The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-05-16
ORDINANCE NO. 4l27

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 improv-
ing East Avenue Alley, from Chestnut
Street to Sycamore Street, in the
Fourth Ward Of the City of Hamilton,
Ohio, by grading and paving the road
way thereof with permanent material
such as concrete, brick, asphalt, as
phaltic concrete, Warrenite bitulithic,
or any other type of material as may
be determined.
BE IT 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
ticlpation of the collection of special as
SeSSmentS to pay the cost and expense
of improving East Avenue Alley, from
Chestnut Street to Sycamore Street in
the Fourth Ward of the City of Hamil-
ton, Ohio, by grading and paving the
roadway thereof with a permanent ma
terial such as concrete, brick, asphalt, as
phaltic concrete, Warrenite bitulithic, or
any other type of material as may be de-
termined, as provided by Section 2293-24
of the General Code of Ohio, in the sum
of $1,024.38, 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 purpose for
which they were issued, that they were
issued in pursuance of 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
nj
and sealed with the corporate seal of
said city
SECTION III: That the faith, reve-
nue. 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 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 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 inter-
est and principal and are appropriated
| 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
| levieS hereby required shall be placed
| in a separate and distinct fund, which
| together with all interest collected on
the payment of the interest and prin-
cipal 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 anticipation
| of the collection of deferred inStallmentS
| of assessments and all cash payments
payment of said note or notes and in
terest thereon until both are fully pro-
| yided for.
SECTION W 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
1 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 Z, 1s41.
4 LEO J. WELSH, Mayor.
Attest: ADELE EDMONDS,
/. City Clerk.
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