The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1945-12-14
ORDINANCE No. 452s

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 Fa1lert Avenue, from Jersey
Avenue to Hill Road, in the Sixth Ward
OF the City of Hamilton, Ohio, by
Grading and travelling the Roadway
and Constructing Curb and Gutter
where necessary.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio:
SECTION l.: 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 Fallert Avenue, from Jer-
sey Avenue to Hill Road, in the Sixth
Ward of the City of Hamilton Ohio, by
grading and gravelling the roadway and
constructing curb and gutter where nee
eSSary, as provided in Section 2293-24
of the General Code of Ohio, in the sum
of $1,415.24, 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 as of the 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 purpose for which they were issued
that they We're issued in pursuance OF
this ordinance and in accordance with
Section 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 cor
porate 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 tina,
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 al
of the taxable property of the City OF
Hamilton, Ohio, in addition to all Other
taxes a direct annual tax sufficient tt
pay the interest and to create a sinking
fund to redeem at maturity the above
provided for notes. which tax shall not bt
less than the interest and sinking funC
tax required by Section IL 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 amour
of such tax shall be reduced by tn.
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, ant
the same shall be levied and collected a.
other taxes are levied and collected. Sait
| tax shall be placed before and in pref
erance to all other items and for the full
amount thereof, and all funds derived
| from said levies hereby required shall
| be placed in a separate and distinct fund
which together with all interest collect
| ed on the same shall be irrevocabl,
pledged for the payment of the interes
| and principal of said notes when an,
as the same fall due
SECTION ~: That the proceeds aris
| ing from the sale of said notes shall b.
! placed to the credit of the fund for tn
payment of said Improvement and all un
| expended balances remaining in sal
| fund after the cost and expense of tn
| improvement have been paid and tn
proceeds Of all bonds sold in anticipation
| of the collection Of deferred installment
| of assessments and all cash payment
| of assessments shall be applied to tn
| payment of said note or notes and inter
| est thereon until both are fully provides
| for.
SECTION v: That the Director o
| Finance be and he is hereby authorize
| to issue his warrant to the Treasurer Il
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: December 5, 1945.
LEO ]. WELSH Mayor
| Attest: ADELE EDMONDS. City Clerk