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

amount which normally would be carried by
private companies engaged in a similar type
of business and shall furnish to the purchaser
of said bonds or to the trustee under said
mortgage full and satisfactory reports, audits
statements, and other information from time
to time in such form ana detail as may be
requested by either of chem, and shall permit
any authorized representative of the purchaser
or purchasers of ten tl0E6l per cent in ag-
| gregate principal amount sof the bonds aC the
| time outstanding or any holder of ten (t0Tcl
| per cent of said amount OF outstanding bonds.
to inspect the light system and all records,
accounts and data of the Fystem at all reason
able. times.
SECTION IL. In order to secure the pay
ment of the principal off and the interest on
said bonds the same shall become due and
payable, the Mayor and Village Clerk being
the fiscal officers of the village, and the
President and Clerk of the Board of Trust
ees of Public Affairs of the village, are
| hereby authorized and directed in the name
| of and on behalf of the village, 20 make,
execute. acknowledge and deliver to The
! National Bank of Lima Ohio, in trust for
! the purchaser or purchasers of said bonds,
| good and sufficient supplemental mortgage
| to the first mortgage DECD now of record upon
all of the light plant and system property
| owned by the village Or thereafter acquired,
| together with all extensions, betterments and
additions TO said utility made during the time
any of said bonds shall remain outstanding
and unpaid, constituting the electric light
plant and system of The village. Said mort
| gage shall be in such form and contain such
| terms, covenants and conditions not inconsist-
ent with this ordinance as shall be approved
| by the purchaser of said bonds and the So
| iicitor OF the vilages and shall secure the
! bonds herein authorized in the same manner
! and on a parity With the outstanding bonds
of said issue of S125s9000 90, dated August /.
! 1916 Said supplemental mortgage shall con-
J tain a condition that8in case the village shall
make default in the payment of any of said
| bonds herein authori2ed .or the intSesst there
! on or of any of tha' terms of said mortgage
or this ordinance, lhe owners or holders of
not less than 50Go In amount of said bonds
remaining unpaid or the trustee for said
boudholders it's own initiative. may elect
to declare the entre amount of said bonds
due and payable ADD that, upon defaulr in
the payment Thereof, said mortgage may be
foreclosed.
| SECTION H. Id the event of the fors-
closure of said mortgage from the Village
of Bluffton to The National Bank of Lima
Ohio, and/or the Supplemental mortgage here
in authorized and provided for, the purchaser
or purchasers at The foreclosure sale shall
be entitled to operate said electric light plant
/ and system improved or extended under
the terms of the franchise ordained and
established by Section II of said Ordinance
No /. passed on september %, 1916.
SECTION IS. Should h be judicially
determined by a court having jurisdiction to
pass upon the validity of this ordinance or
the mortgage or bonds herein authorized. that
any provision of the ordinance Is beyond the
powers of this council or said village or IS
otherwise lnvalids then such decision shall
| gage or the vaiidity of said bonds, or any
proceedings related thereto, except as to the
! particular matters found by such decision to
be invalid.
| SECTION H. This ordinance is declared
to be an emergency measure for the immediate
preservation of the public peace, health and
safety of the village for the reason that the
bonds herein provided must be issusd and
sold Immediately in order that the village
NAV proceed without delay with the aforesaid
improvements to the electric light plant and
system. and il ahaIl take effect immediately
upon it's passage and approval by the Mayor.
j Passed this 9TH day Of April. l94s.
ARDEN r. BAKER
President of Council
! C. r. EMMANS
Clerk of Council
Approved this 5th day of
April. 1919.
ARDEN n. BAKER III N
CERTIFICATE
The undersigned. Clerk of Council of the
Village of Bluffton. Ohio, hereby certifies
the foregoing to be true and correct copy
of Ordinance No. 4. passed by the council Of
said village on April 8, 1a4s
So Clerk of Council