The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-07-14
ORDINANCE NO. 1913

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 Cereal Avenue to Webster Ave-
nue., said Cleveland Avenue Alley be-
ing the first alley west of Cleveland
Avenue, in the First Ward of the City
of Hamilton, Ohio, by grading and
paving said alley between said points
with a permanent material such as
concrete, asphalt, brick, asphalt1c con-
crete, Warrenite bitulithic, or any
other type of material as may be de-
termined.
BE IT 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 Cleveland Avenue Alley,
from Cereal Avenue to Webster Ave
nue., said Cleveland Avenue Alley being
the first alley west of Cleveland Ave
nue., in the First Ward of the City of
Hamilton, Ohio, by grading and paving
permanent material such as concrete,
asphalt, brick, asphaltic concrete, War
renite bituIithic or any other type OF
material as may be determined, as pro-
vided in Section 2293-24 of the General
Code of Ohio in the sum of S696.lS, the
estimated amount of said assessment.
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 We're 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 sufti-
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
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
Dlaced 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 Il separate and distinct fund,
/ which together with all interest col
lected on the same shall be irreyocably
| pledged for the payment of the interest
| and principal of said notes when and as
| 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
! Improvement have been paid and the
! proceeds of all bonds sold in anticipa-
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 pro-
| vided 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 improve
ment.
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: July 5, 1889.
r. H. BURKE, Mayor.
Attest: ADELE EDMONDS,
Clerk of Council.
/ July 14-1t