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

To Borrow Money by Issuing Note or
Notes i'll Anticipation of the Issuance
of Bonds to be Issued in Anticipation
of the Collection of Special Assess
lnents to Pay the Cost and Expense of
Improving Millikin Street, from the
End of the Existing Sanitary Sewer
1854, in the First Ward of the City OF
Hamilton, Ohio, by Constructing Sani-
tary Sewers, Manholes and House
Connections 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 anticipa ton
of the issuance of bonds to be issued in
anticipation of the collection of special
assessments to pay the cost and expense
of improving Millikin Street from the
end of the existing sanitary sewer west
to the west line of Lot Number 1854, in
the First Ward of the City of Hamilton,
Ohio by constructing sanitary sewers.
manholes and house connections from
the main line to the curb line where
necessary, as provided in Section 229324
of the General Code of Ohio, in the sum
of $5,59S.06. 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
| 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
| 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
~ = tla 81 IIaYe ton n
are pledged to the prompt payment Of
! said notes herenabove 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 Of Ham
| ilton, Ohio in addition to all other taxes
a 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 taS
required by Section II OF Article Il OF
the Constitution. Provided, however
that in each year that the assessments
anticipated by said notes are payable
and are applicable to the payment OF
such interest and principal and are ap
propriated for such purpose the amount
| Of such tax shall be reduced by th'
| amount of the assessment so appro
| priated The amount Of SAID tax TO p'
computed by the taxing aulnOTllleS dllt
| 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 De placed before ant
in preference to all other items and TO
the full amount thereof, and all funds
derived from said levieS hereby required
| shall be placed a separate and dis
tinct fund, which together with all in
| tereSt collected on the same shall be If
revocably pledged for the payment o
the interest and principal of said note
when and as the same fall due.
| SECTION w: That the proceeds arls
ing from the sale of said notes shall D
placed to the credit of the fund for tn
payment of said Improvement and al
uneXpended balances remaining IN sal
fund after the cost and expense OF tn
Improvement have been paid and tn
proceeds of all bonds sold in anticipa
ton of the collection of deferred install
ments of assessments and all cash pay
ments of assessments shall be apple
to the payment of said note or notes an
interest thereon until both are fully pro
vided for
SECTION V: That the Director 0
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 sha
| take effect and be in force from and al
ter the earliest period allowed by tn
| charter of the City of Hamilton, Ohl'
Passed: May 16, 1945.
LEO j. WELSH, Mayor.
City Clerk