The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1945-05-25
ORDINANCE No. 4472

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 Carmen Avenue, from High
land Avenue to it's Northern Terminus,
in the First Ward OF the City OF Hamll-
ton, Ohio, by Grading and Paving the
Same with a Permanent Material Such
as Sheet Asphalt, Asphaltic Concrete,
Warrenite Bitulithic, Concrete, Brick,
determined and Constructing Sanitary
Sewers, Storm Sewers, Manholes and
Inlet Basins 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 an
ticipation of the collection OF special as
sessments to pay the cost and expense
of improving Carmen Avenue, from
Highland Avenue to its nothern term
mus. in the First Ward OF the CITY OF
Hamilton, Ohio, by grading and paving
the same with permanent material
such as sheet asphalt, asphaltlc con
crete, Warrenite bitulithic, concrete,
brick, or any other type of material as
may be determined, and constructing
sanitary sewers storm sewers, manholes
and inlet basins where necessary. as pro-
cided in Section 2293-24 of the General
Code of Ohio, in the sum of $2,92647,
the estimated amount OF sad assess
ment.
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 annun,
and shall be dated as of date OF the IS
suance, and said note or notes snail De
due and payable on or before two years
from the date thereof. SAID note or
notes shall express upon their lace the
purpose for which they were issued, tnat
! they were issued in pursuance OF TINS
| ordinance and in accordance with sec
| tion 2293-24 of the General Code OF ONO,
| 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.
and credit of the City of Hamilton, Ohlo,
are pledged to the prompt payment OF
| said notes hereinabove described In ac-
1 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 pay
ment 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 M
a direct annual tax sufficient to pay the
| interest and to create sinking fund &c
redeem at maturity the above proVluec
4 for notes, which tax shall not be less
4 than the interest and sinking fund taa
required by Section / of Article IL Of
the Constitution. Provided, however
I that in each year that the assessments
anticipated by said notes are payable an5
\ are applicable to the payment of sucf
Il interest and principal and are appro
\ priated for such purpose, the amount 0!
;. such tax shall be reduced by the amour
Z of the assessment so appropriated. Th'
} amount of said tax to be computed D!
the taxing authorities and to be certified
! to the proper officers, and the sam
shall be levied and collected as othe
N shall be placed before and in preferenc
i to all other items and for the full amour
! thereof, and all funds derived from sal
) levies hereby required shall be placed Il
: separate and distinct fund, which to
: gether with all interest collected on tn
E same shall be irrevocably pledged 70