The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1948-04-15


Ns Spr~T.f.N . That han5s ~ - xytr
of BluirIon b. issued in the principal sum OF
| S75,0o0a0 for the purpose aforesaid. Said
| bonds shalI be dated April I.t94s. of the de-
| nomination of 81 100000 eaeh and numbered
| from Al tn Ats. inclusive; they shall bear
intarash at The rate of three t3ec) per cent
per arInum. payable August /. l94s, and
| serni-aIlnuaiiy thereafter on February l and
August / of each year evidenced by coa-
| Mons 10 be attached IN said bonds. Said
| bonds shall mature IN their consecutive nu-
| rnerieai order on August l of each of the fol-
| lowing years IN the following amounts: S4.-
| aaa na# /, each of the years from 194a to
| Ie52 inclusive 100000 in each Of the years
| from 1853 To 1859. Inclusive and S6,0o0.00 in
| each df the years from I96o to 1861 inela-
| sive Both principal and interest Of said
honds shall be payable in lawful money of
| fine United States of America at The National
Bank of Lima ONO
| SECTION 3. Upon the face of each of
s.iJ sands shall be reclted reference to the
| ~1ns+ifntional provision and the ordinance
| andeT.f which issued. Each of said bonds shall
| expreks upon its face the purpose Tor which
| -ntiaIIa instrument payable solely out of the
| srr,saF revenues of the system and extensions
| Fhnra5o after provision only for the reasonable
operating and malnter1nee e@I,stlses 'i,erJoI
| fransbisa stating the terms upon which, in
| ease aof foreclosure. the purchaser may operate
| said utility, which franchise extends for 2
| npriod of twenty t2ot years after the date ot
| ii. of said utility upon foreclosure Said
| bonds shall be signed by the Mayor and Viii
| israF Clerk and be sealed with the corporate
| al Each of the interest coupons attached
| IN aid bonds shall bear the facsimile sigma
| t,raT of said Village Clerk. Said bonds shall
| he prepared issued and delivered under the
| aire@tiou of the Mayor and Village Clerk, TO
| ~ sS,,rrhasars hereinafter set forth. In case
! 49, ~ The officers who shall have signed
| authenticated or sealed any OF said bonds or
| ;nteEast coupons shall cease to be such Off
| re,.s' Iefore any or Of the bonds and interest
| authenticated
| hax.a actually been issued. such bonds and ln-
terest coupons shall be valid nevertheless ana
| mas. be issued by the, village as though sach
| nersong had not ceased TO be such officers
SECTION 4. Said bonds are hereby award
| al ana shnl be sold and delivered to Strana-
han I Harris and Company, Incorporated, OF
Toledo, Ohio. in aceorda9cf% VII with tne't "tL, sIo
Nth council which offer is hereby accepted.
SECTION 5. The. proceeds OF the sale OF
the bonds herein authorised shall he placed IN
tha treasury to the credit of the proper fund
ara dapoaifad in bank banks which are
members of the Federal Reserve System ana
the Federal Deposit Insurance Corporation.
In a special account or accounts ana aseo
aforesaid extensions and improvements to the
light plant and system aud all things neces-
sary and incidental thereto
SECTION 6, From and after the delivery
oF anv bonds issued under the provisions OF
This Ordinance. the entire income and rev.
