The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1946-10-17
ORDINANCE NO. 4


AN ORDINANCE PROVIDING FOR
THE ISSUANCE OF 1925, 100000 Oh
MORTGAGE REVENUE BONDS OF The
VILLAGE OF BLuFITON, OHIO, DNpEh p1.l
Gle XVIII OF THE OHIO CONSTITu-
TION FOR THE PURPOSE OF PAYING
THE COST OF EXTENDING AND I'M
PROVING THE ELECTRIC LIGHT PLANI
AND SYSTEM OF SAID VILLAGEs PRO-
VIDTNG A FRANCHISE TO BE EFFECT-
I'VE IN THE EVENT OF FORECLOsuRE; i;
AND DECLARING AN EMERGENCY.
WHEREAS. the existing electric light
plant and system of the Village of Bluffton.
Ohio, is in need of certain extensions ana
improvements in order to provide more et-
ficent service to the consumers of electricity
NOW. Si5iV THEREFORE. BE IT ORDAINED
by the Council of the Village of Biufiton,
Allen County, Ohio. three-fourths OF all OF
the members elected thereto eoncurring:
SECTION |. That it is hereby declared
necessary. in order TO protect the health
safety and welfare of the inhabitants OF the
Village of Bluffton. Ohio. TO issue and sell
S125,000.00 of first mortgage electric light
plant and system revenue bonds OF the VII
lage TO pay the cost Of extending ana I'M m
proving the municipality owned electric light
plant and system of the village by purchas-
ing and installing a new boiler and piping
and constructing new chimney. SAID ponds
shall be issued under authority OF Article
XVIII Section i2 of the Constitution of o.
hio, and shall be secured by a mortgage ana
a first lien on and payable primarily from
the revenues OF SAID electric ilknL Blant
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 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
lot in the principal sum of Si25,ooo.oo;
for the purpose aforesaid; they shall be dated
August /, 1916, and shall bear interest at
the rate of two (2fc) per cent per annum,
payable semi-annually 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 | to 125 inclusive. of the
denomination of sl,00000 each, and shall
mature in their consecutive numerical order
on August / of each of the following years
in the following amounts: S5.000.00 from l9-
az 10 1850, inclusive; S6.000.o0 from 1851 TO
1853. inclusive S7.000.00 from 1859 TO 1865,
inclusive; and ss,000.00 in 1866.
Provided however that bonds of this is
sue maturing August i. 1852, and thereafter,
shall be callable as a whole in part and
August /, 1851, 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 If less than a ~hole maturity in
stallment is called, the bonds so TO be
deemed shall be determined by lot. Notice of
any such call shall be published in news
paper of general circulation in the City of
Toledo, Ohio. at least thirty (30l days prior
to date of redemption. Said bonds shall be
designated First Mortgage Electric Light
Plant and System Revenue Bonds and both
principal and interest of said bonds shall be
payable in lawful money of the United
States of America at The National Bank of
Lima, Ohio
SECTION 3. Upon the face of each of said
bonds shall be recited reference to the con-
stitutional provision and the ordinance under
which issued. Each of said bonds shall ex-
press upon its face the purpose for which the
same is issued, that said bond is negoti-