The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-04-25
ORDINANCE NO. 4l2a

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 ana expense of in-
proving Fox Avenue, from Dixie High
way west to Skillman Avenue, in the
Sixth Ward OF the City Of Hamilton,
Ohio, by constructing sanitary sewers,
house connections, manholes, lamp
holes, flush tanks, ETC., where nec-
essary.
BE 1T ORDAINED by the Council of
the City Of Hamilton, Ohio:
SECTION l: That 1t 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 Fox Avenue, from Dixie
Highway west to Skillman Avenue, in
the Sixth Ward of the City of Hamilton,
Ohio, by constructing sanitary sewers,
house connections, manholeS, lamp holes,
flush tanks, etc, where necessary, as pro-
vided in Section 2293-24 of the General
Code of Ohio, in the sum of $1,94423 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
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 is
Suance, and said note or notes shall be
due and payable on or before two years
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
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
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 he and is hereby levied upon all of
the taxable property of the City Of Ham
ilton Ohio, In addition to all other taxes
a 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 IL of
the Constitution. Provided, however, that
in each year that the assessments an
tieipated 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
he placed before and in preference to all
| other items and for the full amount
thereof, and all funds derived from said
| leyieS hereby required shall be placed
| in separate and distinct fund. which
| together 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 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 anticipation
of the collection of deferred installmentS
| of assessments and all cash payments of
assessments shall be applied to the pay
| ment of said note or notes and interest
| thereon until both are fully provided for.
/ SECTION V: That the Director of FL
nance he 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: April 16. 1941.
LEO j. WELSH. Mayor.