The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-05-10

Of bonds to be issued In anticipation
Of the collection OF special assess
ments to pay the cost and expense OF
improving Laurel Avenue Alley, from
Madison Avenue to Van Hook Avenue,
said Laurel Avenue Alley being the |
first alley lying south Of and parallel
to Laurel Avenue, in the Sixth Ward
Of the City OF Hamilton, Ohio, by |
grading ana paving the roadway
thereof with a permanent material
such as sheet asphalt, asphaltic con-
crete, Warrenite bitulithic, concrete,
brick, or any other type OF material as
may be determined, and constructing
storm sewers, manholes and inlet ba-
sins 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 Oh
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 Laurel Avenue Alley, from
Madison Avenue to Van Hook Avenue,
said Laurel Avenue Alley being the first
alley lying south of and parallel to
Laurel Avenue, in the Sixth Ward of
the City of Hamilton, Ohio, by grading
and paving the roadway thereof with a
phalt, 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,
as provided in Section 2293-24 of the
General Code of Ohio, in the sum of
$92S.00, the estimated amount of said
SECTION H. 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
n h 10 E.af.
from the date thereof. Said note or
notes shall express upon their face the
purpose for which they We're issued,
that they were issued in pursuance to
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 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 Hamilton, Ohio in addition to all
other taxes 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 Article IL of the Constitution. Pro-
| vided, however, that in each year that
the assessments anticipated by said
notes are payable and are applicable to
the payment of such interest and prin-
clpal and are appropriated for such pur-
| pose, the amount of such tax shall be
reduced by the amount of the assess
ment so appropriated. 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 derived from said
levies hereby required shall be placed
in separate and distinct fund, which
| together with all interest collected on
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 tC
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: May l, 1910.
LEO j. WELSH, Mayor.
Attest: ADELE EDMONDS,
City Clerk
May 10--1t