The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1942-02-27
ORDINANCE NO. 4251

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 improving
East Avenue Alley, between Walnut
Street and Hanover Street, in the
Fourth Ward of the City of Hamilton
Ohio, by grading and paving the road
way thereof for width of Is feet
with a permanent material such as
concrete, brick, asphalt, asphaltic con-
crete, warrenite bitu1ithic, or any
other type of material as may be de-
termined, and constructing storm sew
ers, manholes and inlet basins where
necessary.
BE IT 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 as
SeSSmentS to pay the cost and expense of
improving East Avenue Alley, between
Walnut Street and Hanover Street, in
the Fourth Ward of the City Of Hamil-
ton, Ohio, by grading and paving the
roadway for width of b feet with q
brick, asphalt. aSphaltiC concrete War
renite bitulithic, or any other type of
material as may be determined, and con-
Structing storm sewers, manholes and
inlet basins where necessary, as provided
in Section 2293-24 Of the General Code
Of Ohio in the sum of l,4S5.00 the es-
timated 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 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 We're issued, that they
were issued in pursuance of this ordi-
nance and iu accordance with Section
2293-2i 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 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
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 - of
the Constitution. Provided, however, that
in each year that the assessments antlcl-
Dated 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 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
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 un-
expended balances remaining in said funo
after the cost and expense of the nm
proVement have been paid and the pro
ceeds Of all bonds sold in anticipation OF
the collection of deferred instailments OF
assessments and all cash payments o.
+ assessments shall be applied TO the pay
ment OF said note or notes and intereS
thereon until both are fully provided for
SECTION W That the Director of FL
nance be and he is hereby authorized t
issue his warrant to the Treasurer il
payment for the cost of said improve
! ment.
SECTION VI: This ordinance shal
take effect and be in full force and ef
4 feet from and after the earliest periot
! allowed by the charter of the City o
/ Hamilton, Ohio.
Passed: February is, 1912.
LEO J. WELSH, Mayor
Attest: ADELE EDMONDS.
City Clerk.
Feb. 27-1t