Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1948-08-20


and Clerk.
Section 4. 1t is hereby deter
mined that the bonds herein author
ized shall be delivered to Ryan,
Sutherland X Company. OF Toledo,
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 eN-
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
| be applied only as provided in Sec
| ton hereof.
Section s. 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 eN-
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 a special deposit ac-
count and shall be kept separate and
apart from any other funds of the
| village and shall he used only for
| the purposes specified in this Sec
tion 6. Out of such Revenue Fund
! there shall be made the following
| payments:
(A) The reasonable cost of oper
| alton and maintenance of said util-
ity, including administration eX-
penses and reasonable repairs, re-
| placements and depreciation.
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.
(C1 Into the General Mortgage
| Bond Fund" established by Section
| of this ordinance in substantially
equal quarterly installments:
O) The amount of interest due
in that year upon all bonds then
outstanding which are secured by
the General Mortgage hereinafter
authorized;
ca 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 nee
| n amnrtiZn 10 the date OF
maturity thereof all term bonds,
if any, secured by the General
Mortgage hereinafter authorized;
(D A sum equivalent to not
not less than POO 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
ficer 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 Gen
eral Mortgage. Moneys in said
fund, until required for such pur-
pose, may be invested in direct OBJ
legations of the United States of
America maturing in not more than
five years from date of purchase.
Payments out of the Waterworks
Revenue Fund into the aforemen-
toned funds shall be made in the
order hereinbefore set forth Should
: the revenues in any year be insult
ficient 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 OBJ and &C. Of this
| of said funds heretofore ere
ated be impaired for any
? reason, the amount of such de-
: ficiency or impairment shall be
: made up from the first available
t revenue in the succeeding year OF
years, such requirement to be in
: addition to the regular annual re-
= quirements of said Paragraphs OBJ
= and (C).
: Any balance remaining in the
, Waterworks Revenue Fund at the
2 end of any year, after making al
2 tion 6, may be used for any lawful
purpose, including, so far as may
be lawful, the purchase for retire
I mcnt of bonds herein authorized OF
l of the First Mortgage Waterworks
/ | Revenue Bonds at the fair market
2 value thereof but not in excess OF
their par value.
: Section Z. The village shall at all
times prescribe and charge such
rates for services rendered by said
> utility to the users thereof ano
shall so restrict the expenditures
, for the opera tion of such utility as
shall result in utility revenues ade-
) quate to cover the payments speci'
fled by the provisions of the forego'
| ing Section 6, and in any event suf-
; ficient to pay when due the princlpa
of and interest on all outstanding
, First Mortgage Waterworks Reve-
| nue. Bonds of the village and alsC
on all bonds outstanding from time
to time which are secured by the
| General Mortgage hereinafter au.
thorized; and the full faith, but not
! the credit of the Village of Port
Clinton, is hereby pledged to the
: fuIiiIlment of such obligation.
I Section S. Service rendered to the
| village by said utility for water foi
public purposes, including a rea,
sonable rental for fire hydrants
I shall be charged against the village
and shall be paid for by it in quar-
:, terly installments as the service ac'
! crues, out of the current revenues
{ ! of the village, collected or in the
" process of collection by it for its
necessary current expenses; proVid
ed. however, that 80 long as the
=, amounts in the Waterworks Interest
: and Bond Retirement Fund and ir
! | the General Mortgage Bond Fund