The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1946-10-24

stating the terms upon which. in case OF
foreclosure. the purchaser may operate said
utility, which franchise extends for period
of twenty years after the date OF sale OF said
utility unon foreclosure. Said bonds shall be
signed by the Mayor and Village CLERK ana
sealed with the corporate seal. Each OF the
interest coupons attached To said bonds snal
bear the facsimile signature OF the NlIlaRe
Clerk printed or Autographed thereon. SAID
bonds shall be prepared. issued and delvereu
under the direction of the Mayor and village
Clerk as hereinafter provided.
SECTION T. Said bonds are hereby award
ed and shall be sold and delivered to Stran.
ahan. Harris and Company. Incorporated. OF
Toledo. Ohio In accordance with their writ
fen offer TO purchase said bonds now on file
with council which offer Is hereby accepted.
SECTION s. The proceeds of the sale of
the bonds herein authorized shall be placed
in the treasury to the credit of the proper
fund and deposited in a bank or banks which
are members of the Federal Reserve system
and the Federal Deposit Insurance corpora.
ton, in a special account or accounts, and
used solely for the purpose of paying Tor the
aforesaid extensions and improvements TO the
electric light plant and system and all things
necessary and incidental thereto.
SECTION g. From and after the delivery
of any bonds issued under the provisions OF
this ordinance. the entire income and rev.
enue of said electric light plant and system
shall be set aside and deposited by the Treas
urer in a special and separate fund which Is
hereby created and designated as the
Electric Light Plant and system Revenue
/
tered as follows. There shall first be paid
/ from said Revenue Fund the reasonable cost
of operation and maintenance of said electric
light plant and system, including repiacements
and depreciation: and there shall also be
paid from said fund into fund hereby crea-
ted and designated the Electric Light
Plant and System Bond and Interest ne,
demptioa Account" herein called the Bond
Account from month to month such amount
as win be necessary 10 pay the principal and
interest requi rernents on the bonds on the
.1.AW W0u*ysN Ffxr "a
plus an additional sum equal to twenty
/ f201o) per cent of said principal and interest
requirements until there Is surplus IN sala
Bond Account equal to the principal and IN
/ terest requirements on the bonds outstanding
| for the succeeding two years; provided. how
ever, that no future payments need be made
| into said Bond Account after the amount
| held therein equals the amount of interest and
principal that will be payable at the time OF
their maturity on all bonds then remaining
| outstanding. Should the revenues in any one
/ year be insufficient to meet all the aforesaid
charges of the Bond Account and should any
surplus therefore created be impaired for any
1 reason, the amount of such deficiency or I'M
parment shall lunless previously made up
out of other funds of the village available for
that purpose) be paid into the Bond Account
/ from the first available revenues the follow
ing year and shall be in addition TO the other
/ requirements of the Bond Account.
i SECTION T. The officer in charge of the
| Sinking Fund or Bond Retirement Fund and
his successors in office shall have charge OF
/
/ shall be used only for the purpose of paying
| the principal of and the interest on the bonds
herein authorized TO be issued. Said Bond Ac-
count shall be deposited in bank or banks
which are members of the Federal Deposit
Insurance Corporation and shall be kept con
/ tinuousy secured by pledge to the village
of direct obligations of the United States OF
| America having aggregate market value
exclusive of accrued interest, at all times al
least equal to the balance deposit in said
account or accounts. except that such ac-
count or accounts may be secured by sure
ty bond or bonds, provided, however, that tbs
| surplus hereinbefore required by Section
hereof may be invested in direct obligations
of the United States of America until such
times as needed for the payment of the prin
cipal of and interest on said bonds. Any sun
or sums in said Bond Account over and above
the two-year principal and interest surplus
required by the foregoing Section 6, may b.
used for the purpose of calling bonds of thii
issue in accordance with the provisions o.
this ordinance.