The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-03-15

taxes a direct tax annually during the
period said bonds are to run, in an
amount sufficient to provide funds to
pay interest upon said bonds as and
when the same falls due and also to
provide fund for the discharge Of the
principal Of said serial bonds at ma
turity, which taS shall not be less than
the interest and sinking fund tax re-
quired by Section III of Article XII of
the Cons Stitution.
That the interest and retirement levies
hereon shall have the same status with
respect to the limitations imposed by
Article Mi, Section 2, of the Constitu-
tion as the interest sinking fund and
retirement levies of the indebtedness
which is refunded
Said tax shall be and is hereby ordered
computed, certified, levied and extended
upon the tax duplicate and collected by
the same officers in the same manner
and at the same time that taxes for gen
eral purposes for each of said years are
certified, levied, extended and collected
Said tax shall be placed before and in
preference to all other items and for the
full amount thereof. The funds derived
from said tax levies hereby required
shall be placed in a separate and dis
tinct fund, which together with all in
terest collected on the same shall be
irrevocably pledged for the payment of
the interest and principal Of said bonds,
when and as the same fall due.
SECTION ": Said bonds shall be
signed by the City Manager and Di-
rector of Finance of said City, and the'
interest coupons shall have the fac-simile
signature of said Director of Finance
printed or autographed thereon. Said
bonds shall express upon their face the
purpose for which they are issued and
they are issued in pursuance of this
ordinance.
SECTION V: 1t is hereby determined
that all acts conditions and things nee
essary to be done precedent to and in
the issuance of said bonds in order to
make the same legal, valid and binding
oh 1ierlt ifr1c afc csni6 how
have happened and been performed in
regular and due form as required by
law and that the tax for the payment
of the principal and interest as the same
fall due and are payable does not exceed
any limitations of taxation of said City
and that the amount of this bond issue
does not exceed any limitation of indebt-
edneSS as fixed by law.
SECTION VI: The Director of Finance
Of this City is hereby authorized and
directed to offer this issue of bonds first
to the Commissioners of the Sinking
Fund of said City, and if refused, then
to the Treasury Investment Board, and
if refused then the Director of Finance
is directed to offer the same for sale
as provided by law, and receive bids
for the purchase thereof Said bonds
shall not be sold for less than par and
accrued interest to the date of delivery.
The bond sale advertisement shall
state that anyone desiring to do so may
present a bid or bids for said bonds
of interest than hereinbefore fixed, pro-
vided that where a fractional interest
rate is offered, such fraction shall be
one-fourth of one per centum or null
tiples thereof.
SECTION VII: These bonds shall be
subject to call or redemption prior to
maturity at not more than par.
SECTION VIII: The Director of FL
nance of this City is hereby authorized
to keep record of the number, amount
and rate of each bond sold, the amount
received for it, to whom Sold and the
time when payable.
SECTION TX: The City Clerk is hereby
directed to forward a copy of this or
dinance to the County Auditor.
SECTION X: This ordinance shall
take effect and be in full force and ef-
feet from and after the earliest period
allowed by the charter of the City of
Hamilton, Ohio.
Passed: March 6, 1910.
LEO j. WELSH, Mayor.
Attest: ADELE EDMONDS,
City Clerk.
Mar 15-1t