The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-06-13

10 borrow money by issuing note or
notes In anticipation OF the issuance
OF bonds to be issued in anticipation Of
t rsu eonsS.,on tS ost OF S psciar assessmenss m mt,
proving both sides OF High street,
from Fourth street to Fifth street, In
the Fourth Ward Of the City OF Ham
ilton, Ohio, by constructing what is
commonly known rs boulevard or
white way lighting.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION 1 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 both sides of High Street
from Fourth Street to Fifth Street, in
the Fourth Ward of the City of Hamil-
ton, Ohio. by constructing what is com
monty known as boulevard or white way
lighting, as provided in Section 2293-24
of the General Code of Ohio, in the sum
of s4,910.04, the estimated amount of
said assessment.
SECTION IL: 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 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 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
| ilton, Ohio, in addition to all other taxes
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 II of Article IL 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 certi-
| fed to the proper officers, and the same
shall be levied and collected as other
/
| 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,
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 w: 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
proceeds 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 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, 1871.
LEO J. WELSH, Mayor.
Attest: ADELE EDMONDS,
City Clerk.
Iupe