The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-03-24
ORDINANCE NO. azss

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 Eighth Street Alley, from
Walnut Street to Chestnut Street, said
alley west of and parallel to Eighth
Street, in the Fourth Ward Of the
City of Hamilton, Ohio, by grading
and improving said alley between said
points with a permanent material such
as concrete, asphalt, brick, asphaltic
concrete, warrenite bituIthic, or any
other type of material as may be de-
termined.
BE IT 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
tcipation of the collection of special as
sessmentS to pay the cost and expense
of improving Eighth Street Alley, from
Walnut Street to Chestnut Street said
Eighth Street Alley being the first alley
west of and parallel to Eighth Street,
in the Fourth Ward of the City of Ham
ilton, Ohio, by grading and improving
said alley between said points with
permanent material such as concrete, as
phalt brick asphaltic concrete War
renite bitulithic, or any other type of
material as may be determined, as pro-
vided in Section 229324 of the General
Code of Ohio, in the sum of $56l.SO, the
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
uoteS 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 blythe 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, a direct annual tax Suff
| cient to pay the interest and to create
sinking fund to redeem at maturity the
I above provided for notes, which tax shall
not be less than the interest and sinking
fund tax required by Section IL of Ar
| ticle 12 of the Constitution. Provided,
however, that in each year that the as
| sessments anticipated by said notes are
payable and are applicable to the pay
ment of such interest and principal and
are appropriated for such purpose, the
amount of such tax shall be reduced by
| the amount of the assessment SO ap-
propriated 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 col
4 IAn tnI &c. NfA frxy sNI n o11
| lected. 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
1 of the interest and principal of said
notes when and as the same fall due.
| SECTION ": 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
4 Improvement have been paid and the
| proceeds of all bonds sold in anticipa-
1 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 ard
after the earliest period allowed by the
1 charter of the City of Hamilton Ohio.
Passed: March Is, 1899
r. III. BURKE Mayor
4 Attest. ADELE EDMONDS,
Clerk of Council