The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-11-15
ORDINANCE NO. 1854

To borrow money by issuing note Oh
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 improv-
ing Pershing Avenue Alley, from
Fourth Street to Fifth Street, in the
Ohio, by grading and paving the road
way thereof for a width of IA feet
with permanent material such as
concrete, brick, asphalt asphaltic con-
crete, Warrenite bitulithic, or any
other type of material as may be de-
termined.
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 an
ticipation of the collection of special as
seSSmentS to pay the cost and expense of
improving Pershing Avenue Alley, from
Fourth Street to Fifth Street, in the
Fourth Ward of the City of Hamilton
Ohio, by grading and paving the roadway
thereof for a width of IA feet with a per-
manent material such as concrete, brick
asphalt, asphaltic concrete, Warrenite
bitulithic, or any other type of material
as may be determined, as provided in
Section 2293-24 of the General Code of
Ohio, in the sum of $9SS.16, the estimated
amount of said assessment.
SECTION IL 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 issuance,
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 Section 2293-24
of the General Code of Ohio, and shall
he STONED hW 40 (fifU and ba
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 q 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 a 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 12
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 50 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
efence to all other items and for the full
amount thereof, and all funds derived
from said leVies hereby required shall
which together with all interest collected
on the same shall be irreVocablY pledged
for the payment of the interest and prin-
cipal 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 of
assessments shall be applied to the pay
ment 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
menJ
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