The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-06-14
ORDINANCE NO. ss7s

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 assess
ments to pay the cost and expense of
improving Aze1 Avenue, from Lawson
Avenue to its western terminus, In the
First Ward of the City Of Hamilton,
Ohio, by constructing sidewalk, curb
and gutter on both sides Of said street
where necessary and doing the neces-
sary grading therefor, and construct
ing storm sewers, manholes and inlet
basins where necessary.
BE IT ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION l: That it is deemed neceS-
sary to borrow money 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 improving Azel Avenue, from Law
son Avenue to it's western terminus, in
the First Ward of the City of Hamilton,
Ohio, by constructing sidewalk, curb and
gutter on both sides of said street where
necessary and doing the necessary grad
ing therefor and constructing storm
sewers, manhOleS and inlet basins where
necessary, as provided in Section 2293-
"a of the General Code of Ohio, in the
sum of S1,S25.00, 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
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
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 Sec
tion 2293-24 of the General Code of Ohio,
and shall be signed by the City Manager
and the Director of Finance of Hamil
ton, 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
Hamilton, 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 Ar
ticle IL 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
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
preference 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 dis
| tinct fund, which together with all in
| terest collected on the same shall be
| irrevocably pledged for the payment of
| the interest and principal 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 anticipation
| of the collection of deferred install
| ments of assessments and all cash pay
ments of assessments shall be applied