The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1941-11-28
ORDINANCE NO. 42o7

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 i'm
proving Franklin Street Alley, from
Edgewood Avenue to Commerce Street,
in the First Ward of the City Of HAM
ilton, Ohio, by grading and paving the
roadway thereof to a width of go feet
with permanent material such as
sheet asphalt, aspha1tic concrete, War
renite bitulithic, concrete, brick, or
any other type of material as may be
determined, and constructing storm
sewers, manholes and inlet basins
where necessary.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION L: 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
assessments to pay the cost and expense
of improving Franklin Street Alley, from
Edgewood Avenue to Commerce Street,
in the First Ward of the City of Ham
ilton, Ohio, by grading and paving the
roadway thereof to width of 80 feet
with permanent material such as sheet
asphalt asphaltic concrete, Warrenite
bitulithic, concrete, brick, or any other
type of material as may be determined,
and constructing storm sewers man.
holes and inlet basins where necessary
as provided in Section 2293-24 of the
General Code of Ohio, in the sum of
S1.14361, 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 were
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 Di-
rector 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 hereinaboye 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 sinking fund to
redeem at maturity the above provided
for notes, which tax shall not be less
tnan the interest and sinking fund tax
required by Section II of Article II Of
the Constitution. Provided however, that
in each year that the assessments an
ttcipated 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
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
a 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 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