The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-08-15
ORDINANCE NO. 41e7

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 Linden Street, from the
east line of Front Street east dis
tance of approximately 200 feet, by
constructing sanitary sewers, house
connections, manholes, lamp holes,
flush tanks, etc., 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
anticipation of the collection of special
assessments to pay the cost and expense
of improving Linden Street, from the
east line of Front Street east a distance
of approximately 200 feet, by construct
ing sanitary sewers, house connections,
manholes, lamp holes, flush tanks, etc,
where necessary, as provided in Section
229324 of the General Code of Ohio, in
the sum of $4,000, 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 of date of the
issuance, and said note or notes shall be
due and payable on or before two years
shall express upon their face the pur-
pose for which they were issued that
they We're 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
accordance with the laws and conStitu-
tion 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 Ham
ilton, 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 provided
for notes, which tax shall not be less
than the interest and sinking fund tax
required by Section II Of Article IL of
the Constitution. Provided, however, that
in each year that the assessments an
ticipated 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 certified
TO the proper officers, ana the same Snail
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
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 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
Improvement have been paid and the
proceeds of all bonds sold in anticipa-
tion of the collection of deferred INSTALL
ments of assessments and all cash pay
ments of assessments shall be applied to
the payment of said note or notes and
interest thereon until both are fully pro-
vided 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: August 6, 1941.
LEO j. WELSH, Mayor.
Attest: ADELE EDMONDS.
City Clerk.
Aug i5-lt