The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-02-14
ORDINANCE NO. 4oe7

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 assess
ments to pay the cost and expense of
improving East Avenue Alley, from
Hanover Street to Long Street, in the
Fifth Ward of the City of Hamilton,
Ohio, by grading and paving the road
way thereof with permanent ma
terial such as concrete. brick, asphalt,
asphaitic concrete, warrenite btu
Hthic, or any other type of material
as may be determined.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION /: 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
assessments to pay the cost and expense
of improving East Avenue Alley, from
Fifth 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, as provided in Section 229324 of
the General Code of Ohio, in the sum of
81, 40, 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
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 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 were 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,
q ha fa r.
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
payment 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
required by Section II of Article ~ 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 ap-
nropriated 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
preference to all other items and for the
full amount thereof and all funds de-
rived from said levies hereby required
shall be placed in a separate and dis
tinct fund, which together with all in
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
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 anticipa-
tion of the collection of deferred INSTALL
mentS of assessments and all cash pay
ments of assessments shall be applied to
the payment of said note or notes and
interest thereon until both are fully
provided fer
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 char
ter Of the City of Hamilton, Ohio
Passed: February s, 1a41,
LEO j, WELSH, Mayor
Attest: ADELE EDMONDS
City Clerk.
Feb, 14-lt