The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-11-28
ORDINANCE NO. 421l

ORDINANCE NO. 42ll
An ordinance providing for the issue Of
bonds Of the City of Hamilton, Ohio,
for the purpose Of raising money to
provide the necessary funds for the
enlarging the existing freproof incin-
orator plant building Of the City Of
Hamilton, Ohio, and equipping the
same with new machinery for the dis
posal Of garbage and refuse matter Of
the City of Hamilton, Ohio, and re-
peaAng Ordinance Number 4o72.
WHEREAS, the Council has requested
the Director of Finance to issue his GER
tificate as to the estimated life of the
property, assets or improvement pro-
posed to be acquired or constructed from
the proceeds of the bonds hereinafter
WHEREAS, the Director of Finance
has certified to this Council the esti-
mated life of said improvement as ex-
ceeding five years, and has further GER
titled the maximum maturity of the
bonds hereinafter provided for as sew
enteen years
NOW THEREFORE, BE 1T Or
DAINED by the Council of the City of
Hamilton, Ohio:
SECTION 1: That it is deemed neces-
sary by the Council of the City of Ham
ilton. Ohio, to issue and sell bonds of
said city in the principal sum of S7S,-
100000 in order to provide fund for the
purpose of raising money to provide the
necessary funds for the cost and expense
of improving and enlarging the existing
fireproof incinerator plant building of the
City of Hamilton Ohio, and equipping
the same with new machinery for the
disposal of garbage and refuse matter
of the City of Hamilton, Ohio, and to
provide a fund for the payment of not
to exceed one years interest on said
bonds.
SECTION II: That it is hereby deter
mined to proceed with the issue of said
bonds in one lot and without issuing
notes in anticipation of the issuance of
said bonds.
SECTION III: That serial bonds of the
City of Hamilton, Ohio shall be issued
in the sum of $7S,000.00 for the purpose
aforesaid; each of said bonds shall be
dated December /, 1941, and shall bear
interest at the rate of two per cent per
annum, payable semi-annually on the 1st
day of June and December in each year
until the principal sum is paid, upon
presentation and surrender of interest
coupons to be attached to said bonds
bearing the facsimile signature of the
Director of Finance; that said bonds
shall mature as follows: $5,200.00 on
December 1st in the years 1943 to 1851
both inclusive, which maturities are
hereby determined to be in substantially
equal annual installments. Said bonds
shall be issued, executed and disposed
of in accordance with the general laws
of the State of Ohio, particularly the
Uniform Bond Act of the General Code
of Ohio The principal and interest of
said bonds shall be payable at the office
of the City Treasurer of the City of
Hamilton, Ohio; said bonds shall bear
such consecutive numbers as the Di-
rector of Finance or the proper officers
of the City shall determine, and shall
express upon their face the purpose for
which they are issued and that they
are issued in pursuance of this ordi-
nance, and shall be signed by the City
Manager and Director of Finance and
sealed with the corporate seal of said
city.
SECTION ": The proceeds of the sale
of said bonds, except the sum included
in the amount of the issue to the ex-
tent necessary to provide a fund for the
payment of interest accruing on said
bonds previous to the receipt of taxes
from which such interest is to be ulti-
mately paid and the premium and ac-
crued interest thereon, shall be credited
to a fund for the purpose of paying the
cost and expense of improving and en-
larging the existing fireproof incinerator
plant building of the City of Hamilton,
Ohio, and equipping the same with new
machinery for the disposal of garbage
and refuse matter of the City of Ham
ilton, Ohio and for no other purpose,
and shall be disbursed upon proper
vouchers for the purposes specified
herein, for which purpose said money
is hereby appropriated.
SECTION V: That the faith, revenue
and credit of the City of Hamilton, Ohio,
are hereby pledged for the prompt pay
ment of both principal and interest of
cordance with the laws and constitution
of the State of Ohio.
SECTION VI: For the purpose of pro-
viding the necessary fund to pay the
interest on the foregoing issue of bonds
promptly when and as the same falls due,
and also to provide a fund sufficient to
discharge the said serial bonds at ma
turity, there shall be and is hereby levied
on all of the taxable property of the
City of Hamilton, Ohio, in addition to
all other taxes direct tax annually
during the period of the time such bonds
are to run, in an amount sufficient to
provide funds to pay the interest upon
said bonds as and when the same falls
due, and also to provide fund for the
discharge of the principal of said serial
bonds at maturity, which taxes shall
not be less than the interest and sinking
fund tax required by Section II, Article
10 of the Constitution of the State of
Ohio
Said tax shall be and is hereby ordered
computed and certified levied and ex-
tended upon the tax duplicate, collected
by the same officials, in the same manner
and at the same time as the taxes for
general purposes for each of said years
are certified, extended and collected.
Said tax shall be placed before and in
preference to all other items and for the
from said tax levy hereby required shall
be placed in a separate and distinct fund
which together with the interest collected
on the same shall be irrevocably pledged
for the payment of principal and inter-
est on said bonds when and as the same
fall due.
SECTION VII: These bonds shall be
subject to call or redemption prior to
maturity at not more than par and ac-
crued interest.
SECTION VIII: That Ordinance Num-
Der 4072 is hereby repealed.
SECTION TX: The City Clerk is hereby
directed to forward a certified copy of
this ordinance to the County Auditor.
SECTION X: This ordinance shall take
IN.Os f,,Il 1nffn fy1x~
and after the earliest period allowed by
the charter of the City of Hamilton, Ohio.
Passed: November 19, 1941.
LEO j. WELSH, Mayor.
Attest: ADELE EDMONDS,
City Clerk.
Nov 2S-1t