The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-06-30
ORDINANCE NO. 1908

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 Buckeye Street Alley, from
Seventh Street to Tenth Street, said
Buckeye Street Alley being the first
alley south Of and parallel to Buckeye
Street, in the Third Ward of the City
of Hamilton, Ohio, by grading and
paving said alley between said points
with permanent material such as
concrete, asphalt, brick, asphaltic con-
crete, warrenite bitulithic, or any
other type of material as may be
determined.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION 7: 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 Buckeye Street Alley from
Seventh Street to Tenth Street, said
Buckeye Street Alley being the first al
ley south of and parallel to Buckeye
Street in the Third 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 btuIithic or any other type of
material as may be determined pro-
vided in Section 2293-24 of the General
Code of Ohio in the sum of S2,17170
the estimated amount of said assess
ment
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
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
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 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 II
of Article IL of the Constitution. Pro-
vlded, 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
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 full 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 prin-
cipal of said notes when and as the
same fall due
SECTION w That the proceeds ars-
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-
t1on 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 W 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, 1899
r. H. BURKE Mayor.