The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1939-04-14
ORDINANCE NO. a7e2

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 C Street Alley, from E1vin
Avenue Alley to jackson Street, the
said Street Alley being the first al
ley lying west of and parallel with c
Street, and Elvin Avenue Alley, from
Street Alley to d Street said Elvin
Avenue Alley being the first alley
south of and parallel with Elvin Ave-
nue., in the First Ward of the City of
Hamilton, Ohio, by grading and paw
ing said alleys between said points
with a permanent material such as
concrete, asphalt, brick, asphaltic con-
crete, Warrenite bituithic, or any
other type of material as may be de-
terlnined, and constructing storm sew
ers, manholes and inlet basins where
necessary.
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 an
ticipation of the collection of special as
sessments to pay the cost and expense
of improving c Street Alley, from Elvin
Avenue Alley to Jackson Street, the said
c Street Alley being the first alley lying
west of and parallel with G Street, and
ElVin Avenue Alley, from c Street to
d Street, said Elvin Avenue Alley being
the first alley south of and parallel with
Elvin Avenue. in the First Ward of the
City of Hamilton, Ohio, by grading and
paving said alleys between said points
with permanent material such as con-
crete, asphalt, brick asphaltic concrete,
Warrenite bitulithic, or any other type
of material as may be determined, and
constructing storm sewers, manholes
and inlet basins where necessary, as
provided in Section 229324 of the Cen
eral Code of Ohio, in the sum of S1,6S4.O2,
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 Such 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
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 2293-24 of the General Code of
Ohio, and Sha'i oe signed by the City
Manager and the Director of Finance of
Hamilton, Ohio, and sealed with the cor
porate 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 q fund for the pay
ment 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 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 II 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 APP
proprated 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 offiN ars, ana
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 re-
quired shall be placed in separate and
| distinct fund, which, together with all
interest collected on the same shall be
| rrevocably pledged for the payment of
the interest and principal of said notes
when and as the same fall due.
SECTION w: 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-
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 ": 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. April s. 1889.
r. H. BURKE, Mayor
Attest: ADELE EDMONDS