enues of said system shall be set aside and
deposited by the Treasurer in the separate
and special fund created by Section OF SAID
0rJ;nnnre No / passed on September 23
1896 and designated as the Electric Light
and System Revenue Fund, hereinafter re"
ferred TO as the Revenue Fund said Rev
enue Fund shall be administered as follows:
Firsc there shall be paid from said Revenue
Fund the reasonable cost Of operation and
maintenance of said system including re-
plaeements and depreciation second, there
shalI he maid from said fund into the account
known as the Bond and Interest Retirement
Fund Account" and hereinafter referred TO
as the + Bond Account from month TO
month such amount a. will be necessary to
meet the principal and interest requirements
on the outstanding bonds Of said issue OF
sI25 100000 authorized by said Ordinance No
/ passed on September %, 1896, and the
nrinriuaI and interest requirements the
next ensuing principal or interest payment
date of the bonds herein authorized, plus an
additional sum equal TO 20Fc OF the prlncipaA
and interest requirements OF both of said is
sues of bonds for the current year until there
is a surplus in said fund equal TO the nrinei-
pal requirements of said issues Of bonds Tor
the ensuing year and the interest require
ments of said issues of bonds for the ensuing
one and one-half years, which surplus fund
shall be known as the Reserve Fund; pro-
vided. however. chat no furtnar payments
need be made into the Bond Account when
the total amount therein including the RE
serve Fund. equals the total amount of both
principal and interest Of the bonds of this
issue at the time outstanding. The Reserve
Fund shall be used for the purpose of maxi
ing up any deficit which may occur in the
payments into the Bond Accound for cur
rent interest principal requirements so as
to prevent, when necessary. default IN the
! payment of such principal or interest. Should
| the revenues in any one year be insufficient
| to meet all the aforesaid charges of the Bond
Account, and should the surplus provided
| therefor be impaired for any reason the
aamouns of such deficiency or impairment shall
| tunless previously made UP out of other funds
| of the city available for that purpose) be
.asl De- agvs4 Es1-y $ha Hpat
| available revenues the following year and
| shall be in addition 10 the other requirements
of said Bond Account
| SECTION Z. The officer or officers in
| ment fund shall have charge of said Bond
Account, and said Bond Account shall be
| used only for the purpose of paying the pr1n-
| cipal of and the interest on the Sl2O 900 90
| of bonds now outstanding of said Sl25, ,000.0 90
| issue and the bonds herein authorized to be
| issued. Said Bond Account shall be deposited
| in a bank or banks which are members OF
the Federal Deposit Insurance Corporation
| and shall be kept continuously secured by a
| pledge to the village of direct obligations of
| the United States of America having an ag-
| gregate market value exclusive of accrued
| interest. at all times at least equal to the
| balance on deposit in said account or ac-
| counts, excspt that such account or accounts
| may be secured by a surety bond bonds.
Provided. however. that 1.-THE Reserve Fund
may be invested IN diyyF sIiykations Of the
United statds of Amerfd1kdhtii such times a.
needed for the payne " of the principal of
| and INTEREST," on said bonds.
| SECTION S. The rates for services render.
| ed by said light plant and system to Ihs
| village for its services or for its corporations
| inhabitants and other users, shall be reason
able and just. and in any event shall be at
| all times sufficient to produce gross revenues
adequate ta) to pay the reasonable and proper
| expenses of operation and maintenance of the
| utility, including necessary. requirements and
depreciation, and tb} to pay, when due, the
principal of and the interest on the bonds
herein Authorised including all charges and
| excess funds required for the Bond Account
| under Section hereof. In the event the
payments into the bond fund are at any time
inadequate to meet the above requirements
and only in such event, the services rendered
| to the village. by said light plant and system
for electricity for public purposes shall bt
| it in quarterly instalments as the service ac
crues out of the current revenues of the
village collected or in the process of collection
and paid into the Electric Light Plant and
System Revenue Fund" referred to in Section
hereof. So long as the payments Required
| to be made into the Bond Fund by said Sec
| tion are made and maintained in full a.
the same are payable. the requirement that
the village pay for electricity for public pur'
poses shall be suspended
| SECTION 9. It is hereby convenanted and
| agreed by the village with the holder OF
| provided for, that the village and each and
| every officer thereof viii satisfactorily and
punctually perform all duties with reference
| to said utility required by the Constitution
and Statutes Of the State of Ohio, by this
ordinance and by the mortgage hereinafter
provided for, all and each of which duties
are hereby defined and established to be the
duties specifically enjoined by law resulting
| from an office. trust and station within the
meaning of Section 1928 of the General
| Code of Ohio. and said village hereby ir-
| revocably covenants, obIigates and binds
| itself so long as any of said issue OF
sI25. 10000 of bonds, dated August l. 1896
| or any of the bonds authorized by this ordi.
nance are outstanding not to issue additional