The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1945-10-12
ORDINANCE NO. 44s7

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 Chase Avenue, from Van Hook
Avenue to Putnam Avenue, In the
Sixth Ward Of the City of Hamilton,
Ohio, by grading and paving the same
with permanent material such as
sheet asphalt, asphaltic concrete, War
renite bitulithic, concrete, brick, or
any other type Of material as may be
determined and constructing curp ana
gutter where necessary.
BE IS ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION L. That it is deemed nee
essary 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 ex-
pense of improving Chase Avenue, from
Van Hook Avenue to Putnam Avenue, in
the Sixth Ward of the City of Hamilton,
Ohio. by grading and paving the same
with a permanent material such as sheet
asphalt, asphaltic concrete, Warrenite
bitulithic, concrete, brick, or any other
type of material as may be determined
and constructing curb and gutter where
necessary, as provided in Section 229324
of the General Code of Ohio, in the sum
of S4,S07.40, the estimated cost 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 of date of the
issuance, 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 We're 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-
| 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 sinking
fund to redeem at maturity the above
/ provided for notes, which tax shall mol
| be less than the interest and sinking
fund tax required by Section II of Article
IL of the Constitution. Provided, how,
ever, that in each year that the assess
mentS anticipated by said notes are pay
able and are applicable to the payment
of such interest and principal and are
| appropriated for such purposes, the
amount of such tax shall be reduced by
the amount of the assessment so appro
priated. The amount of said tax to b'
computed by the taxing authorities ant
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 ant
in preference to all other items and TO
the full amount thereof, and all fund
derived 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 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 aris
} ing from the sale of said notes shall D.
placed to the credit of the fund for tn
payment of said improvement and all un
fund after the cost and expense OF tn
: Improvement have been paid and the pro
ceeds of all bonds sold in anticipation o
the collection of deferred inStallmentS o
3 assessments and all cash payments o
assessments shall be applied to the pay
: thereon until both are fully provide
for.
SECTION v: That the Director 0
Finance be and he is hereby authorized t
( 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 an
( after the earliest period allowed by tn
charter of the City of Hamilton Ohio.
, Passed October 8, 1945.
LEO j. WELSH, Mayor
I.e1