The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-05-26
ORDINANCE MO. a7a1

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 Heaton Street Alley, from
Erie Highway Alley B to Erie High
way Alley G, to-wit: from the east
line of Lot 4791 to the west line of
Lot 4785, in the Third Ward of the
City of Hamilton. Ohio, by construct
ing sanitary sewers, manholes, inlet
basins and house connections where
necessary.
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
anticipation of the collection of special
assessments to pay the cost and expense
Of improving Heaton Street Alley, from
Erie Highway Alley b to Erie Highway
Alley G, to-Wit: from the east line of
Lot 4791 to the west line of Lot 47S5, in
the Third Ward of the City of Hamil-
ton Ohio, by constructing sanitary sew
ers, manholes inlet basins and house
connections where necessary, as pro-
vided in Section 2293-24 of the General
Code of Ohio, in the sum of S41976, the
estimated amount of said assessment
SECTION IL 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
they were issued in pursuance to this
ordinance and in accordance with Sec
tion 229324 of the General Code of Ohio,
and shall be signed by the City Man
ager and the Director of Finance of
10
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 Ham
ilton, Ohio, in addition to all other taxes
a direct annual tax sufficient to pay the
interest and to create a sinking fund
to redeem at maturity the above pro-
vided for notes, which tax shall not be
less than the interest and sinking fund
tax required by Section II of Article 12
of 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 ap-
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
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 dis
tinct fund which together with all in
terest 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 Nv: That the proceeds aris-
ing from the sale of said notes shall be
pledged 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 antic-
patton of the collection of deferred in
Stallments Of assessments and all cash
piled 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: May IL 1889.
r. H. BURKE Mayor.
Attest: ADELE EDMONDS,
Clerk of Council.
May 26-1t