The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-06-13
ORDINANCE NO. 4135


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 Heaton Street Alley, from
Ninth Street to Tenth Street, in the
Third Ward Of the City Of Hamilton,
Ohio, by grading and paving the road
way thereof for width OF IA feet
with a permanent material such as
concrete, brick, asphalt, asphaltic con-
crete, Warrenite hitulithic, or any
other type of material as may be
determined.
BE IT 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
anticipation of the collection of special
assessments to pay the cost and expense
of improving Heaton Street Alley, from
Ninth Street to Tenth Street, in the
Third Ward of the City of Hamilton
way thereof for width of Ia feet with
permanent material such as concrete,
brick, asphalt, asphaltic concrete, War
renite bituithic, or any other type of
material as may be determined, as pro-
vided by Section 2293-24 of the General
Code of Ohio, in the sum of $942.64, 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 snail pear interest at the rate
not to exceed six per cent per annum,
and shall be dated as of date of the is
Suance, 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 We're issued, that they
were issued in pursuance of this ordi-
nance and in accordance with Section
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
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 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 and sinking
fund tax required by Section IL of Ar
ticle IL of the Constitution. Provided,
however that in each year that the as
sessments anticipated by said notes are
payable and are applicable to the pay
ment of such interest and principal and
| are appropriated Tor Sucn purpose, the
amount of such tax shall be reduced by
| the amount of the assessment so appro-
priated 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 pref
| erence to all other items and for the
| full amount thereof, and all funds de-
| rived from said leyies hereby required
| shall be placed in a separate and distinct
| fund, which together with all interest
collected on the same shall be irrevo-
cably 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 pro-
ceeds of all bonds sold in anticipation of
| the collection of deferred installments 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
| 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: June 4. 1941.
LEO j. WELSH, Mayor.
! Attest: ADELE EDMONDS.
City Clerk.
June 13-1t