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


and principal maturities (using with
respect to term bonds, the amount
Il annually required to amortiZe the
I. principal thereof over the life of
/ such bonds) to accrue in any year
i upon all bonds then outstanding
B. terest and Bond Retirement Fund
and from the General Mortgage
Bond Fund, and upon the additional
bonds proposed to be issued.
Section 10. i is hereby covenant
ed and agreed by the village with
| the holder or holders of the bonds
herein authorized and with each of
| them and with the trustee for said
holders hereinafter provided for,
/ that the village and each and every
officer thereof will satisfactorily and
! punctually perform all duties with
| reference to said utility required by
the constitution and statutes of the
state of Ohio, by the ordinance au-
| thorizing and the mortgage secur-
ing the said First Mortgage Water
| works Revenue Bonds, by this ordi-
nance, and by the General Mortgage
| hereinafter provided for, ali and
each Of which duties are hereby de-
! fined and established to be duties
i specially enjoined by law resulting
within the meaning of Section 1928
| of the General Code of Ohio.
Section II. 1t is hereby cove
nanted and agreed by the village
4 and the General Mortgage shall SO
| provide, that until the bonds herein
authorized shall have been fully
! paid, the village shall operate said
| utility and maintain the same and
all parts thereof in constant good
| order and repair; shall maintain in
! surance upon the same of a kind and
| in an amount which normally would
| be carried by private companies
| engaged in a similar type of bust
! ness; and shall furnish to the orig
| inal purchaser of said bonds or to
/ the trustee. under the mortgage Sc
| curing the same full and 'satisfac-
| tory reports, audits, statements and
| other information from time to
| time In such form and detail as may
| be requested by either of them, and
| shall permit the authorized repre-
| sentative of any holder or holders
! of twenty-five per centum of the
| amount Of said bonds at the time
| outstanding to inspect the utility
! and all records, accounts and data
of the utility at all reasonable
| times.
Section IL. In order to secure the
payment of the principal of and in
/ terest on said bonds, and of any ad
ditional bonds hereafter issued on
4
Section hereof, as the same shall
become due and payable, the Mayor
and the Clerk and the President and
Clerk of the Board of Trustees of
Public Affairs of the village are
hereby authorized and directed in
the name of and on behalf of the
village of Port Clinton to make,
execute, acknowledge and deliver to
The Ohio Citizens Trust Company,
Toledo, Ohio, as Trustee, or to it's
successor or successors in trust for
the purchasers and subsequent hold
erS, q, good and sufficient mortgage
deed (herein sometimes referred to
as General Mortgage"D, subject
only to the lien of the First Mort
gage, upon all the property of said
utility now owned or hereafter ac-
Quired by the village during the
time any of said bonds shall re-
main outstanding and unpaid, in
such form and containing such
terms, covenants and conditions not
Inconsistent with this ordinance as
shall be approved by the purchaser
of said bonds and the Solicitor of
said Village. Provision shall be
made therein that in case default
shall be made in the payment of any
principal installment, or in any in
terest payment for more than thirty
days, or in performance of any of
the terms and provisions of the
General Mortgage or of this ord'-
nance for more than thirty days
after written notice specifying sucn
default and requiring the same to
be remedied shall have been given
to the village, the owners or hold
ers of 20 per cent in amount of said
bonds remaining unpaid, or the
trustee for said bondholderS on it's
, own initiative, may elect to declare
the entire principal amount of said
bonds due and payable and that
upon default in the payment there
of said mortgage may be foreclosed;
but such provisions shall be subject
to the condition that if at any time
after the principal of said bonds
shall have been SO declared due and
payable, and before there shall have
been any sale of the properties
mortgaged hereunder, all sums
payable under said General Mort
gage except the principal of bonds
thereby secured which have not
reached their maturity dates shall
have been duly paid aid all other
existing defaults shall have been
made good, then and in every such
case such payment shall constitute
consequences; but no such waiver
shall extend to or affect any subse-
quent default nor impair any rights
consequent thereon.
Said mortgage shall also contain
a provision that with the consent of
i the trustee and Of the holders of
not less than 66-2/3%6 in aggregate
principal amount of the outstand
ing bonds thereby secured, and
upon approval of the village given
by ordinance of council, any cove
nant, condition or provision of such
| mortgage indenture may be modi-
fed, altered, added to or rescinded
so long as such action shall not re-
suit in reducing the principal
amount or interest rate on any
such bond, nor reducing the per-
centage In this paragraph provided,
nor imposing upon any part of the
property or revenues of the utility
described in said mortgage inden-
ture any mortgage or lien ranking
prior to the lien of said mortgage
| indenture.
Section 13. In the event of any
litigation commenced or pending In
| any court having jurisdiction, in
which the said village Is a, party in
VolVing the said utility, the, opera
| tion of the same, the revenue from
| the same, or wrongful performance
or failure to perform any of the
| terms and conditions of this ordi-
| nance, or of the ordinance author
! izing the issuance of the First
| Mortgage Waterworks Revenue
Bonds, and there is at such time any
| default in the payment of any debt
| charges acCruing on any bonds pay
| able from the revenues of the util-
ity, the court having jurisdiction of
| such cause may appoint a receiver
| to administer and operate said util-
| ity on behalf of the Village of Port
| Clinton. with full power to pay and
| TO provide for the payment of all
debt charges on any such revenue
bonds then outstanding, and for the