The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-04-25
ORDINANCE NO. 412s

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 assessments
to pay the cost and expense OF improv-
ing Dayton Street Alley, from Tenth
Street to Eleventh Street, said Dayton
of Dayton Street, In the Fourth Ward
Of the City of Hamilton Ohio, by grad
ing and paving the roadway thereof
with permanent material such as
crete, warrenite bitulithic, or any
other type OF material as may be de-
termined.
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
anticipation of the collection of special
of improving Dayton Street Alley, from
Tenth Street to Eleventh Street said
Dayton Street Alley being the first alley
south of Dayton Street, in the Fourth
Ward of the City of Hamilton, Ohio, by
grading and paving the roadway thereof
with a permanent material such as con-
crete brick, asphalt, asphaltic concrete,
Warrenite bitulithic, or any other type
of material as may be determined, as
provided by Section 229324 of the Cen
eral Code of Ohio, in the sum of S926.28,
the estimated amount of said assessment.
SECTION II: That the City Manager
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 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 ordi-
nance and in accordance with Section
| - L. L.
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 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 l2 of
| the Constitution. Provided, however that
| in each year that the assessments antici-
| pated by said notes are payable and are
| applicable to the payment of such inter-
est and principal and are appropriated
| for such purpose, the amount of such
| tax shall he 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-
| fled 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
| thereof derived
| from said levies hereby required shall
be placed in separate and distinct fund,
which together with all interest coll
| lected on the same shall be irrevocably
pledged for the payment of the interest
and principal 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