Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1948-08-20
ORDINANCE No. S52

\ NoIhS system Oh Sdlu ltidSe. 10
Authorize the Execution of
| Mortgage Of Said system, the En-
| tensions and improvements there
| to. and the Revenues Thereof to
| Secure Said Bonds; To Provide a
Franchise To Become Effective in
Event of Foreclosure of Said
| Mortgage; To Provide in Event of
/ Default For the Appointment of
I Receiver to Administer Said Wa
terworkS Plant and System; And
To Declare An Emergency.
WHEREAS, the village of Port
Clinton owns ana operates as pub
lie utility a waterworks plant and
system for supplying water to the
| village and its inhabitants; and
! WHEREAS, Council has determin-
ed that it is Immediately necessary
to make extensions and improve
mentS to said system, to finance
which extensions and improvements
Council has determined to issue
mortgage revenue bonds under au
thority of Section l2 of Article
XVIII of the Constitution of Ohio in
an amount of S20o,o ,o00; and
WHEREAS, the village now has
outstanding certain First Mortgage
| Waterworks Revenue Bonds dated
| September 2, 1888, originally au-
thorized in the principal amount Of
| $40G00 of which there will remain
| NSNCluSlNS VI SJ,uNU III
principal amount of such bonds
heretofore purchased by the village
and cancelled and retired) as of
September l, 194S, $4,000 in prinCi-
pal amount, said First Mortgage
Waterworks Revenue Bonds being
authorized by Ordinance No. 252, as
amended, passed September Z, 1888,
and being secured by an Indenture
of Mortgage hereinafter sometimes
referred to as the First Mort
gage") creating a first lien on all of
the properties and revenues of said
utility including additions, replace
ments and extensions thereto and
| providing under Section 35 of said
| First Mortgage a franchise under
which the purchaser or purchasers
| of the utility at sale upon fore
closure of the First Mortgage shall
be entitled to operate said utility;
said First Mortgage being executed
by the village to the Central Ma
tional Bank of Cleveland as success
, sor trustee and being duly recorded
as a real estate mortgage and filed
as n chattel mortgage in the records
of ottawa County;
NOW, THEREFORE,, BE 1T OR
, DAINED by the Council of the Viii
lage of Port Clinton, ottawa Coun-
L. ty, Ohio:
Section l. That it is deemed
necessary for the purpose of eX-
tending and improving the munic-
ipal waterworks system of the Viii
: lage of Port Clinton to issue and
sell mortgage revenue bonds of the
village, in the aggregate amount OF
$500, 600; that said bonds shall be
'secured only, but equally and rata
bly,, by mortgage hereinafter
sometimes referred to as General
MCrtgage'D constituting a lien or
, all the property and revenues OF
said utility, including all additions
, and improvements, requirements and
alterations at any time made in re
spect thereto after provision only
for the reasonable operation and
maintenance thereof, which lier
l shall be subject only to the exist
ing prior lien upon said property
and revenues created by the First
| Village of Port Clinton First
Mortgage Waterworks Revenue
Bonds, which will as of September
|, l94S, be outstanding in the prin'
, cipa} amount of $4,000, and alsC
by the covenant of the village tc
7 maintain certain rates and collec
, | certain charges for the facilities
and service afforded by said utility
5 and by the franchise hereinafte
, ! provided for under which in case o
foreclosure of the General Mortgage
| the purchaser may operate said utli
: | ity; provided that in the event th'
| proceedings for foreclosure of tn
: General Mortgage include foreclos
2 ! ure of the First Mortgage, the pur
| chaser shall operate said utility un
| der the franchise as provided IL
S Section 50 of the First Mortgage
4 unless the purchaser gives notic'
-, | to the village that the purchaser in
I tends to operate said utility unde
+ | the franchise hereinafter provided
. | for, which notice shall be given IL
Z writing to the village prior to con
| firmation by the court of the sal
upon foreclosure of the propert.
covered by the First Mortgage an
General Mortgage; provided, how
| ever, that nothing in this ordinanc
| shall be construed as pledging tn
general credit of the village to tn
| payment Of said bonds or any par
| thereof or interest thereon.
3 Section 2. Said issue shall con
. | sist of 200 bonds of the denomina
D ton of $1,000 each, numbered con
elusive; shall be dated September
. 194S shall bear interest at the rat
I of two and three-quarters ca %
Y | per centum per annum, payabl
! semi annually on the first days o
1 March and September in each year
0 said interest to be evidenced b.
coupons to be attached to sai'
bonds, shall be payable as to bot
= principal and interest at the Offic
. of The Ohio Citizens Trust Com
pany, Toledo, Ohio, and shall ma
e ture annually on September first a
S follows:
$1,000 September /, 1949 to 1858
inclusive
Y sS,O 900 September 1, 1854 to 1856
!, inclusive
! $4,000 September /, 1857 to 1865
e inclusive
4 $4,000 September /, 1860
$4,000 September J, 1861 to 1863
inclusive
: $4,000 September /, 1864 to 1865
), inclusive
$4,000 September 1, 1866 to 1868
= inclusive
S Said bonds shall be subject to cal
4 | for redemption, in whole or in par
u in inverse numberical order, ol
September l, 1858, or on any inter
: est payment date thereafter at pa
and accrued interest to date o
call. Such right of redemption
= shall be exercised by resolution o
o ordinance of Council and notice
intention to redeem shall be give
h to the paying agent for and to tn
trustee of said bonds, such ordi
nance or resolution to be passed an
- such notices to be given at leas
= thirty days prior to the date of cal
Notice of any such call shall also b
published in a newspaper OF gen
d eral circulation in Ottawa County
once q week for three conSecut1V
weeks, the first insertion being a
e least thirty days prior to such dat
f of call, upon which date all interes
L upon the bonds SO called shal
" cease.
J. Section 8. Said bonds shall be en-
n titled Water Works Extensio