The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1946-05-10

anticipation OF the collection OF Special
/ pense Of the Improvement Of Pleasant
! Avenue Alley from Fitton Avenue to
/ Schenck Avenue in the Sixth Ward Of
the the city OF Hamilton, IA Ohio. by grading
material such as Sheet Asphalt, As
phaltic Concrete, Warrenite Bitulithic,
Concrete, Brick or any other type OF
] material.
BE 1T ORDAINED by the Council of
| the City of Hamilton Ohio, two-thirds
OF all members elected thereto concur
| ring:
SECTION /: That it is deemed neces-
ssary to borrow money in anticipation of
| the collection of special assessments to
pay the cost and expense of the grading
| and paving of Pleasant Avenue alley
from Fitton Avenue to Schenck Avenue
| in the Sixth Ward of the City of Hamil-
| ton, Ohio, pursuant to Resolution No.
| 1883 passed by the Council of the City
of Hamilton, Ohio, on December 49, 1945,
| and in accordance with the plans and
| specifications heretofore approved and
| now on file in the office of the Director
OF Finance and the Director of Public
| Works said Improvement to be con-
| structed by grading and paving the
same with permanent material such as
| sheet asphalt, asphaltic concrete, War
renite bitulithic, concrete, brick or any
| other type of material or as indicated
on the plans and specifications and esti-
229324 of the General Code of Ohio, in
the sum of $2,7S1.01, the estimated cost
of said Improvement.
SECTION IL: That the City Manager
and 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 said inn
prOVement; said notes shall bear interest
at a rate not to exceed six per cent per
| annum, and shall be dated on the date
the estimate for the payment of which
the note is issued becomes due and pay
able 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 were issued
IN pursuance of this ordinance and in
accordance with Section 2293-24 of the
General Code of Ohio, and shall be sign
ed by the City Manager and the Direc-
tor of Finance of Hamilton, Ohio, and
sealed with the corporate 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, and that there shall
be and is hereby levied upon all of the
taxable property of the City of Hamil-
ton Ohio, in addition to all other taxes,
a direct annual tax sufficient to pay the
interest and to create a sinking fund to
redeem at maturity the above provided
for notes, which tax shall not be less
than the interest and sinking fund tax
required by Section IL of Article IL of
the Constitution. Provided however, that
in each year that the assessments antici-
pated by said notes are payable and are
applicable to the payment of such inter-
est and principal and are appropriated
for such purposes, the amount of such
tax shall be reduced by the amount of
the assessment so appropriated. The
amount of said tax to be computed by
the taxing authorities and to be certified
to the proper officers, and the same shall
be levied and collected as other taxes
are levied and collected. Said tax shall
be placed before and in preference to all
other items and for the full amount
leves hereby required shall be placed
in a separate and distinct fund, which
together with all interest collected on
the same, shall be irrevocably pledged
for the payment of the interest and
principal of said notes when and as the
same fall due.
SECTION ": 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
uneXpended balances remaining in said
fund after the cost and expense of the
Improvement have been paid and the pro-
ceeds of all bonds sold in anticipation
of the collection of deferred installmentS
of assessments and all cast payments
of assessments, shall be applied to the
payment of said notes and interest there
on until both are fully provided for.
SECTION V: That the Director of
Finance be and he is hereby authorized
to issue his warrant to the Treasurer in
payment of said monthly estimates for
the cost of said improvement as they
become due and payable.
SECTION VI: This Ordinance shall
take effect and be in force from and
after the earliest period allowed by the
Charter of the City of Hamilton, Ohio.
Passed: May L. 1916.
WILLIAM BECKETT, Mayor.
Attest: ADELE EDMONDS, City Clerk. |