The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1948-04-15
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ORDINANCE NO.

AN ORDINANCE PROVIDING FOR THE
ISSUANCE OF 100000 OF MORTGAGE
REVENUE BONDS OF THE VILLAGE
OF BLUFFTON, ONO, UNDER AUTHOR
ITY OF SECTION II OF ARTICLE XVIII
OF THE OHIO CONSTITUTION TO PAY
THE COST OF EXTENDING THE ELEC-
TRIO LIGHT PLANT AND SYSTEM OF
SAID VILLAGE, AND DECLARING AN
EMERGENCY.
WHEREAS, by Ordinance No. / duly adopt
ed by the Council Of the Village Of Bluffton,
Allen County. OhioI on September %. 1sA6,
Sl25. 100000 of first mortgage electric light
plant and system feyenue bonds of said viii
iape were authorized and issued to extend
and improve the municipality owned light
plant and SYSTEM which bonds were dated
August /, 1916, Of the denomination of ST.
10000 each. numbered from / to i25, 1nclu-
sive. bearing interest at the rate of two t2gel
per cent per an hum, payable semiannually.
and maturing on August ! of each OF the
following years lin the following amounts :
S5,000.00 from t947 To 1850. inclusive: &c.
10000 from 1851 to 1858, inclusive: s7.00000
from 1859 TO lb65, inclusive; and sS,000.oo
in 1865 but subject TO call for redemption
on August /. psi, or on any interest pay
ment date THEREAFTER, at par and accrued III
terest. said ordi nance further providing for a
mortgage upon all of the properties and rev.
enues of the light plant and system TO secure
the payment Of the principal OF ana interest
on said bonds and any other bonds secured
thereby, Including a franchise under the
terms of which a purchaser might operate
said utility in case of foreclosure, said mort
The National Bank of Lima, Ohio. as Trus-
tee, under date of August /. 1916. and re-
corded a real estate mortgage and per-
manently indsNed a chattel mortgage in
the office of the Recorder of Allen County,
Ohio. on October l6, 1916, and
WHEREASl Section Q of said Ordinance
No. / adopted September %, 1916, provides
that additional bonds payable from the rev
enues and properties OF said qtlli5y
on a parity with the outstanding bonds
and secured equally and ratably by said mort"
gage from the village to The National Bank
of Lima. Ohip, may be Issued provided sald
additional bonds are for revenue producing
extensions, replacenents and additions and
that the earnings of the system for the three
fiscal operating or calendar years imnedi ate
iy preceding the issuance of such additional
bonds shall have been equal, after dedqcuoh
of operating. maintenance and reasonable re
pair, replacement and depreciation charges, to
I40ee of the principal and interest require
ments for the next ensuing year on the bonds
the revenues Of the system. plus 1909 Of the
interest and average annual principal re-
quirements of the proposed issue, and
WHEREAS. the earnings of said system
after payment tof all expenses of operation,
repair and depreciation, were
the following amounts for the three preced~
ing calendar years: 1945-S2s. .026.00: 1876
s2l, ,059s8: 194T-$20, $500, which amounts,
are more than SLAVIC OF the
principal and interest charges for the sue
ceeding year of the outstanding bonds of said
issue of s125, 100000 plus 1909 of the interest
and average annual principal requirements
of the proposed issue for the succeeding year
which charges total $50. $1,000. and
WHEREAS 1t is necessary further 10 ex~
tend the said light plant and system by
making certain revenue producing improve
ments thereto, In order to provide adequate
service to the Inhabitants Of the village
NOW. THEREFORE, BE IT ORDAINED
by the Council of the Village of Bluffton.
Ohio, three-fourths of the members elected
thereto copcurring:
SECTION /. That it is hereby declared
necessary. in order to protect the health,
safety and welfare of the inhabitants of the
Village of Biufftpn. Allen County, Ohio. to
issue and sell SIS, 100000 of Electric Light
Plant and System First Mortgage Revenue
Bonds of said village for the purpose of ex~
tending its municipality owned public untility
by making certain necessary revenue produe~
ing improvements thereto. including the con-
struction of a boiler. house to house the new