The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-11-15
ORDINANCE NO. 1850

To borrow money by issuing note OF
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 Race Street, from Second
Street to Third Street. in the City of
Hamilton, Ohio, by constructing sani-
tary sewers, house connections, man.
holes, lamp holes, flush tanks, ETC.,
where necessary.
BE IT ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION I: 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 Race Street, from Second
Street to Third Street, in the City of
Hamilton, Ohio, by constructing sanitary
sewers, house connections, manholes,
lamp holes, flush tanks etc, where nee
essary as provided in Section 2293-24 of
the General Code of Ohio, in the sum of
$1,3S100 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 of date of the is
suance, and said note or notes shall be
from the date thereof. Said note or
notes shall express upon their face the
purpose for which they We're issued, that
they We're 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 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 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 sinking
fund to redeem at maturity the above
provided for notes, which tax shall not
he less than the interest and sinking
fund tax required by Section II of Ar
ticle 2 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 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
ton of the collection of deferred install
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: November 6, 1910.
LEO j. WELSH, Mayor.
Attest: ADELE EDMONDS,
City Clerk.