The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-06-14
ORDINANCE NO. 1917

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 Webster Avenue Alley,
from Summer Street to Hunter Ave
nue., in the First Ward of the City of
Hamilton, Ohio, by grading and paw
ing the roadway thereof with per-
manent material such as sheet as
pha1t, 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.
BE 1T ORDAINED by the Council of
the City of Hamilton. Ohio:
SECTION 1: 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 Webster Avenue Alley from
First Ward of the City of Hamilton,
Ohio, by grading and paving the road
way thereof with permanent material
such as sheet asphalt, asphaltic con-
crete, Warrenite bitulithic, concrete,
brick, or any other type of material as
may be determined, and constructing
storm sewers, manholes and inlet basins
where necessary as provided in Section
2293-24 of the General Code of Ohio, in
the sum of $1,74S.90, the estimated
amount of said assessment.
IL. lndU the lily MdldSei
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
notes shall express upon their face the
purpose for which they We're issued,
that they were 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
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 sink
ing 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 / /
of Article II of the Constitution. Pro-
vided, however, that in each year that
the assessments anticipated by said
notes are payable and are applicable to
the payment of such interest and prin-
cipal and are appropriated for such pur-
pose, the amount of such tax shall be
reduced by the amount of the assess
ment 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