The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-04-26
ORDINANCE NO. 1894

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 Webster Avenue Alley,
from Hunter Avenue to North Street,
in the First Ward of the City of Ham,
i1ton, Ohio, by grading and paving the
roadway thereof with a permanent
material such as concrete, brick, as
phalt, asphaltic concrete, warrenite
bitulithic or any other type Of ma
teria1 as may be determined.
BE IT 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
anticipation of the collection of special
assessments to pay the cost and expense
of improving Webster Avenue Alley,
from Hunter Avenue to North d Street,
in the First Ward of the City of Hamil-
ton, Ohio, by grading and paving the
roadway thereof with a permanent ma
terial such as concrete, brick, asphalt,
asphaltic concrete, Warrenite bitulithic,
or any other type of material as may
be determined, as provided in Section
2293-24 of the General Code of Ohio, in
the sum of $935.99, 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 to 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 Hamil-
| ton, 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,
| 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 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 II 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
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 leyies hereby required
| shall be placed in a separate and distinct
| fund, which together with all interest
collected on the same shall be irrev-
ocably pledged for the payment of the
| interest and principal of said notes when
and the same fall due.
SECTION ": That the proceeds aris-
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 pro-
ceeds of all bonds sold in anticipation 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 in
terest thereon until both are fully pro-
vided 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: April II, 1910.
LEO j. WELSH Mayor.
Attest: ADELE EDMONDS,
City Clerk.
Apr 26-1t