The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-06-14

ana 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 VanDerVeer Avenue Alley,
from Fair Avenue to Fair Avenue Alley,
in the Fourth Ward of the City of Ham
ilton, Ohio, by grading and paving the
roadway thereof with a permanent ma
terial such sheet asphalt, aSphaltic
concrete, Warrenite bitulithic, concrete,
brick, or any other type of material as
may be determined, and constructing
storm sewers, manholes and inlet basins
where necessary, as provided in Section
2293-24 of the General Code of Ohio in
the sum of $933.90, the estimated 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 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 Sec
| tion 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 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 constitution
| of the State of Ohio: in the event that
| assessments are not levied or bonds are
not issued to provide fund for the
| payment of such notes at maturity
/
| all of the taxable property of the City
of Hamilton, Ohio, in addition to all
other taxes a direct annual tax sufficient
| to pay the interest and to create a sink
| ing 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 II 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
ment of such interest and principal and
are appropriated for such purpose, the
amount of such tax shall be reduced by
/ the amount of the assessment so appro-
| priated. 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 items and for the
| full amount thereof, and all funds de-
| rived from said levies hereby required
snail be placed IN a separate and dis
| tinct fund, which together with all in
| terest collected on the same shall be r-
| revocably 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-
i ing from the sale of said notes shall be
placed to the credit of the fund for the
payment of said improvement and all
I 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 anticipatio
| of the collection of deferred installments
| of assessments and all cash payments
| of assessments shall be applied to the
| payment of said note or notes and inter-
est 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 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: June 5, 1910.
LEO J. WELSH Mayor.
Attest: ADELE EDMONDS,
City Clerk.
| June 14-1t