The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-06-27

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 i'm
proving Fair Avenue Alley, from Mill
Road to Gilmore Avenue, In the Third
Ward Of the City Of Hamilton, Ohio,
by grading and paving the roadway
thereof for width Of ID feet with a
permanent material such as concrete,
brick, asphalt. asphaltic concrete,
Of material az may be determined, and
constructing storm sewers, manholes
and inlet basins where necessary.
BE IT ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION j: 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 Fair Avenue Alley from
Mill Road to Gilmore Avenue, in the
Third Ward of the City of Hamilton
Ohio by grading and paving the road
way thereof for width of Is feet with
a permanent material such as concrete.
brick asphalt, asphaltic concrete, War
renite bitulithic, or any other type of
material as may be determined and con-
structing storm sewers, manholes and
inlet basins where necessary, as provided
by Section 2293-24 of the General Code
of Ohio, in the sum of 81, 609.99, the es-
timated amount of said assessment.
SECTION H. 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
ordinance 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 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 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 for such purpose, the
amount of such tax shall be reduced by
the amount of the assessment SO appro-
| priated. The amount of said tax to bt
! computed by the taxing authorities and