The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-06-30
ORDINANCE NO. 1901

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 Reservoir Street, from
Ninth Street west to its western ter
minus, and Ninth Street, from Res
ervoir Street to vine Street, and Booth
Avenue, from Reservoir Street to
Ford Boulevard, in the Third Ward
of the City of Hamilton, Ohio, by con-
structing sidewalk, curb and gutter
on both sides Of said streets where
necessary and grading and gravelling
the roadway.
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 Reservoir Street, from
Ninth Street west to it's western ter
minus and Ninth Street, from Res
ervoir Street to Vine Street, and Booth
Avenue, from Reservoir Street to Ford
Boulevard in the Third Ward of the
City of Hamilton, Ohio, by constructing
sidewalk, curb and gutter on both sides
of said streets where necessary and
grading and gravelling the roadway, as
provided in Section 2293-24 of the Cen
eral Code of Ohio in the sum of
$1,4S0.01, the estimated amount of 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
!At- 70 htC
ordinance and in accordance with Sec
ton 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 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 tax
shall not be less than the interest and
! sinking fund tax required by Section IL
| of Article 2 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-
| cpal 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
/ ia1 nd a nt
] levied and collected Said tax shall be
| placed 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 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: June 81, 1889.
r. H. BURKE Mayor
Attest: ADELE EDMONDS,
Clerk of Council.
| June 30-1t