The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-11-29
ORDINANCE MO. 4osa

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 inn
proving Seventh Street Alleys IA" and
"B," from Butler Street to Butler
Street Alley "H," for width of 10
feet; Butler Street Alley "A," from
Seventh Street Alley "a" to Seventh
Street Alley 3d." for width of feet !;
Butler street Alley "R," from Seventh
Street to Seventh Street Alley "A," for
a width of 10 feet; and Butler Street
Alley "B," from Seventh Street Alley
"B" to Sixth Street, for width of 10
feet in the Fourth Ward of the City
of Hamilton, Ohio, by grading and paw
ing the roadway thereof with a per-
manent material such as sheet asphalt,
s asphaltie concrete, warrenite btu
type of material as may be determined,
and constructing storm sewers, man.
holes and inlet basins where necessary,
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
ticipation of the collection of special as
sessments to pay the cost and expense of
improving Seventh Street Alleys "A" and
'B, from Butler Street to Butler Street
Alley 'B, - for width of 10 feet; Butler
Street Alley "A" from Seventh Street
Alley "A" to Seventh Street Alley "B,
for width of feet Butler Street Alley
b from Seventh Street to Seventh
Street Alley "a" for width of 10 feet
and Butler Street Alley B." from Sew
enth Street Alley "B" to Sixth Street
for width of 10 feet, in the Fourth
Ward of the City of Hamilton, Ohio, by
grading and paving the roadway thereof
with permanent material such as sheet
asphalt, 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 ST.
1865, the estimated amount of said
assessment
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 hear interest at the rate
not to exceed six per cent per annum,
and shall he dated as of date of the issu-
ance, and said note or notes shall he 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 We're 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
anu CTeQIl OF the kily Ql hamilton, bnlO,
are pledged to the prompt nayment of
said notes hereinaboVe described in ac-
cordanee 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 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
a direct annual tax sufficient to pay the
interest and to create a 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 IL 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 APP
rropriated for such purpose, the amount
of such tax shah 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. derived
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 seld in anticipa-
tion of the collection of deferred install.
| ments of assessments and all cash pay
ments of assessments shall be applied