The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1942-08-28
ORDINANCE NO. 1924

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 Chase Avenue, from Van
Hook Avenue to Putnam Avenue, in
the City of Hamilton, Ohio, by grad
ing and gravelling the roadway thereof
and constructing curbs and gutter
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
of improving Chase Avenue from Van
Hook Avenue to Putnam Avenue, in the
City of Hamilton, Ohio by grading and
gravelling the roadway thereof and con-
structing curbS and gutter where neceS-
sary, as provided in Section 2293-24 of
the General Code of Ohio, in the sum
of $1,24S.00, 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 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 pur-
pose for which they We're issued, that
they We're issued in pursuance of this
ordinance and in accordance with Sec
tion 2293-24 of the General Code of Ohio,
and shall be signed by the City Manager
and the Director of Finance of Hamil-
ton 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-
,1 isara
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
Hamilton 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 Ar
ticle ~ of the Constitution. Provided
however, that in each year that the as
i sessments anticipated by said notes are
| payable and are applicable to the pay
| ment of such interest and principal and
| are appropriated for such purpose, the
amount of such tax shall be reduced by
| the amount of the assessment so appro-
| priated The amount of said tax to be
| computed by the taxing authorities ano
| to be certified to the proper officers, anC
| the same shall be levied and collected
| as other taxes are levied and collected
| Said tax shall be placed before and il
preference to all other items and for the
| full amount thereof, and all funds de
rived from said leves hereby required
| shall be placed in separate and dis
| tinct fund which together with all in
| terest collected on the same shall be ir
| revocably pledged for the payment OF
! the interest and principal of said note!
| when and as the same fall due
/ SECTION ": That the proceeds aris
| ing from the sale of said notes shall b.
| placed to the credit OF the fund for tn,
| payment of said improvement and al
| unexpended balances remaining in sait
| fund after the cost and expense of tn,
| ceeds of all bonds sold in anticipation
| of the collection of deferred fnstallment
of assessments and all cash payments
! of assessments shall be applied to th
payment of said note or notes and in
terest thereon until both are fully pro
| vided for.
i SECTION ": 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 shall
take effect and be in force from am
after the earliest period allowed by tn
charter of the City of Hamilton, Ohio
Passed: August 19, 1912.
LEO j. WELSH, Mayor.
Attest: ADELE EDMONDS
City Clerk.
Aug 2S-1t