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

ahle instrument hut is payable only out of
the gross revenues of the electric light plant
and system and the extensions thereto, and
Il secured by a mortgage and a franchise
stating the terms upon which, IN case OF
foreclosure the purchaser may operate SAID
utility. which franchise extends Tor period
of twenty years after the date of sale OF said
utility unon foreclosure. Said bonds shall be
signed by the Mayor and Village 1fefx ana
sealed with the corporate seal. Each OF the
interest coupons attached to said bonds shall
hear the facsimile signature of the Village
Clerk printed or Autographed thereon: said
bonds shall be prepared. issued and deIvered
under the direction of the Mayor ana Vlliage
Clerk as hereinafter provided.
SECTION 4. 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 VIII TT
ten offer 10 purchase said bonds now on file
with council. which offer Il hereby accepted
SECTION 5. The proceeds OF the safe OF
the bonds herein authorized shall be placed
in the treasury to the credit of the proper
fund and deposited in bank or banks which
are members of the Federal Reserve system
and the Federal Deposit Insurance Corpora,
tion. in a special account or accounts. ana
used solely for the purpose of paying for 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
trer in a special and separate fund which is
hereby created and designated as the
Electric Light Plant and System Revenue
Fund" Said Revenue Fund shall be ADMINS,
tered as follows: There shall first be palu
from said Revenue Fund the reasonable cost
of operation and maintenance of said electric
light plant and system, including requirements
and depreciation and there shall also De
paid from said fund into a fund f, hereby crea-
ted and designated as the Electric Light
Plant and System Bond and Interest he
demption Account herein called the Bond
Account" from month to month such amount
as will be necessary to pay the principal ana
interest requirements on the bonds on the
next ensuing interest or bond maturity date,
plus an additional sum equal TO twenty
(20go) per cent of said princlpai ana interesI
requirements until there Is a surplus in SAID
Bond Account equal to the principal and in
terest requirements on the bonds outstanding
for the succeeding two years PROVIDED. now
ever that no future payments need be made
into said Bond Account after the amount
held therein equals the amount OF interest ana
principal that will be payable at the time OF
their maturity on all bonds then remaining
outstanding. Should the revenues IN any one
wear be insufficient to meet all the aforesaid
charges of the Bond Account and should any
surplus therefore created be impaired Tor any
reason, the amount OF such deficlency or I'M
pairnent shall (uness 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.
SECTION T. The officer in charge of the
Sinking Fund or Bond Retirement Fund and
his successors in office shall have charge of
the Bond Account and said Bond Account
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-
tinuously' secured by a pledge to the village
of direct obligations of the United States of
America having aggregate market value
exclusive of accrued interest, at all times at
least equal to the balance on 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 the
hereof may be invested in direct obligations
of the United States of America until such