The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1945-10-26
ORDINANCE NO. 45o4


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 Webster Avenue, from Law
son Avenue to Elmont Avenue, in the
First Ward Of the City of Hamilton,
Ohio, by constructing Sanitary Sewer,
Manholes and House connections from
Main Line to Curb Line where neces-
sary.
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 an
ticipation of the collection of special as
sessments to pay the cost ana expense
of improving Webster Avenue, from
Lawson Avenue to Elmont Avenue, in the
First Ward of the City of Hamilton,
Ohio, by constructing sanitary sewer,
manholes and house connections from
main line to curb line where necessary,
as provided in Section 2293-24 of the
General Code of Ohio, in the sum OF
S419132, the estimated cost of said as
SeSSment
SECTION H. 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 an
mum, and shall be dated as of date OF the
issuance, and said note or notes snail
be due and payable on or before Two
wears 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
ton 2293-24 of the General Code of Ohio,
and shall be signed by the City Manager
and the Director of Finance of Hamll-
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 Oh
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 Tor the
payment of such notes at maturity, tnere
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
| than the interest and sinking fund tax
| required by Section IL of Article IL OF
| the Constitution. Provided, however, thai
| i'm each year that the assessments an
| ticipated by said notes are payable and
are applicable to the payment OF such
interest and principal and are appfopflat-
| ed for such purpose, the amount OF SucH
| tax shall be reduced by the amount OF
| the assessment so appropriated. Inc
| amount of said tax to be computed by
| the taxing authorities ana TO De Gel u
| fled 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 Shali
! be placed in a separate and distinct tund
| which together with all interest collect
| ed on the same shall be lrreVocably
pledged for the payment of the interest,"
and principal of said notes when and
as the same fall due.
| SECTION w: That the proceeds aris-
| ing from the sale of said notes shall De
placed to the credit of the fund for the
| payment of said improvement ana All un.
expended balances remaining in SAID func
after the cost and expense OF the I'M
movement have been paid and the pro,
/ ceeds of all bonds sold in anticipation OF
| the collection of deferred installments
| of assessments and all cash payments
| of assessments shall be applied to the
| payment of said note or notes and inter
| est thereon until both are fully pro
| vided for. - =.
| SECTION V: That the Director. Of
| Finance be and he is hereby authorized
| to issue his warrant to the Treasurer II
| payment for the cost of said improve
| SECTION VI: This ordinance shall
| take effect and be in force from ano
| after the earliest period allowed by the
| charter of the City of Hamilton, ONO.
| Passed: October II, 1945.
| LEO J. WELSH, Mayor
| Attest: ADELE EDMONDS, City Clerk