The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1946-07-26
ORDINANCE NO. 1909

An Ordinance to issue Bonds in antici-
patton of the collection of Special
Assessments for the improvement Of
Laurel Avenue, from the East Line
of Riverview Manor Subdivision to
River Road, Andrew Avenue and
Hilda Avenue, both from Laurel Ave-
nue. to North Riverview Drive, In the
Sixth Ward of the City of Hamilton,
Ohio by grading and paving the same
with a permanent material such as
sheet asphalt asphaltic concrete
Warrenite bituIthic, concrete, brick
or any other type of material as may
be determined, and constructing
itary sewers, manholes, sewer and
water connections and services to
the curb line, where necessary.
WHEREAS this Council has requested
the Director of Finance to issue his GER
tificate as to the estimated life of the
Improvement constructed from the pro-
ceedS of the bonds hereinafter referred
to, and the Director of Finance has GER
titled to this Council such estimated life
as ten years and has further certified
the maximum maturity of such bonds as
| ten years; and
| WHEREAS, this Council estimates
| that a tax for said bonds will first ap-
pear upon the duplicate for the tax
year 1916, and that final tax settlement
with the County Auditor next following
| the inclusion of tax for this issue in
| the annual budget by the County Auditor
as provided by law will be obtained not
earlier than the 1st day of September,
| 1947.
| BE IT ORDAINED by the Council of
| the City of Hamilton Ohio:
| SECTION /: That for the purpose of
| raising money in anticipation of the col
| lection of special assessments for the
| Improvement of Laurel Avenue from
| the East Line of RiVerView Manor Sub
division to River Road, Andrew Avenue
and Hilda Avenue, both from Laurel
| Avenue to North Riverview Drive, in the
Sixth Ward of the City of Hamilton,
| Ohio, by grading and paving the same
/ with a permanent material such as
sheet asphalt, asphaltic concrete, War
! renite bitulithic, concrete, brick, or any
! other type of material may be de-
| termined, and constructing sanitary sew
| erS, manholeS, sewer and water connec
/ tionS and services to the curb line where
necessary in accordance with Resolu-
| tion No 1906, to be paid for in whole by
! special assessments, serial bonds of
| the City of Hamilton, Ohio, shall be is
| sued in the amount of $8,S51.03. Each of
| said bonds shall be dated September /,
| 1916, and shall bear interest at the rate
| of go per annum, payable semi-annu-
| ally on March 1st and September 1st of
each year, upon presentation and sur
render of interest coupons to be at
tached to said bonds bearing the facsi-
mile signature of the Director of FL
nance. That said bonds shall mature as
| follows: S751.03 on the 1st day of Sep
tember, 194S, and $4,000 on the 1st day
| of September in the years 1949 to 1857,
| both inclusive which maturitieS are
| ly equal annual installments
| SECTION II: Said bonds shall be pre-
| pared by the Director of Law signed
| by the City Manager and the Director
| of Finance sealed with the city seal,
| and recorded in the office of the Sink
| ing Fund Trustees shall express upon
| their face the purpose for which they
are issued and the fact that they are
| issued pursuant to law and this ordin
ance; shall be payable, both principal
| and interest at the office of the Director
E,f Nft,n,o Of 1A Of How 1frNy,
| Ohio; shall be issued and sold under the
direction of the Director of Finance,
| and shall bear such consecutive num-
| bers as said Director of Finance. the
| proper officers of the city, may deter
| mine.
| SECTION III: That upon the sale of
| said bonds any premium and the accrued
| interest realized therefrom shall be paid
| to the Sinking Fund Trustees. The par
| value realized from the sale of said
| bonds shall be placed in the city treas
| ury to the credit Of the Laurel, Andrew
and Hilda Avenues Improvement Fund
| and shall be diSburSed from said fund
| on proper vouchers in payment of the
| expense of the Improvement aforesaid
! and to the payment of the notes hereto
! fore issued for said purpose and the
! interest thereon, for which purpose said
money is hereby appropriated.
SECTION ": That all installments
of said assessments and all portions
| thereof. together with interest thereon,
| shall be applied to the payment of said
bonds and interest as the same shall
become due, and to no other purpose
SECTION V: That the faith, revenue
and credit of the City of Hamilton,
Ohio, are hereby pledged for the prompt
! payment of both principal and interest
of the bonds hereinbefore described in
accordance with the laws and Constitu-
tion of the State of Ohio.
SECTION VI: That for the purpose
of providing the necessary fund to pay
| the interest on the foregoing issue of
/ bonds promptly when and as the same
| falls due, and also to create and main
tain a sinking fund sufficient to dis
| charge the said bonds at maturity, there
shall be and is hereby levied on all the
taxable property of the City of Hamil-
| ton, Ohio. in addition to all other taxes,
a direct tax annually during the period
! for which said bonds are to run, in an
! amount sufficient to provide fund for
| the discharge of the principal of said
| serial bonds at maturity, which tax shall
| not be less than the interest and Sink
ing Fund tax required by Section IL of
| Article XII of the Constitution Provid-
| ed however, that in each year that the
assessments anticipated by said bonds
| are payable and are applicable to the
| payment of such interest and principal
| and are appropriated for such purpose,
| the amount of such tax shall be reduced
| by the amount of the assessment so
| appropriated.
| That said tax shall be and is 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
| the taxes for general purposes for each
| of said years are certified, extended and
collected Said tax shall be placed be-
| fore and in preference to all other items
| and for the full amount thereof. All
funds derived from said levies hereby
required shall be placed in a separate
all interest collected on the same, shall
be irrevocably pledged for the payment
| of the interest and principal of said
| bonds when and as the same fall due.
| SECTION VII: This Ordinance shall
| take effect and be in full force and ef-
| feet from and after the earliest period
allowed by the Charter of the City of