The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-07-14
ORDINANCE MO. aa1s

ORDINANCE NO. 1915
Providing for the issue of bonds of the
City of Hamilton, Ohio, in the sum Of
$6,000.00 in order to provide a fund
for the purpose of constructing and
erecting building, to-wit, a field
house, on property owned by the City,
to-wit, in Ellis Potter Park, and being
for the City's part of the cost and ex-
pense of said project or Improvement
to be erected and constructed in CO.
operation with the National Youth
Administration, wherein the National
Youth Administration will furnish
part of the cost and expense of con-
structing and erecting said field house,
and also determining to proceed with
the issue of said bonds in one lot and
without issuing notes in anticipation
thereof.
WHEREAS, this Council has requested
the Director of Finance to issue his GER
tifcate as to the estimated life of the
property, assets or improvement pro-
posed to be constructed from proceeds
of the bonds hereinafter referred to- and
the Director of Finance has certified to
this Council such estimated life as ex-
ceeding five years and has further GER
titled the maximum maturity of such
bonds as fifteen years.
THEREFORE, BE IT ORDAINED by
the Council of the City of Hamilton,
Ohio:
SECTION l. That it is deemed neces-
sary by the Council of the City of Ham
bonds of said City in the sum of
$6,000.O0 in order to provide a fund for
the purpose of constructing and erect
ing a building, to-wit, a field house. on
property owned by the City, to-wit, in
Ellis Potter Park and being for the
City's part of the cost and expense of
said project or Improvement to be
erected and constructed in cooperation
with the National Youth Administra-
tion. wherein the National Youth Ad-
ministration min will furnish part Of the
erecting said field house
SECTION II: That it is hereby deter
mined to proceed with the issue of said
bonds in one lot and without issuing
said bonds.
SECTION III: That serial bonds of
said City of Hamilton shall be issued
in the sum of $6,00000 Each of said
bonds shall be in the denomination de-
termined by the Director of Finance.
| Said bonds shall be dated August /, 1889,
and shall be due and payable 100000 on
the 1st day of February of the years
| 1941 to 1850, both inclusive, which ma
| TURTLES are hereby determined to be in
| substantially equal annual inStallmentS,
! and shall draw interest at the rate of
three per cent per annum payable Feb
ruary 1St and August 1st in each year
upon presentation and surrender of in
terest coupons to be attached to said
bonds bearing the fac-simile signature
| of the Director of Finance.
Said bonds shall be issued executed
and disposed Of in accordance with the
general laws of the State of Ohio par
ticularly the Uniform Bond Act of the
General Code of Ohio.
! The principal and interest of said
! bonds shall be payable at the office of
the City Treasurer of the City of Ham
| ilton, Ohio Said bonds shall bear such
consecutive numbers as the Director of
Finance or the proper officer of the City
shall determine, and said bonds shall
express upon their face the purpose for
which they are issued, that they are
/ issued in pursuance of this ordnance
| and shall be signed by the City Man
Director Finance
sealed with the corporate seal of said
City.
/ SECTION W: The proceeds from the
sale of said bonds, except the sum in
cluded in the amount of the issue to
the extent necessary to provide fund
| for the payment of interest accruing on
| said bonds previous to the receipt of
taxes, from which said interest is to be
ultimately paid and the premium and
| accrued interest thereon shall be cred
tied to fund for the purpose of paying
| the CityS part of the cost and expense
| of the improvements as set forth in
Section of this ordinance, and shall be
| disbursed upon proper vouchers for the
| purposes specified herein, for which pur-
pose said money is hereby appropriated
and said City Manager is hereby au-
thorized to execute any and all con-
tracts necessary or incidental thereto.
SECTION V: That the faith, revenue
and credit of the City of Hamilton, Ohio,
are hereby pledged for the prompt pay
ment of both principal and interest of
cordance with the laws and ConStitu-
ton of the State of Ohio.
SECTION VI: For the purposes of
providing the necessary funds to pay
the interest on the foregoing issue of
bonds promptly when and as the same
shall fall due, and also to provide fund
sufficient to discharge said bonds at
maturity, there shall be and is hereby
levied on all the taxable property in the
City of Hamilton, in addition to all other
taxes, direct tax annually during the
a,,~.I - 4 l. .Ie,r
an amount sufficient to provide funds
to pay the interest upon said bonds as
and when the same falls due, and also
to provide fund for the discharge of
the principal of said serial bonds at
maturity, which taxes shall not be less
than the interest and Sinking Fund tax
required in Section II, Article u, of the
Constitution of the State of Ohio
Said tax shall be and is hereby or
dered computed, certified levied and ex-
tended upon the tax duplicate and col
lected by the same officials in the same
manner and at the same time that taxes
for general purposes of each of said
years are certified, extended and col
lected. Said tax shall be placed before
and in preference to all other items and
for the full amount thereof. The funds
derived from said tax levies hereby re-
CURED shall be placed in separate and
distinct fund which, together with the
interest collected on the same, shall be
irrevocably pledged for the payment of
principal and interest on said bonds
WneH ana as the same Iall uue.
SECTION VII: These bonds shall be
subject to call or redemption prior tC
!. maturity at not more than par and ac-
crued interest.
SECTION VIII: The Clerk of Council
is hereby directed to forward a certi-
fled copy of this ordinance to the County
Auditor.
SECTION TX: This ordinance shall
take effect and be in full force and effect
from and after the earliest period al
lowed by the charter of the City o1
Hamilton, Ohio.
Passed: July 5, 1889.
r.. Fl. BURKE, Mayor.
Attest: ADELE EDMONDS,
Clerk of Council.
July 14-1t