The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-04-14

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 Vanderyeer Avenue Alley,
from Lockwood Avenue Alley to Fair
Avenue Alley, the said Vanderveer Ave
nue. Alley being the first alley lying
south of and parallel to Vanderveer
Avenue in the Fourth Ward of the City
of Hamilton, Ohio by grading and paw
ing said alley between said points with
a permanent material such concrete,
asphalt, brick, asphaltic concrete, War
renite bitulithic, or any other type of
material as may be determined, and con-
Structing storm sewers, manholeS and
inlet basins where necessary, as pro-
vided in Section 2293-24 of the General
Code of Ohio, in the sum of $1,396.S0,
the estimated amount of said assess
ment.
SECTION H. That the City Manager
and the Director of Finance of the City
of Hamilton, Ohio shall issue note
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 We're issued in pursuance to this
ordinance and in accordance with Sec
tion 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 suff-
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-
yided, 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
placed before and in preference to all
other items and for the futl amount
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 on
the same shall be irrevocably pledged
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 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
provided 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: April 5, 1899.
r. Fl. BURKE, Mayor.
Attest: ADELE EDMONDS,
Clerk of Council
! Apr 14--lt