The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-12-27
ORDINANCE NO. 4o7a

ORDINANCE NO. 4o72
An ordinance providing for the issue Of
bonds OF the City of Hamilton, Ohio,
provide the necessary funds for the
cost and expense OF improving and
en1arging the existing freproof incin-
orator plant building Of the City of
Hamilton, Ohio, and equipping the
same with new machinery for the dis
posal of garbage and refuse matter of
the City Of Hamilton, Ohio.
WHEREAS, the Council has requested
the Director of Finance to issue his GER
tificate as to the estimated life of the
property, assets or Improvement pro-
posed to be acquired or constructed from
the proceeds of the bonds hereinafter
referred to; and
WHEREAS, the Director of Finance
has certified to this Council the est-
mated life of said improvement as ex-
ceeding five years, and has further GER
titled the maximum maturity of the
bonds hereinafter provided for as seven
Now THEREFORE, BE IT OR
DAINIGD by the Council of the City of
Hamilton, Ohio:
sary by the Council of the City of Ham
ilton, Ohio, to issue and sell bonds of
said city in the principal sum of S7S,-
100000 in order to provide fund for the
purpose of raising money to provide the
necessary funds for the cost and expense
of improving and enlarging the existing
the City of Hamilton, Ohio, and equip
ping the same with new machinery for
the disposal of garbage and refuse mat.
ter of the City of Hamilton, Ohio, and
to provide a fund for the payment of
not to exceed one years interest on said
bonds.
SECTION II: That it is hereby deter
mined to proceed with the issue of said
bonds in one lot and without issuing
notes in anticipation of the issuance OF
said bonds
the City of Hamilton, Ohio, shall be is
sued in the sum of $7S,000,00 for the
purpose aforesaid each Of said bonds
shall be dated February /, l941, and
shall bear interest at the rate of two
per cent per annum, payable Semi-an-
nually on the 1st day of April and Oc-
tober in each year until the principal
sum is paid, upon presentation and sur
render of interest coupons to be attached
to said bonds bearing the facsimile sig
nature OF the Director of Finance; that
said bonds shall mature as follows: 3d.
10000 on October 1st In the years 1912
to 1856, both inclusive, which maturites
are hereby determined to be in substan-
TALLY equal annual installments. Said
bonds shall be issued executed and dis
posed Of in accordance with the general
laws of the State of Ohio, particularly
the Uniform Bond Act of the General
Code Of Ohio. The principal and interest
Of said bonds shall be payable at the Of
flee Of the City Treasurer of the CITY of
Hamilton, Ohio; said bonds shall bear
Sucn consecutive NUMBERS dS lItt LII eN-
tor of Finance or the proper Officers OF
the city shall determine, and shall ex-
press upon their face the purpose Tor
which they are issued, and that they
are issued in pursuance of this nrdi-
nance and shall be signed by the CITY
Manager and Director of Finance and
sealed with the corporate seal of said
city.
SECTION ": The proceeds of the sale
Of said bonds, except the sum included
In the amount of the issue to the extent
IL f,,,a FOR hn "
ment of interest accruing on said bonds
previous to the receipt of taxes from
which such interest is to be ultimately
paid, and the premium m % ana az accrued t aa Ia,
for the purpose of paying the cost and
expense of improving and enlarging the
existing fireproof ineinerator plant build
ing of the City of Hamilton, Ohio, and
equipping the same with new machinery
for the disposal of garbage and refuse
matter of the City of Hamilton, Ohio
and for no other purpose, and shall be
disbursed upon proper vouchers for the
purposes specified herein, for which pur-
pose said money is hereby appropriated.
SECTION V: That the faith, revenue
and credit Of the City of Hamilton, Ohio,
are hereby pledged for the -prpmnt pay
ment of both principal and interest Of
said bonds hereinbefdre described, in ac-
cardance with the laws and constitution
of the State of Ohio.
SECTION VI: For the purpose of pro-
yiding the necessary fund to pay the IN
tereSt on the foregoing lSSue III ubfuS
promptly when and as the same falls
due, and also to provide fund sufficient
to discharge the said serial bonds at ma
tprity, there shall be and is hereby
the City of Hamilton, Ohio, in addition
to all other taxes direct tax annually
during the period of the time such bonds
are to run, in an amount sufflclent TO
provide funds To pay the interest upon
said bonds as and when the same falls
due, and also to provide FUND TOR the
bonds at maturity, which taxes shall not
be less than the interest and sinking
fund tax required by Section l., Article
IL of the Constitution of the State pf
Ohio
Said tax shall be and is hereby ordered
computed and certified, levied and ex3
tended upon the tax duplicate, collected
by the same officials, in the same manneF
and at the same time as the taxes FOR
general purposes for each of said years
are certified. extended and collected
preference to all other items and for the
full amount thereof. The funds derived
from said tax levy hereby required shall
be placed in a separate and distinct fund
which together with the interest col
leeted on the same shall be irrevocahly
pledged for the payment Of principal aad
interest on said bonds when and as the
sEcTioN WI: These bonds shall be
subject to call or redemntien prior te
maturity at not more than par and ae-
SECTION WIZ The City Clerk is
hereby directed to forward a certified
copy of this ordinance to the County
sECTIoN TX: This ordinance shall
take effect and be in full force and eff
feet from and after the earliest periao
allowed by the charter of the City Of
Hamilton, Ohio.
Passed: December 1S, 1910:
LEO J. WELSH Mayor,
Attest: ADELE BDMQNDs,
City Clerk
Dec 27-lt