The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-01-24
ORDINANCE NO. 4os1

To borrow money by issuing note o.
notes in anticipation of the issuanc,
of bonds to be issued in anticipation
OF the collection of special assessment.
to pay the cost and expense of i'm
| proving Millville Avenue Alley. from
Exchange Street to the Baltimore 8
| Ohio Railroad, in the First Ward OF
| the City of Hamilton, Ohio, by grading
ana paving the roadway thereof with
| permanent material such as concrete
brick. asphalt, aspha1tic concrete, War.
renite bitulithic, or any other type OF
material as may be determined.
BE 1T 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 an
SeSSments to pay the cost and expense
OF improving Millville Avenue Alley,
from Exchange Street TO the Baltimore
y Ohio Railroad, in the First 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, War
renite bitulithic, or any other type of
material as may be determined as pro-
vided in Section 2293-24 of the General
Code OF Ohio, in the sum of $S15.56, 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 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 or
dlnance and in accordance with Section
2293-24 of the General Code of Ohio, and
shall be signed by the City Manager and
the Director pf Finance pf 10
Ohio, and sealed with the corporate seal
of said city
SECTION III That the faith, revenue
and credit of the City of Hamiltone Ohio
are pledged TO the prompt payment of
said notes herenaboVe 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 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 addition to all
other taxes a direct annual tax sufficient
to pay the interest and to create a sink
ing 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 Pro-
vided, however, that in each year that
the assessments anticipated by said
notes are payable and are applicable to
the payment of such interest and prin-
clpal and are appropriated for such pur-
pose, the amount of such tax shall be
reduced by the amount of the assess
ment so appropriated, The amount of
said tax to he 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
together with all interest collected on
the same shall be irreVocably pledged
for the payment of the interest and prin-
cipal 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: January Is, 194l.
LEO j. WELSH, Mayor.
Attest: ADELE EDMONDS,
City Clerk
Jan 24-lt