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

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 Assessments
to pay the cost and expense of I'M
proving Bond Avenue, from Dayton
Street to Gilmore Avnue, in the Third
Ward Of the City of Hamilton, Ohio,
by constructing Curb and Gutter and
Grading and travelling the Street
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 Bond Avenue, from Dayton
Street to Gilmore Avenue, in the Third
Ward of the City of Hamilton, Ohio by
constructing curb and gutter and grad
ing and gravelling the street where nee
essary, as provided in Section 2293-24 of
the General Code of Ohio, in the sum of
$2,511.59, the estimated cost of said
SECTION II: That the City Manager
and the Director of Finance of the City
of Hamilton, Ohio, shall issue 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 pur-
pose for which they were issued, that
they were issued in pursuance of this
ordinance and in accordance with Sec
tion 229324 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-
cnr wit ba Ia nd
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 Article u
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 APP
propriated 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 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 pre-
| ference to all other items and for the
| full amount thereof, and all funds de-
| rived from said levies hereby required
| shall be placed in separate and dis
tinct fund, which together with all in
| terest collected on the same shall be
| rrevocably pledged for the payment of
| the interest and principal of said notes
when and as the same fall due.
| SECTION ": That the proceeds aris-
| ing 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 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 provided
| for.
SECTION v: That the Director of
| Finance 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 af-
| ter the earliest period allowed by the
| charter of the City of Hamilton, Ohio.
Passed: October II, 1945.
LEO j. WELSH, Mayor
| Attest: ADELE EDMONDS, City Clerk