The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-08-11
ORDINANCE MO. asa1

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 Main Street Alley, from
Lew said Maia Street wn Al,eY peing the
first alley south of and parallel to
Main Street, in the First Ward of the
City of Hamilton, Ohio. by grading
and paving said alley between said
points with permanent material
such as concrete, asphalt, brick, as
phaltic concrete, Warrenite bitu1ithic,
or any other type of material as may
be determined.
BE IT ORDAINED by the Council Of
the City of Hamilton, Ohio:
SECTION 1: 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 Main Street Alley from
Lawn Avenue to Lawn Avenue Alley,
said Main Street Alley being the first
alley south of and parallel to Main
Street in the First Ward of the City
of Hamilton Ohio, by grading and paw
a permanent material such as concrete
asphalt, 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 $1,050.00,
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 of date of the is
suance, and said note 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 We're issued,
that they We're 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
corporate seal of said city.
SECTION III That the faith, reve-
nue. and credit of the City of Hamilton
Ohio, are pledged to the prompt pay
ment of said notes hereinabove de-
scribed in accordance with the laws
and constitution of the State of Ohio
in the event that assessments are not
levied bonds are not issued to pro-
vide 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 direct
annual tax sufficient to pay the interest
and to create sinking fund to redeem
at maturity the above provided for
notes, which tax shall not be less than
the interest and sinking fund tax re-
the Constitution. Provided however,
that in each year that the assessments
anticipated by said notes are payable
and are applicable to the payment of
such interest and principal and are APP
propriated for such purpose the amount
of such tax shall be reduced by the
amount of the assessment so appropri-
ated. 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
| tIAs 20. nrn ln1ri in1 n11 coll tor
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
| quired 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 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 improvement have been paid and
| the proceeds of all bonds sold in antici-
| patton of the collection of deferred in
| stallments of assessments and all cash
payments of assessments shall be ap
piled to the payment of said note or
notes and interest thereon until both
are fully provided for.
| SECTION V: That the Director of
! Finance be and he is hereby authorized
| to issue his warrant to the Treasurer
| in payment for the cost of said i'm
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: August 2. 1889.
R. H. BURKE, Mayor.
Attest: ADELE EDMONDS,
Clerk of Council