The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-06-16
ORDINANCE NO. a7so

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 Dayton Street Alley, from
Ninth Street to Tenth Street, said
alley south of Dayton Street, in the
Fourth Ward Of the City OF Hamilton,
Ohio, by grading and paving said al
manent material such as concrete, as
phalt, brick, asphaltic concrete, War
renite bitulithic, any other type of
material as may be determined.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio.
SECTION /: 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 ex-
pense of improving Dayton Street Alley,
from Ninth Street to Tenth Street, said
Dayton Street Alley being the first alley
south of Dayton Street in the Fourth
Ward of the City of Hamilton, Ohio, by
grading and paving said alley between
said points with permanent material
phaltic concrete, Warrenite bitulithic,
or any other type of material as may
be determined, as provided in Section
22sS-24 of the General Code of Ohio, in
amount of said assessment
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
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 2299-24 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, 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 conStitu
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 suffi-
cient 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 required by Section IL
of Article 2 of the Constitution. Pro-
vided. 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
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 taxes and for the full amount
thereof. and all funds derived from said
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 a. 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 anticipa-
ton 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 FL
nance be and he is hereby authorized
to issue his warrant to the Treasurer
| in payment for the cost of said i'm
! proVement.
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 Z, 1899.
r. H. BURKE, Mayor.
Attest: ADELE EDMONDS,
Clerk of Council.