The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-06-27
ORDINANCE NO. Alas

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 assessments
to pay the cost and expense OF i'm
proving Eleventh Street Alley, from
Walnut Street to Hanover Street, IN
the Fourth Ward Of the City of Ham
ilton, Ohio, by grading and paving the
roadway thereof with a permanent ma
terial such as concrete, brick, asphalt,
asphaltic concrete, Warrenite btu
Hthic, or any other type Of material as
may be determined, and constructing
storm sewers, manho1es and inlet ba-
sins 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 Eleventh Street Alley, from
Walnut Street to Hanover Street, in the
Fourth Ward of the City of Hamilton,
Ohio, by grading and paving the roadway
thereof with a permanent material such
as concrete, brick, asphalt, asphaltic
concrete, Warrenite bitulithic, or any
other type of material as may be deter
mined, and constructing storm sewers,
manholes and inlet basins where neces-
sary, as provided by Section 2293-24 of
the General Code of Ohio, in the sum of
s96S.06, 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 isSu-
ance, 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 pur
pose for which they were issued, that
they were 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 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 pay
ment of such notes at maturity, there
shall be and is hereby levied upon all of
the taxable property of the City of Ham
ilton Ohio, in addition to all other taxes
a 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 in sinking fund tax
required by Section IL of Article IL of
the Constitution. Provided, however, that
in each year that the assessments antici-
pated by said notes are payable and are
applicable to the payment of such in
terest 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 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
leyies hereby required shall be placed In
a separate and distinct fund, which to-
gether 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 ": 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