The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-07-25
ORDINANCE NO. AGO

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
proving North D Street Alley "A,"
from Wayne Avenue to Liberty Ave-
nue., in the First Ward of the City of
Hamilton, Ohio, by grading and paving
the roadway thereof to a width Of $50
feet between Lots 55o6 and 4735 and
the remainder of said alley to be paved
to width of 1l.4o feet with per-
1nanent material such as concrete,
brick, asphalt, aspha1tic concrete, War
renite bituithic, 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
ticipation of the collection of special as
sessments to pay the cost and expense
of improving North d Street Alley "a"
from Wayne Avenue to Liberty Avenue,
in the First Ward of the City of Ham
ilton, Ohio by grading and paving the
roadway thereof to a width of $50 feet
between Lots 5506 and 4735 and the
remainder of said alley to be paved to
width of 11.40 feet with a permanent
material such as concrete, brick, asphalt,
aSphaltic concrete, Warrenite bitulithic
or any other type of material as may
be determined, as provided in Section
2293-24 of the General Code of Ohio, in
the sum of $999. 95 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
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 a fund for the pay
mentS of such notes at maturity, there
shall be and is hereby levied upon all of
the taxable property of the City of Ham
lton, Ohio, in addition to all other taxes
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 II 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, and the same shall
~ tod afAl Oth toxr
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 ": 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 and all cash payments
| of assessments shall be applied to the
| payment of said note or notes and in
terest 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: July 16, 1941.
LEO J. WELSH Mayor.
Attest: ADELE EDMONDS,
City Clerk.
July 25-1t