The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1945-05-25
ORDINANCE No. 447a

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 Kenworth Avenue, from the
Baltimore g. Ohio Railroad, formerly
the C. I. g. w. Railroad South to the
First Alley North of Mi11vil1e Avenue,
in the First Ward of the City of Ham
ilton, Ohio, by Constructing Sanitary
Sewers, Manholes and House Connec-
tions from the Main Line to the Curb
Line Where Necessary.
BE 1T 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
anticipation of the collection of special
assessments to pay the cost and expense
of improving Kenworth Avenue, from
the Baltimore & Ohio Railroad, formerly
the C. l. & w. Railroad south to the first
alley north of Millville Avenue, in the
Ohio, by constructing sanitary sewers,
manholes and house connections from
the main line to the curb line where
necessary, as provided in Section 2293-24
of the General Code of Ohio, in the sum
of $3,22656, 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
Of 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 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 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 OIL
Hamilton, Ohio, in addition to all other
taxes direct annual tax sufficient to
pay the interest and to create sinking
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. Provid-
ed however, that in each year that the
assessments anticipated by said notes
are payable and are applicable to the
payment of such interest and prlnclpai
| and are appropriated for such purpose,
4
/ by the amount of the assessment so ap-
! propriated. 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 collect
| ed as other taxes are levied and collect
ed Said tax shall be placed before ano
| in preference to all other items and fol
/ the full amount thereof, and all funds
/ derived from said levieS hereby requlr'
| ed shall be placed in a separate and dis
tinct fund, which together with all in
n tl1a Sstl hn
revocably pledged for the payment OF
/ the interest and principal of said notes
| when and as the same fall due.
/ SECTION ": That the proceeds arls
| ing from the sale of said notes shall b'
placed to the credit of the fund for th'
/ payment of said Improvement and all un
/ expended balances remaining in said tunt
/ after the cost and expense or the I'M
| provement have been paid and the pro
/ ceeds of all bonds sold in anticipation
of the collection of deferred installment
of assessments and all cash paymen,t
7 of assessments shall be applied to tn
payment of said note or notes and inter
est thereon until both are fully provld
ed for.
SECTION V: That the Director o
Finance be and he is hereby authorize
to issue his warrant to the treasurer i
payment for the cost of said improve
ment.
SECTION vi: This ordinance shal
take effect and be in force from and al
+ ter the earliest period allowed by tn
charter of the City of Hamilton, Ohle
; Passed: May 16, 1945.
LEO j. WELSH, Mayor.
: Attest: ADELE EDMONDS,
) City Clerk