Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1948-08-13


be prepared, issued and delivered
under the direction OF the, Mayor
and Clerk.
Section 4. 1t is hereby deter
mined that the bonds herein author
lied shall be delivered to Ryan.
Sutherland g. Company, of Toieuo.
Ohio, in accordance with the terms
of their written proposal heretofore
approved and accepted by the Board
of Trustees of Public Affairs of the
village, and the action Of said Board
in accepting such proposal is here
by ratified and confirmed.
Section 5. The proceeds from the
sale of said bonds, except premium
If any, and accrued interest there
on, shall be placed in the Village
Treasury to the credit of the proper
fund and be used only for the pur-
pose Of paying for the aforesaid ex-
tensions and improvements to said
utility, for which purpose said pro-
ceeds are hereby appropriated
Premium and accrued interest re-
ceiVed from such sale shall be
deemed appropriated for the pur-
pose of and shall be placed in a
separate fund designated as the
"Waterworks General Mortgage
Bond Retirement Fund" hereinafter
! provided for, and herein sometimes
referred to as the General Mort
gage Bond Fund" which fund shall
| De aDDlleu only as DTONl0eu In sec
| tion 6 hereof.
Section 6. SO long as any Of the
bonds herein authorized remain out
standing all revenues derived from
the operation of the Villages wa
terworks system as now construct
| ed or hereafter improved or ex-
| tended, shall be deposited by the
Treasurer of the Village in the
"Waterworks Revenue Fund" estab-
| lished under the provisions of the
First Mortgage, which fund shall be
deposited in special deposit ac-
count and shall be kept separate and
! apart from any other funds of the
village and shall be used only for
the purposes specified in this Sec
tion g. Out of such Revenue Fund
there shall be made the following
payments:
| (A) The reasonable cost of oper-
alton and maintenapce OF sad util-
| ity, including administration ex-,
penses and reasonable repairs, re-l
| placements and depreciation ) 1
OBJ Into the Waterworks Inter-
est and Bond Retirement Fund es-
| tablished by Ordinance No. 252
| aforesaid and by the First Mort
gage, the payments required to be-
| made thereto under the provisions
Of said ordinance and mortgage.
| (C) Into the General Mortgage
Bond Fund" established by Section
3 of this ordinance in substantially
equal quarterly installments:
| Cd The amount of interest due
in that year upon all bonds then
| outstanding which are secured by
the General Mortgage hereinafter
authorized;
(2) The amount of principal of
all serial and deferred serial
bonds which are secured by the
General Mortgage hereinafter au
thorized, maturing in said year;
(3) The amount annually necF
essary to amortiZe to the date of
| maturity thereof all term bonds,
| If any, secured by the General
Mortgage hereinafter authorized;
90 A sum equivalent to not
not less than 20To of each interest,
and principal installment payable
| as aforesaid, such sum to be paid
in and accumulated until there is
established and thereafter main
tanned a debt reserve in said
General Mortgage Bond Fund"
| equivalent to the maximum an
| nual debt charges for interest and
principal or term bond amortiza-
tion which will thenceforth accrue
on all bonds then outstanding and
secured by the General Mortgage
hereinafter authorized. !.
The General Mortgage Bond Fund
shall be maintained in the custody,
of the Sinking Fund Trustees or Of
ticer in charge of the Bond Retire
ment Fund of the village, and shall
be used solely for the payment or
redemption of the principal and in
terest of bonds secured by the Cen
| eral Mortgage. Moneys in said
| fund, until required for such pur-
pose, may be invested in direct oh
| legations of the United States of
! America maturing in not more than
| five years from date of purchase. |
Do Nrt la NTnt .Nrlye.
Revenue Fund into the aforemen1
toned funds shall be made in the
| order hereinbefore set forth. Should
| the revenues in any year be insult
ticient to meet all the requirements
OF the Waterworks Interest and
| Bond Retirement Fund and of the
General Mortgage Bond Fund, re-
| spectively provided for in Para
graphs tBl and tC) of this
Section 6. or should either
of said funds heretofore ere
ated be impaired for any
| ticiency or impairment shall be
made up from the first available
revenue in the succeeding year or
years, such requirement to be in
addition to the regular annual re-
| Quirements of said Paragraphs (B)
! and Co.
Any balance remaining in the
Waterworks Revenue Fund at the
end of any year, after making all
! the payments required by this Sec
| ton 6, may be used for any lawful
| purpose, including, so far as may
| be lawful. the purchase for retire.
mcnt of bonds herein authorized or
of the First, Mortgage Waterworks
! Revenue Bonds at the fair market
| value thereof but not in excess of
| their par value. r.
Section Z. The village shall at all
times prescribe and charge such
rates for services rendered by said
| utility to the users thereof and
| shall so restrict the expenditures
for the operation of such utility as
shall result In utility revenues ade-
| Guate to cover the payments speci-
! fed by the provisions of the forego-
ing Section 6, and in any event suf-
ticient to pay when due the principal
of and interest on all outstanding
| First Mortgage Waterworks Reve-
nue. Bonds OF the village and also
on all bonds outstanding from time
to time which are secured by the
General Mortgage hereinafter au-
thoriZed; and the full faith, but nbt
the credit, OF the Village of Port
| Clinton, is hereby pledged to the
fulGllment OF such obligation.
Section :. Service rendered to the
| Village by said utility for water for
public purposes, including a rea-
Sonable rental for fire hydrants,
shall be charged against the village
and shall be paid for by 1t in quar-
tcrly installments as the service ac-
Cruos, out of the current revenues
OF the village, collected or in the
process of collection by it for it's
necessary current expenses; provid-
ed. however, that SO long as the
| amounts in the WaterworkS Interest