The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1940-07-12
ORDINANCE NO. 4o1s

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 Street Alley, from Web
ster Avenue to point 80 feet south
of the south property line Of HaIdi-
the City of Hamilton, Ohio, by grad
ing 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, manholes and inlet basins
where necessary.
BE IT ORDAINED by the Council Of
the City of Hamilton, Ohio
SECTION /: That it is deemed nee
essary to borrow money in anticipation
of the issuance of bonds to be issued
in anticipation of the collection of spe-
cial assessments to pay the cost and
expense of improving d Street Alley
from Webster Avenue to a point 80 feet
south of the south property line of
the City of Hamilton, Ohio, by grading
and paving the roadway thereof with
permanent material such as sheet as
phalt, asphaltic concrete. Warrenite
bitulithic concrete brick, or any other
type of material as may be constructed,
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
$1,923.26, 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
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 is
sued, that they were issued in pursuance
of this ordinance and in accordance with
Section 2293-24 of the General Code of
Manager and the Director of Finance of
Hamilton, Ohio, and sealed with the
corporate seal of said city.
SECTION III: That the faith rev.
enue and credit of the City of Hamilton,
Ohio, are pledged to the prompt pay
ment of said notes hereinabove described
in accordance with the laws and con-
stitution of the State of Ohio; in the
event that assessments are not levied
or bonds are not issued to provide a
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 addi-
tion to all other taxes a direct annual
tax sufficient to pay the interest and
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 10 of the Con-
stitution. Provided. however, that in
each year that the assessments antici-
pated by said notes are payable and
are applicable to the payment of such
interest and principal and are appropri-
ated for such purpose, the amount of
such tax shall be reduced by the amount
of the assessment so appropriated. The
amount of said tax to be computed by
the taxing authorities and to be GER
titled 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
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
arising from the sale of said notes
shall be placed to the credit of the
fund for the payment of said improve
ment and all unexpended balances re-
naming 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 installments of assessments
and all cash payments of assessments
shall be applied to the payment of said
note or notes and interest thereon until
both are fully provide dior.
SECTION v: That the Director of
Finance be and he is hereby authorized