The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1946-06-14

SECTION L: That it is necessary to
issue and sell bonds of the City of Hamil-
ton, Ohio, in the principal amount of
1887, $4,000 for the purpose of paying
the cost and expense Of improving and
rehabilitating with permanent improve
ments existing playground and recrea-
tion centers, and to purchase land for
and to equip new Fairgrounds and re-
creational centers with permanent i'm
provements. That such bonds be issued
in series of which the present issue is
the B series of Playground and Re-
creation Center Improvement Bonds
Said bonds shall be subject to call for
redemption on September l, 1857, or on
any interest payment date thereafter, at
par and accrued interest.
SECTION II: That serial bonds of the
City of Hamilton, Ohio, shall be issued
in said principal amount of 1887, $4,000
for the purpose aforesaid. Said bonds
shall be dated August l, 1916, and shall
be of the denomination of 100000 each,
except the first bond, which shall be in
the denomination of $1,39O.00; they shall
be numbered as follows: Series B1 to
B387 both inclusive, and shall bear in
terest at the rate of not to exceed four
(4 per cent per annum, payable semi
annually the first day of March and
the first day of September of each year,
commencing March /, 1947, until the
principal sum is paid, provided however,
that if said bonds are sold bearing
different rate of interest than herein
before specified said bonds shall bear
such rate of interest as may be provid-
ed for in the resolution of Council ap-
proving the award thereof Said bonds
shall mature in their consecutive serial
order as follows: $50, $4,000 on the first
day of September of the year 1947,
$20, 10000 on the first day of September
of each of the years 1948 to 1853, both
inclusive, and $19,000.00 on the first
day of September of each of the years
1854 to 1866, both inclusive, which ma
turtles are hereby determined to be in
substantially equal annual inStallments.
Said bonds shall be issued, executed,
| and disposed of in accordance with the
general laws of the State of Ohio, par
ticularly the Uniform Bond Act of the
| General Code of Ohio.
The principal and interest of all of said
bonds shall be payable at the office of
the City Treasurer of the City of Hamil-
| SECTION III: That said bonds shall
express upon their face the purpose for
which they are issued; that they are
| issued in pursuance of this ordinance
and shall be signed by the City Manager
and Director of Finance and sealed with
the corporate seal of the city. The inter-
est coupons attached to said bonds shall
bear the facsimile signature of said Di-
rector of Finance.
SECTION ": That for the purpose of
providing the necessary funds to pay
the interest on the foregoing issue OF
~
| falls due, and also to provide fund
sufficient to discharge said serial bonds
at maturity there shall be and is here
by levied on all the taxable property in
the City of Hamilton, Ohio, in addition
to all other taxes, direct tax annually
during the period of said bonds are to
run, outside of the limitations of Sec
tion 2 of Article XII of the Constitution
of Ohio, which tax shall be sufficient
| in amount to provide funds to pay the
interest on said bonds as and when the
same falls due, and also to provide for
the discharge of the principal of said
bonds at maturity and not less than the
interest and sinking fund tax required
by Section II of Article XII of the Con-
Stitution of Ohio.
Said tax shall be and is hereby order
ed computed, certified, levied and ex-
tended upon the tax duplicate and col
lected 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 col
| lected. Said tax shall be placed before
and in preference to all other items and
| for the full amount thereof. The funds
| derived from said tax levieS hereby
required shall be placed in a separate and
distinct fund, which, together with all
interest collected on the same, shall be
rrevocably pledged for the payment of
the interest and the principal of said
bonds when and as the same fall due.
SECTION v: That said bonds. shall
be first Offered at par and accrued in
terest to the Sinking Fund Commission
in it's official capacity, and ii said COM
mission refuses TO take any or all of
said bonds, then said bonds not so taken
shall be advertised for public sale and
sold in the manner provided by law un-
der the direction of the Director OF
Finance, but not for less than their par
value and accrued interest; the bond
sale advertisement shall state that any
one desiring to do so, may present
bid or bids for such bonds based upon
their bearing a different rate of inter-
est than hereinbefore fixed, provided,
however, that where a fractional inter-
est rate is bid, such fraction shall be
one-quarter of one per cent or multi
pie thereof the amount of the bond or
certified check to accompany bids shall
be S3,S73. 90 the proceeds from the sale
of said bonds, except the premium and
ed to the Playground and Recreation
Center Improvement Fund, and used for
no other purpose, and shall be dlSburSed
upon proper voucher for the purpose
specified herein, for which purpose said
money is hereby appropriately the prem
ium and accrued interest received from
such sale shall be transferred to the
Sinking Fund to be applied to the pay.
ment of the principal and interest OF
said bonds in the manner provided by
law
SECTION VI: The City Clerk is here
by directed to forward certified copy
of this ordinance to the County Auditor.
SECTION VII: That this ordinance
shall take effect and be in force from
and after the earliest period allowed by
law.
Passed: June 5, 1916.
WILLIAM BECKETT, Mayor.
Attest: ADELE EDMONDS, City Clerk.
ORDINANCE NO. 45ss