The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-07-12
ORDINANCE NO. 4ol5

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 expenses
Of improving Main Street Alley, from
Edgewood Avenue to Lawn Avenue,
said Main Street Alley being the first
alley south OF and parallel to Main
Street, in the First Ward of the City
OF Hamilton, Butler County, Ohio, by
grading and paving the roadway there
of with permanent material such
as sheet asphalt asphaltic cnocrete,
Warrenite bituhthic, concrete, brick,
or any other type Of material as may
be determined, for width Of nineteen
1eet, ana constructing storm sewers,
manholes and inlet basins where nee
essary.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION I; That 1t is deemed neces-
sary to borrow money in anticipation
of the issuance of bonds to be issued
in anticipation of the collection of spe-
cial assessments to pay the cost and
expense of improving Main Street Alley,
from Edgewood Avenue to Lawn Ave
nue., said Main Street Alley being the
first alley south of and parallel to Main
Street, in the First Ward of the City
of Hamilton Butler County, Ohio by
grading and paving the roadway thereof
with permanent material such as sheet
asphalt, asphaltic cocnrete Warrenite
bitulithic, concrete brick or any other
type of material as may be determined,
for width of nineteen feet and con-
structing storm sewers, manholes and
inlet basins where necessary, as pro-
vided in Section 229324 of the Cen
eral Code of Ohio in the sum of $2,7S1 10,
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 interetS at the rate
not to exceed six per cent per annum,
and shall be dated as of date of the
issuance, 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 We're issued.
that they were issued in pursuance of
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 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 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 a 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 Ar
ticle IL of the Constitution. Provided
however that in each year that the as
sessments anticipated by said notes are
payable and are applicable to the pay