The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-03-14
ORDINANCE NO. 4Io1

To borrow money by issuing note or
notes in anticipation of the issuance of
bonds 30 be issued in anticipation of
the collection of special assessments
TO pay the cost and expense of irnprov-
ing Butler Street Alley, from Fifth
Street to Sixth Street, in the Fourth
Ward of the City of Hamilton, Ohio,
by grading and paving the roadway
thereof with permanent material
such as concrete, brick, asphalt, as
phaltic concrete, Warrenite bitulithic,
or any other type Of material as may
be determined.
BE IT 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 an
ticipation of the collection of special as
sessments to pay the cost and expense
OF improving Butler Street Alley from
Fifth Street to Sixth Street, in the
Fourth Ward of the City of Hamilton
Ohio, by grading and paving the road
way thereof with permanent material
such as concrete brick, asphalt as
phaltic concrete Warrenite bitulithic, or
any other type of material as may be de-
termlned, as provided by Section 2293-24
Of the General Code of Ohio in the sum
OF SlSo.o5, 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
-.
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 issu-
ance, 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 We're issued that they We're
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 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 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 II of Article 12 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 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 preference to all
other items and for the full amount
thereof, and all funds derived from said
levies hereby required shall be placed in
separate and distinct fund, which to-
gether 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 i'm provement and all
uneXpended 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
take effect and be in force from and
after the earliest period allowed by the
charter of the City of Hamilton, Ohio
/ Passed. March 5, 1941
LEO J. WELSH Mayor
Attest: ADELE EDMONDS,
-lAr