The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1945-05-25
ORDINANCE No. 4475

Being an Ordinance to Borrow Money by
Issuing Notes in Anticipation Of the
Collection Of Special Assessments to
Pay the Cost and Expense of Con-
structing Sidewalks, Curb and Gutter
ON Various Streets in the City Of HAM
ilton, Ohio, said work being done dur
ing the Year 1945.
BE 1T ORDAINED by the Council of
the City of Hamilton, Ohio, two-thirds
of all members elected thereto concur
ring:
SECTION 1 That it is deemed neces-
sary to borrow money in anticipation of
the collection of special assessments to
pay the cost and expense of construct
ing sidewalks, curb and gutter on vari-
Gus streets in the City of Hamilton, Ohio.
said work being done during the year
1945, as provided in Sections No. 2293-24
of Eight Thousand One Hundred and
Seventy Dollars ($S,170.OO), the esti-
mated cost of said Improvement.
SECTION II: That the City Manager
and the Director of Finance of the City
of Hamilton, Ohio, shall issue notes in
the amount of the monthly or semi
monthly estimates of the Engineer on
said improvement, said notes shall bear
interest at a rate not to exceed six co
per cent per annum, and shall be dated
on the date the estimate for the pay
ment of which the note is issued be-
comes due and payable, and said notes
shall be due and payable on or before
two years from the date thereof. Said
| 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
said City of Hamilton, Ohio, and sealed
with the corporate seal of said city
SECTION III: That there shall be and
| is hereby levied upon all of the taxable
| property in the City of Hamilton, Ohio,
in addition. to all other taxes, direct
tax annually not less than that which
would have been levied if bonds had
been issued without the prior issue of
such note. Said taxes shall be and are
hereby ordered computed, certified levied
and extended upon the tax duplicate and
collected by the same officers, in the
same manner, and at the same time that
taxes for general purposes for each of
said years are certified, extended and
collected. Said taxes shall be placed
before, and in preference to all other
The funds derived from said tax levies
; hereby required shall be placed in a
separate and distinct fund, which to-
| gether with the interest collected on
for the payment of the principal and in
} terest of said notes or the bonds in an
tieipation of of which they are issued
vided, however, that in each year as
| sessments anticipated by said notes are
payable and are applicable to the pay
ment 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-
7 priated.
SECTION w: 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 un.
expended balances remaining in said
fund after the cost and expense Of the
: improvement have been paid and the
f proceeds Of all bonds sold in anticipa-
4 tion of the collection of deferred in.
i stallments of assessments and all casf
9 payments of assessments shall be ap
piled to the payment of said notes an6
: interest thereon until both are fully pro
4 vided for.
e SECTION v: That the Director. o.
Finance be and he is hereby authorized
Y to issue his warrant to the Treasurer II
: payment Of said semi-monthly. or month
t, | ly estimates for the cost of said i'm
;. provement as they become due and pay
f able.
! SECTION VI: This ordinance shal
), take effect and be in force from an
: after the earliest period allowed b,
z, law.
g Passed: May 16, 1945.
& LEO 7; J;WlS5, WELSH5, Mayor.
: e - City Clerk.