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

AN ORDINANCE PROVIDING FOR
MORTGAGE REVENUE BONDS OF THE He
AUTHORITY OF SECTION IL OF ARTI-
Gle XVIII OF THE OHIO CONSFITu-
TION FOR THE PURPOSE OF PAYING
THE COST OF EXTENDING AND IM-
PROVING THE ELECTRIC LIGHT PLANT
AND SYSTEM OF SAID VILLAGE; PRO
vIDING A FRANCHISE TO BE EFFECT
I'VE IN THE EVENT OF FORECLOSURES; ;
AND DECLARING AN EMERGENCY.
WHEREAS the existing electric light
plant and system of the Village of Bluftton:
Ohio. is in need of certain extensions and
improvements in order to provide more ef-
ficient service to the consumers of electricity
" NOW. THEREFORE,. BE TT ORDAINED
by the Council OF the Village of Bluffton,
Allen County, Ohio three-fourths of all of
the members elected thereto concurring:
SECTION l. That It is hereby declared
necessary. in order 70 protect the heath.
safety and welfare of the inhabitants of the
Village of Bluffton, Ohio to issue and sell
Si25.000.00 Of first mortgage electric light
plant and system revenue bonds of the VII
lage to pay the cost of extending and I'M
proving the municipality owned electric light
plant and system of the village by purchas-
ing and installing new boiler and piping
and constructing new chimney. sad bonds
shall be issued under authority of Article
XVIII. Section l2 OF the Constitution of o.
hio. and shall be secured by a mortgage and
a first lien and payable primarily from
and system and all extensions. improvements,
requirements and alterations at any time
made in respect thereto, after provision only
for the reasonable operating and maintenance
expenses thereof, including a franchise stat
ing the terms upon which, in case OF fore
closure, the purchaser may operate the same,
and by the covenant of said village to main-
tain certain rates and collect certain CHARGES
for the facilities and services afforded by
said utility. provided, however, that nothing
in this ordinance shall be construed as
pledging the general credit of the Village OF
Bluffton. to the payment of said bonds or
any part thereof. or the interest thereon.
SECTION 2. Said bonds shall be issued in
one lot in the principal sum OF Sl25O00.00.
for the purpose aforesaid they shall be dated
August l. 1916, and shall bear interest at
the rate of two (2c6) per cent per annum.
payable semi-annually on February | and
August / of each year. until the principal
sum is paid as evidenced by the coupons to
be attached to said bonds. Said bonds shall
be numbered from 10 125 inclusive. of the
denomination of sl.000.00 each. and shall
mature in their consecutive numerical order
August / of each of the following years
in the following amounts: $5,000.00 from 49,
AZ to 1850, inclusive S6,0000O from 1851 to
1858, inclusive 81 100000 from 1859 to 1865
inclusive; and ss,000.00 in 1866.
Provided. however. that bonds of this is
sue maturing August /, 1852. and thereafter
shall be calable as whole or in part and
in the inverse order of their maturity, on
August l. 1851. or on any interest payment
date thereafter, at par plus accrued interest
Council shall by resolution determine the
bonds to be called and the date of redemp-
ton. and il less than q whole maturity in
stallment is called the bonds so TO be re-
deemed shall be determined by lot. Notice OF
any such call shall be published in a news
paper of general circulation in the City oil
Toledo, Ohio at least thirty 1901 days prior
to date of redemption. Said bonds shall bt
designated First Mortgage Electric Light
Plant and System Revenue Bonds and bott
principal and interest of said bonds shall b.
payable in lawful money of the Unitet
States ot America at The National Bank o
Lima. Ohio
SECTION 3. Upon the face of each of sale
bonds shall be recited reference to the con
stitutional provision and the ordinance unde
which issued. Each of said bonds shall ex
press upon it's face the purpose for which tn,
same is issued. that said bond is negoti
able instrument but is payable only out o
the gross revenues of the electric light plan
and system and the extensions thereto. an,
rs secured by mortgage and a franchise