The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1943-09-24
ORDINANCE NO. 4a7o

10 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 Poplar Street Alley, from
Ford Boulevard to Ford Boulevard
Alley, in the Third Ward of the City
OF Hamilton, Ohio, by grading and
paving the same with a permanent
material such as sheet asphalt. as
haltlc concrete, Warrenite BithuIithic
concrete, brick, or any other type of
material as may be determined.
BE IT ORDAINED by the Council of
the city of Hamilton Ohio
SECTION /; That it is deemed neces-
S9ry to borrow money in anticipation of
anticipation of the collection of special
assessments to pay the cost and expense
OF OF improving Poplar Street Alley, from
Ford Boulevard to Ford Boulevard Al
ley, in the Third Ward of the CITY Of
Hamilton, Ohio, by grading and paving
the same with permanent material
sueh as sheet asphalt, asphaltic con
crete, Warrenite bithulithic, concrete,
brlck or any other type of material as
may be determined as provided in Sec
ton 2293-24 Of the General Code of Ohio
amount of said assessment
SECTION Il: 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
OF not to exceed six per cent per annum
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 nur-
pose for which they were issued that
they were 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 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
payment 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 sink
ing 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 IL
of Article II of the Constitution Pro-
vided, however, that in each year that
the assessments anticipated by said
notes are payable and are applicable to
the payment of such interest and prin-
clpal and are appropriated for such
purpose the amount of such tax shall
be reduced by the amount of the assess
ment 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 separate and distinct fund, which
together 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
arising 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
ment of said note or notes and interest
thereon until both are fully provided for.
SECTION v: That the Director of FL
nance be 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: September 15 1943
LEO j. WELSH, Mayor
Attest: ADELE EDMONDS,
City Clerk
September 24,-1t