The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-11-15
ORDINANCE MO. 4o5a

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 assessments
to pay the cost and expense of i'm
proving Bessie Street, from South E
Street west to the first alley east OF
South g Street, and known as Marsh
Street Alley, by constructing sanitary
sewers, manholes, ETC., where nee
essary.
BE TT ORDAINED by the Council of
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 an
tic1pation of the collection of special as
seSSmentS to pay the cost and expense of
improving Bessie Street, from South f
Street west to the first alley east of
South Street, and known as Marsh
Street Alley, by constructing sanitary
sewers, manholes, etc, where necessary,
as provided in Section 2293-24 of the
General Code of Ohio, in the sum of
$1,456.97, 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 or
purpose for which they We're issued that
they were issued in pursuance of this
ordinance and in accordance with Sec
tion 229324 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 herenabove 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 sinking fund
to redeem at maturity the above pro-
Vided for notes, which tax shall not be
less than the interest and sinking fund
tax required by Section II of Article u
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 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
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 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 pro-
ceeds of all bonds sold in anticipation
of the collection of deferred installments
of assessments and all cash payments
payment of said note or notes and in
terest 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: November 6, 1910.
LEO J. WELSH Mayor
Attest: ADELE EDMONDS,
City Clerk.
Nov 15-1t