The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-06-28
ORDINANCE NO. assa


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 assessments
to pay the cost and expense Of i1nprov-
ing Prytania Avenue Alley, from Gray
Avenue to Ha1dimand Avenue, in the
First Ward Of the City Of Hamilton,
Ohio, by grading and paving the road
way thereof to width Of Is feet with
a permanent material such as sheet
asphalt, asphaltic concrete, warrenite
bitu1ithic, concrete, brick, or any other
type OF material as may be determined,
and constructing storm sewers, man
holes and inlet basins where necessary.
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 Prytania Avenue Alley,
nue., in the First Ward of the City of
Hamilton, Ohio, by grading and paving
the roadway thereof to a width of Is
feet with a permanent material such as
sheet asphalt, asphaltic concrete, War
renite bitulithic, concrete, brick, or any
other type of material as may be deter
mined, and constructing storm sewers,
manhOleS and inlet basins where neceS-
Sary, as provided in Section 2293-24 of
the General Code of Ohio in the sum
of $3,066.04, 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
notes shall express upon their face the
purpose for which they were issued, that
/ f1nrr ia.
| 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 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 hereinaboYe 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 Ham
! ilton, Ohio, in addition to all other taxes
| a direct annual tax sufficient to pay the
| interest and to create a sinking fund to
1 redeem at maturity the above provided
! for notes, which tax shall not be less
| than the interest and sinking fund tax
requirde by Section II of Article IL of
/ the Constitution. Provided, however,
/ y
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 pref
erence to all other items and for the
full amount thereof, and all funds de-
rived 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 irrev
ocably pledged for the payment of the
interest and principal of said notes when
and as the same fall due.
SECTION ": 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-
tion of the collection of deferred INSTALL
ments of 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
| 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 19, 1910.
LEO ]. WELSH, Mayor.
Attest: ADELE EDMONDS,
City Clerk.
June 2S-1t