The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-08-15
ORDINANCE NO. 41e5

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 Weller Avenue Alley, from
in the Sixth Ward Of the City of HAM
ilton, Ohio, by grading and paving the
roadway thereof with permanent
material such as concrete, brick. as
phalt, asphaltic concrete, Warrenite
bitulithic, or any other type of ma
terial as may be determined, and con-
structing storm sewers, manholes and
inlet basins where necessary.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION i: 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 Weller Avenue Alley, from
Van Hook Avenue to Putnam Avenue in
the Sixth Ward of the City of Hamilton,
Ohio, by grading and paving the road
way thereof with permanent material
such as concrete, brick, asphalt, asphal-
tic concrete Warrenite bitulithic, or any
other type of material as may be deter
mined, and constructing storm sewers,
manholes and inlet basins where neces-
sary, as provided by Section 2293-24 of
the General Code of Ohio, in the sum
of $4,000, the estimated amount of said
SECTION II: That the City Manager
and the Director of Finance of the City
of Hamilton, Ohio, shall issue note
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 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
General 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
ment 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 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 / of Article II
of the Constitution. Provided, however,
that in each year that the assessments
anticipated by said notes are payable
and are applicable to the payment of
such interest and principal and are APP
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 de-
rived from said levies hereby required
shall be placed in separate and dis
tinct fund, which together with all in
terest collected on the same shall be ir
revocably 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
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 nstallments
and all cash payments of assessments
shall be applied to the payment 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 August g. 1941.
LEO j. WELSH, Mayor.
Attest: ADELE EDMONDS
City Clerk.
Aug l5-lt