funds derived from sait
levies hereby required shall be placed
| in a separate and distinct fund which
| together with all interest collected OF