The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-02-14


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 Campbell Avenue Alley, from
Lockwood Avenue to Fair Avenue AL
ley, in the Fourth Ward of the City
of Hamilton, Ohio, by grading and
paving the roadway thereof with a per-
brick, asphalt, asphaltic concrete, War
renite bitulithic, or any other type of
material as may be determined, and
constructing storm sewers, manholes
and inlet basins where necessary,
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION l That it is deemed neces-
sary to borrow money in anticipation of
the issuance of bonds to be issued in an
tioipation Of the collection of special as
sessments to pay the cost and expense
of improving Campbell Avenue Alley
from Lockwood Avenue to Fair Avenue
Alley, in the Fourth Ward of the City
of Hamilton, Ohio, by grading and paw
ing the roadway thereof with perma-
nent material such as concrete, brick,
asphalt asphaltic concrete, Warrenite
bitulithic, or any other type of material
as may be determined, and constructing
storm sewers, manholes and inlet basins
where necessary, as PROVIDED IN sections
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 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 were issued, that they
were issued in pursuance of this ordi-
md in nrdl will ion
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 pay
ment of such notes at maturity, there
shall be and is hereby levied upon all of
the taxable property of the City of Ham
iton, 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 Article IL of
the Constitution Provided, however,
anticipated by said notes are payable
and are applicable to the payment of
such interest and principal and are ap-
propriated for such purpose, the amount
of such tax shall be reduced by the
amount of the assessment so appropri-
ated The amount of said tax to be COM
puted 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 derived
from said levies 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
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 un-
expended 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
the earliest period allowed by the char
ter of the City of Hamilton, Ohio
Passed: February 8, 1941.
LEO 7; WELSH, Mayor.
Attest: ADELE EDMoNDS,
Feb 14-1t