The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-08-30

sary to borrow money in anticipation oI
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 Madison Avenue AL
| ley, and Madison Avenue Alley, from
Weller Avenue to Laurel Avenue, in the
Sixth Ward of the City of Hamilton
| Ohio, by grading and paving the road
way thereof with permanent material
such as concrete, brick, asphalt, asphal.
tic concrete, Warrenite bitulithic, or any
other type of material as may be deter
mined, as provided in Section 229324 OF
the General Code of Ohio, in the sum OF
$1,212.20, 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 issu-
ance, 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 We're
issued in pursuance of 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 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 pay
ment 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
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 be less
than the interest and sinking fund tax
required by Section Ii of Article II of
the Constitution. Provided, however,
that in each year that the assessments
anticipated by said notes are payable and
are applicable to the payment of such
interest and principal and are appropri-
ated for such purpose, the amount of
such tax shall be reduced by the amount
of the assessment 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
a separate and distinct fund, which to-
gether with all interest collected on the
same shall be irrevocably pledged for
pal of said notes when and as the same
fall due
SECTION w: 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 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: August 81, 1910.
LEO j. WELSH, Mayor.
Attest: ADELE EDMONDS,
City Clerk.
Aug. 30-1t