The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1946-04-26
Legal Advertisements

WHEREAS the Council has requested
the Director of Finance to issue his GER
tificate as to the estimated life of the
property or assets proposed to be ac-
quired from the proceeds of the bonds
hereinafter referred to; and
WHEREAS, the Director of Finance
has certified to this Council such esti-
mated life as five CD years and has
further certified the maximum maturity
of the bonds hereinafter provided for as
thirty 600 years and
WHER EAS, the Council estimates
that a tax for such bonds will first ap-
pear on the duplicate for the year 1946,
and that the final tax settlement with
the County Treasurer next following>the
inclusion of tax for this iSue in the
annual budget of the County Auditor,
as provided by law, will be obtained not
earlier than the 1st day of September,
1947.
NOW, THEREFORE,, BE IT ORDAIN-
ED by the Council of the City of Hamil-
ton, Ohio
SECTION i: That it is deemed neces-
sary by the Council of the City of Hamil-
ton, Ohio, to issue and sell bonds of said
City in the sum of S41,000.0O, in order
to provide a fund for the purpose of pay
ing the cost and expense of purchasing
real estate for storage yards and garage
facilities for equipment of the City of
Hamilton, Ohio and to provide a fund
for the payment of not to exceed one
years interest on said bonds.
SECTION II: That it is hereby de-
said bonds in one lot and without iSsu-
ing notes in anticipation of the issuance
or said bonds.
SECTION III: That serial bonds of
the City of Hamilton, Ohio, shall be is
sued in the sum of $41,000.00. Each of
said bonds shall be dated May !, 1916,
and shall bear interest at the rate of
2 % per annum, payable semi-annually
on the Ist day of May and November in
each year until the principal sum is paid,
upon presentation and surrender of in
terest coupons to be attached to said
bonds, bearing the facsimile signature
OF the Director of Finance; that said
bonds shall mature as follows: 100000
on the 1st day Of November, 1947, and
100000 on the 1St day of November in
the years 194S to 1866, both inclusive,
which maturities are hereby determined
10 be in substantially equal annual in
StallmentS.
Said bonds shall be issued, executed
and disposed of in accordance with the
general laws of the State of Ohio, par
ticuarly the uniform bond act of the
General Code of Ohio.
The principal and interest of said
bonds shall be payable at the office of
the City Treasurer of the City of Hamil-
ton, Ohio; said bonds shall bear such
consecutive numbers as the Director of
| Finance or the proper officers of the
city shall determine, and shall express
upon their face the purpose for which
they are issued and that they are issued
| in pursuance of this Ordinance, and
shall be signed by the City Manager and
the Director Of Finance and sealed with
the corporate seal Of said City.
SECTION ~: The proceeds from the
| sale of said bonds, except the sum in
| cluded in the amount to be issued to the
| extent necessary to provide a fund for
| the payment of interest accruing on said
| bonds previous to the receipt of taxes
from which such interest is to be ulti-
| mately paid and the premiums and ac-
| crued interest thereon shall be placed
| in the City Treasury to the credit OF
Ia ern .a1-H. a "a Srn
/ Fund, and shall be disbursed upon prop
| er vouchers for the purpose of paying
| the cost and expense of purchasing real
| estate for storage yards and garage IA
cilties for equipment of the City of
| Hamilton. Ohio, and for no other pur-
pose, and for which purpose said money
! is hereby appropriated,
| SECTION V: That the faith, revenue
and credit of the City of Hamilton, Ohio,
are hereby pledged for the prompt pay
ment of both principal and interest Of
| said bonds hereinafter described in ac-
cordance with the laws and constitution
! Of the State of Ohio.
SECTION vi: For the purpose of pro-
vding the necessary fund to pay the
/ interest on the foregoing issue of bonds
i promptly when and as the same falls
due and also to provide a fund suffice
! lent to discharge the said serial bonds
| at maturity, there shall be and is here
by levied on all of the taxable property
/ Of the City of Hamilton, Ohio, in addi-
| tion TO all other taxes direct tax an
nually during the period of time which
| such bonds are to run, in an amount Suf-
/ ficient to provide funds to pay the in
| tereSt upon said bonds as and when the
| same falls due, and also to provide q
fund for the discharge of the principal of
said serial bonds at maturity, which
| taxes shall not be less than the interest
| and sinking fund tax required by Sec
tion II, Article II of the Constitution of
/ the State of Ohio.
Said tax shall be and is hereby order
ed computed, certified, levied and eX-
| tended upon the tax duplicate and col
manner and at the same time as the
| taxes for general purposes for each of
| said years are certified, extended and
collected 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 levy hereby re-
| quired shall be placed in a separate and
distinct fund which together with the
| interest collected on the same shall be
| irrevocably pledged for the payment OF
| principal and interest on said bonds,
when and as the same fall due.
SECTION VII: These bonds shall be
| subject to call redemption prior to
maturity at not more than par and ac-
crued interest
SECTION VIII: The City Clerk is
copy of this Ordinance to the County
SECTION TX: This Ordinance shall
take effect and he in full force and eff
feet from and after the earliest period
allowed by the Charter of the Citv OF
i Hamilton, Ohio.
Passed: April II, 1916.
WILLIAM BECK ErI, Mayor
Attest: ADELE E,DMONDS, City Clerk
ORDINANCE NO. 1860