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

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 ta) to ray the reasonable and
proper expenses of operation and maintenance
of the utility. including necessary replace
ments and depreciation, and (b) to 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 It 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 hereof. So long the payments
required to be made into the Bond Fund by
said Section are 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 3. 1t is hereby eovenanted and
agreed by the village with the holder hold
ers of the bonds herein authorized and pro-
vded for, that the village and each and every
officer thereof will satisfactorily and punct-
| ualy perform all duties with reference TO
| said utility required by the Constitution and
| Statutes of the State of Ohio, by this ordin-
4
/ 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 l22S3 of the General Code
| of Ohio. and said village hereby irrevocably
| 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 ad-
ditions provided however that no such adj
L de hul hea 11nIp hp car n
ings of such system for the three fiscal OPP
Grating 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
1909 of the principal and interest require
ments for the next ensuing fiscal year, of
any bonds at the time outstanding and Sc
cured by a 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
final maturity date of the issue) then and in
such the village may issue additional
mortgage revenue bonds, limited aforesaid
for revenue producing extensions. replacement
and additions to said light system, on a
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
Il upon the same of kind and in an 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 to the trustee under said mort
gage full and satisfactory reports audits.
statements. and other information from time
J to time in such form and detail as may be
requested by either of them and shall per-
J NIT any authorized representative of the pur-
, chaser or purchasers of ten (10Gc) per cent
in aggregate principal amount of the bonds
i | at the time outstanding or any holder of ten
: 10qo) per cent of said amount of outstand-
) ing bonds. to inspect the light system and all
E records accounts and data of the system at
all reasonable times.
{ SECTION II, In order to secure the pay
ment of the principal of and interest on said
= bonds as the same shall become due and pay
: able. the Mayor and Village Clerk being the
fiscal officers of the village, and the Presi-
| dent and Clerk of the Board of Trustees of
Public Affairs of the village, are hereby
authorized and directed in the 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, good
and sufficient first mortgage deed upon all
of the electric light plant and system prop
erty now owned by the village or 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 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 the interest thereon or
of any of the terms of said mortgage or this
ordinance. the owners or holders of not less
than 50To in amount of said bonds remain
ing unpaid or the trustee for said bondhold-
ers. on its own initiative. may elect to de-
clare the entire amount of said bonds due and
payable n. and, and that; upon default in the pay pay
closed Said mortgage shall also provide that
the village shall carry full insurance in an
amount which normally would be carried by
private company engaged in similar type
OF business and in minimum amount of the
full insurable value of the public utility,
payable to the trustee thereof as its interest
| may appear. The lien of said mortgage shall
be limited to the bonds herein authorized to
be issued and such other bonds as may be
authorized under the terms and conditions
set forth in Section of this ordinance.
SECTION IL. In the event of the fore
closure of the mortgage provided for in the
preceding section. the purchaser or purchasers
at such foreclosure sale shall be entitled to
operate said electric light plant and system
as improved or extended under the terms of
the following franchise. which u hereby or
dained and established to take effect immedi-
ately upon the confirmation of such fore
closure sale to-witi
FRANCHISE TO MAINTAIN AND
OPERATE AN ELECTRIC SYSTEM IN
THE VILLAGE OF BLUFFTON, OHIO,
FOR THE PURPOSE OF SUPPLYING
THE VILLAGE AND IT'S INHABITANTS
WITH ELECTRIC ENERGY FOR LIGHT,
HEAT AND POWER PURPOSES. AND
TO FIX THE TERMS AND CONDITIONS
UNDER WHICH SAID FRANCHISE
SHALL BE OPERATED AND CONDUC-
TED.
SECTION A. Hereafter when the word
grantee appears in this franchise it shall
be held to mean and include the purchaser