The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-06-30
ORDINANCE NO. 1905

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 Campbell Avenue Alley,
from Mill Road to Lockwood Avenue,
said Campbell Avenue Alley being the
first alley lying south of and parallel
to Campbell Avenue, in the Fourth
Ward Of the City of Hamilton Ohio,
by grading and paving the roadway
thereof with permanent material
such as sheet asphalt, asphaltic con-
crete, Warrenite bitulithic, concrete,
brick, or any other type of material
as may be determined, and construct
ing storm sewers, manholes and inlet
basins where necessary.
BE 1T 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 an
ticipation of the collection of special as
sessments to pay the cost and expense
of improving Sampbell Avenue Alley,
from Mill Road to Lockwood Avenue,
said Campbell Avenue Alley being the
first alley lying south of and parallel
to Campbell Avenue, in the Fourth Ward
of the City of Hamilton, Ohio, by grad
ing and paving the roadway thereof
with permanent material such as sheet
asphalt. asphaltic concrete, Warrenite
bitulithic, concrete, brick, or any other
type of material as may be determined,
and constructing storm sewers, man
holes and inlet basins where necessary,
as provided in Section 229S-24 of the
General Code of Ohio, in the sum of
$1,4640S, the estimated amount of said
assessment
SECTION IL 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.
that they were issued in pursuance to
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
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 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 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 suff-
cient 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 IL
of Article IL 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 other taxes are
levied and collected Said tax shall be
placed before and in preference to all
thereof, and all funds derived from said
levies hereby required shall be placed
in a separate and distinct fund, which
together with all interest collected or
for the payment of the interest and
principal of said notes when and as 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 an
ticipation of the collection of deferred
installments of assessments and all cash
piled to the payment of said note or
notes and interest thereon until both
are fully provided for.
SECTION ": That the Director of
Finance be and he is hereby authorized
to issue his warrant to the Treasurer