The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-05-10

To borrow money by issuing note or
notes in anticipation Of the issuance
bonds to Ss issued snss;a IN
nents to pay the cost and expense Of
improving Wayne Avenue Alley, from
c Street to d Street, in the First Ward
grading and paving the roadway
thereof with a permanent material
such as concrete, brick, asphalt, as
pha1tic concrete, warrenite bitulithic,
or any other type Of material as may
be determined.
BE 1T 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
anticipation of the collection of special
of improving Wayne Avenue Alley,
from c Street to d Street, in the First
Ward of the City of Hamilton, Ohio, by
grading and paving the roadway thereof
with permanent material such as con-
crete, brick, asphalt, asphaltic concrete.
Warrenite bitulithic, or any other type
of material as may be determined as
provided in Section 2293-24 of the Gen
eral Code of Ohio, in the sum of $95394,
the estimated amount of said assess
ment.
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
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 were issued in pursuance to
| 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 cor
porate 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
4 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
| 10 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 IL
! or Article IL 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
ny the amount OIL 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
| 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 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
proceeds of all bonds sold in anticipa-
| tion of the collection of deferred INSTALL
| mentS OF assessments and all cash paw
ments of assessments shall be applied
| to the payment of said note or notes
and interest thereon until both are fully
provided 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: May /, 1910.
LEO j. WELSH, Mayor
Attest: ADELE EDMoNDS,
City Clerk
May 10--1t