The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1946-10-17

times as needed for the payment of the prin-
cipal of and interest said bonds. Any sum
or sums in said Bond Account over and above
the two-year principal and interest surplus
required by the foregoing Section 6, may be
used for the purpose of calling bonds of this
issue in accordance with the provisions of
this ordinance.
SECTION s. The rates for services render
ed by said electric light plant and system TO
the village for its services or for its corpora
tions, inhabitants and other users, shall be
reasonable and just and in any event shall be
at all times sufficient to produce gross reve-
nues adequate tal to pay the reasonable and
proper expenses of operation and maintenance
of the utility. including necessary replace
ments and depreciation and OBJ 10 pay. when
due. the principal of and the interest the
bonds herein authorized, including all charges
and excess funds required for the Bond Ac-
count under Section hereof. In the event
the payments into the bond fund are at any
time inadequate to meet the above require
ments, and only in such event. the service
rendered TO the village by said electric plant
and system for electricity for public purposes
shall be charged against the village and paid
for by 1t in quarterly installments as the
service accrues out of the current revenues of
the village collected or in the process of coll
lection and paid into the Electric Light
Plant and System Revenue Fund established
by Section 6 hereof So long as the payments
required TO be made into the Bond Fund by
said Section made and maintained in
full as the same are payable. the requirement
that the village pay for electricity for public
purposes shall be suspended.
SECTION 8. 1t Is hereby covenanted and
agreed by the village with the holder or hold
ers of the bonds herein authorized and pro-
vided for, that the village and each and every
officer thereof will satisfactorily and punct-
ually perform all duties with reference to
said utility required by the Constitution and
Statutes of the State of Ohio, by this ordin-
ance and by the mortgage hereinafter pro-
vided for, all and each of which duties are
hereby defined and established to be the
duties specifically enjoined by law resulting
from office trust and station within the
meaning of Section 1928 of the General Code
of Ohio, and said village hereby irrevocabiy
covenants, obliges and binds itself so long as
any of the bonds are outstanding not to is
sue additional bonds pledging any portion of
the revenues of the system except for revenue
producing extensions, requirements and adj
dtions: provided, however, that no such adj
dtional bonds shall be issued unless the earn
ings of such system for the three fiscal OPP
Grating or calendar years Immediately pre-
ceding such issuance of additional bonds.
shall have been equal, after deduction of OPP
Grating, maintenance and reasonable repair
replacement and depreciation charges, to
1900 of the principal and interest require
ments for the next ensuing fiscal year, of
any bonds at the time outstanding and Sc
cured by pledge of the revenues OF said
system plus 1900 of the amount necessary
to pay the principal and interest requirements
for the next ensuing fiscal year on the pro-
posed issue, tsuch requirement as to principal
to be determined by dividing the amount of
the next issue by the number of years to the
final maturity date of the issue) then and in
such case the village may issue additional
mortgage revenue bonds, limited aforesaid
for revenue producing extensions, requirements
and additions to said light system,
parity with the bonds herein authorized. said
additional bonds to be secured equally and
ratably by the mortgage hereinafter provided
for and by the pledge of the revenues of the
light system.
SECTION 10. Until the bonds herein
authorized shall be fully paid. the village shall
operate said public utility and maintain the
same and all parts thereof in constant good
condition and repair and maintain insurance
upon the same. of kind and in amount
which normally would be carried by private
companies engaged in a similar type of bus
mess and shall furnish to the purchaser of
SAID bonds or to the trustee under said mort
gage full and satisfactory reports, audits.
statements, and other information from time
to time in such form and detail as may be
requested by either of them. and shall per-
nit any authorized representative of the pur-
chaser or purchasers of ten t10gc) per cent
in aggregate principal amount of the bonds
at the time outstanding any holder of ten
tl0GoD per cent of said amount of outstand-
ing bonds to inspect the light system and all
records, accounts and data of the system at
all reasonable times.
| SECTION IL. In order to secure the pay
ment of the principal of and interest said
bonds as the same shall become due and pay
| able. the Mayor and Village Clerk being the
i fiscal officers of the village and the Presi-
| dent and Clerk of the Board of Trustees of
| Public Affairs of the village, hereby
authorized and directed in the name of and
on behalf of the village, to make, execute.
| acknowledge and deliver to The National
Bank of Lima. Ohio. in trust for the pur-
| chaser or purchasers of said bonds, a good
| and sufficient first mortgage deed upon all
of the electric light plant and system prop
| erty now owned by the village hereafter
| acquired together with all extensions better
ments and additions TO said utility made dur
ing the time any of said bonds shall remain
outstanding and unpaid, constituting the
/ electric light plant and system of the village.
Said mortgage shall be in such form and con-
tain such terms. covenants and conditions
not inconsistent with this ordinance as shall
| be approved by the purchaser of said bonds
and the solicitor of the village. Said mort
gage shall contain a condition that in case
the village shall make default in the payment
| of any of said bonds or the interest thereon or
| of any of the terms of said mortgage this
ordinance, the owners or holders of not less
than 50go in amount of said bonds remain
ing unpaid the trustee for said bondhold-
ers. on its own initiative, may elect to de-
| clare the entire amount of said bonds due and
payable and that upon default in the pay
| ment thereof, said mortgage may be fore
closed. Said mortgage shall also provide that
the village shall carry full insurance in an