The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-03-10
ORDINANCE NO. a752

0xsOAxN1AINS NOs ofOz
An ordinance providing for the issuance
of bonds of the City of Hamilton,
Ohio, for the purpose of paying the
cost and expense of constructing
storm sewers, manholes and inlet ba-
sins on Ross Avenue Alley, from
Edgewood Avenue to Lawn Avenue,
in the First Ward of the City of Ham
ilton, Ohio.
WHEREAS, the Council has requested
the Director of Finance to issue his GER
t1ficate as to the estimated life of the
property assessed, or the Improvement
proposed to be acquired or constructed
from the proceeds of the bonds herein
after referred to; and
WHEREAS, the Director of Finance
has certified to this Council the esti-
mated life of said improvement as ten
years and has further certified the max
lmum maturity of the bonds hereinafter
provided for as ten years; and
WHEREAS, the Council estimates
that tax for said bonds will first ap-
pear on the duplicate for the tax year
1899 and that the final tax settlement
of the County Treasurer next following
the inclusion of tax for this issue in
the annual budget of the County Au-
ditor, as provided for by law will be
obtained not earlier than the lst day
of September, 1910
NOW THEREFORE, BE IT OR
DAlNED 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
ilton, Ohio, to issue and sell bonds of
said city in the sum of $1,300.00 in or
der to provide fund for the purpose
of paying the cost and expense of con-
Structing storm sewers, manholeS and
inlet basins on Ross Avenue Alley from
Edgewood Avenue to Lawn Avenue, in
the First Ward of the City of Hamil-
ton, Ohio, and also for the purpose of
n a Fund tn i,,fa
cruing on said bonds previous to the
receipt of taxes from which such inter
est is to be ultimately paid.
SECTION II: That it is hereby de-
termined to proceed with the issue of
said bonds in one lot and without is
suing notes in anticipation of the is
Suance of said bonds.
SECTION ILL., That serial bonds of
the City of Hamilton, Ohio, shall be is
sued in the sum of S1300.00, which
amount includes the sum of $3.50 for
interest maturing on said bonds previ-
Gus to the receipt of taxes from which
such interest is to be ultimately paid
for the purpose aforesaid. Each of said
bonds shall be dated March l, 1889, and
Shall bear interest at the rate of three
nually on the 1st day of March and
September in each year until the prin-
cipal sum is paid, upon presentation
and surrender of interest coupons to be
simile signature of the Director of FL
nance; that said bonds shall mature as
follows: $4,000 on the lst day of Sep
tember in the years 1910 to 1949, both
inclusive, which maturities are hereby
determined to be in substantially equal
annual installments
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 officers of the
City shall determine, and shall express
upon their face the purpose for which
they are issued and that they are is
sued in pursuance of this ordinance,
and shall be signed by the City Manager
and the Director of Finance and 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 such interest is to be
ultimately paid, and the premium and
accrued interest thereon, shall be cred
tied to a fund for the purpose of pay
expense of constructing storm sewers,
manholes and inlet basins on Ross Ave
nue. Alley, from EdgeWood Avenue to
Lawn Avenue, in the First Ward of the
City of Hamilton, Ohio, and for nc
other purpose, and shall be diSburSed
upon proper vouchers for the purpose
specified herein, for which purpose said
money is hereby appropriated.
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
said bonds hereinbefore described II
accordance with the laws and consti
tuition of the State of Ohio.
SECTION, VI: For the purpose of pro
viding the necessary fund to pay the
promptly when and as the same falls
DUE and also to provide funo suffi
cient to discharge the said serial bonds
at maturity, there shall be and is hereby
levied or all of the taxable property
of the City of Hamilton, Ohio, in addi
tion to all other taxes a direct tax an
nually during the period of the time
such bonds are to run, in an amount
sufficient to provide funds to pay the
interest upon said bonds as and wher
the same falls due, and also to provide
fund for the discharge of the prin
cipal of said serial bonds at maturity
which taxes shall not be less than the
| interest and sinking fund tax required
| by Section IL, Article IL, of the Consti
| tuition of the State of Ohio.
| Said tax shall be and is hereby ordered
computed and certified, levied and ex
| tended upon the tax duplicate, collected
| by the same officials, in the same man
nen and at the same time as the take: