The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-06-14
ORDINANCE NO. 1919

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
Eighth Street to Ninth Street, said
Heaton Street Alley being the first al
ley south of Heaton Street in the
Third Ward of the City of Hamilton,
Ohio, by grading and paving the road
way thereof with a permanent mate
rial such as sheet asphalt, asphaltic
concrete, Warrenite bitulithic, con-
crete, brick, or any other type of ma
terial as may be determined, and con-
structing storm sewers, manho1es and
inlet basins where necessary.
BE 1T ORDAINED by the Council of
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
Eighth Street to Ninth Street, said
Heaton Street Alley being the first alley
south of Heaton Street, in the Third
Ward of the City of Hamilton, Ohio, by
grading and paving the roadway thereof
with permanent material such sheet
asphalt, asphaltic concrete, Warrenite
bitulithic, concrete, brick, or any other
type OF material as may be determined,
and constructing storm sewers, man
holes and inlet basins where necessary
provided in Section 2293-24 of the
General Code of Ohio, in the sum of
$999.12, 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 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 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
llton, Ohio, in addition to all other taxes
direct annual tax sufficient to pay the
interest and to create a sinking fund to
for notes, which tax shall not be less
than the interest and sinking fund tax
required by Section IL of Article IL 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 COM
puted 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 distinct
| fund, which together with all interest
| collected on the same shall be irrevo-
cably 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-
1 tion of the collection of deferred INSTALL
| mentS or 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 pro-
| vided 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.
! take effect and be in force from and
/ after the earliest period allowed by the
charter of the City of Hamilton, Ohio.