The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1948-04-08
ORDINANCE No. /


! AN ORDINANCE PROVIDING FOR THE
/ ISSUANCE OF 10, 10000 OF MORTGAGE
I REVENUE BONDS OF THE VILLAGE
! OF BLuFFTONI OHIO. UNDER AUTHOR
! ITY OF SECTION l. OF ARTICLE XVIII
. or THE OHIO CONSTITUTION TO PAY
| THE COST on EXTENDING THE ELEC-
| TRIO LIGHT PLANT AND SYSTEM OF
| SAID VILLAGE, AND DECLARING AN
| EMERGENCY
| WHEREAS. By Ordinance No ! duly adopt-
ed by the Council of the Village Of BiuffUon,
| Allen County, Ohio. on September 2a, 1916.
$I25. 100000 of first mortgage electric light
| plant and system revenue bonds of said viii
| Iage were authorized and issued to extend
| and improve ttle municipality owned light
| plant and SYSTEM which bonds were dated
/ August /, 1916. ef the determination OF ST.
10000 each, numb bered from ! to I25. inelu-
| sive, bearing INTEREST at the rate of two i2G0
| per cent per anrtum, payable semiannually,
and maturing on August of each of the
following years if the following amounts ::
| 100000 from 1917 TO 1850. inclusive s6,-
90 from 1851 tp 1858. inclusive; 81, GOO. 90
from 1859 to 1864, inclusive and IS, 90
/ in 1866 but subject to call for redemption
/ on August |, 1885, or on any interest pay
ment date thereafter. at par and accrued in
/ terest. said ordinance further providing for a
mortgage upon all Hof the properties and rev
enues of the light plant and system 10 secure
! the payment of the principal of and interest
on said bonds and any other bonds secured
| thereby, including1 a franchise under the
terms of which a purchaser might operate
/ said utility in case of foreclosure, said mort
| gage having BEEN given by the village to
| The National Bank of Lima. Ohio, as Trus-
| tee, under date of August /. 1916. and re-
corded as a real estate mortgage and per-
| manently indexed as a chattel mortgage in
| the office of the Recorder of Allen County
| Ohio, on October 16 1916. and
| WHEREAS, Section Of said Ordinance
| No. l adopted September %, 1916. provides
| that additional bonds payable from the rev.
enues and properties of said utility
on a parity with the outstanding bonds
/ Il 4 l..
gage from the village to The National Bank
of Lima, Ohio. may be issued provided said
additional bonds are for revenue producing
extensions requirements and additions and
that the earnings of the system for the three
| fiscal operating or calendar years immediate
ly preceding the issuance of such additional
bonds shall have been equal. after deduction
of operating. maintenance and reasonable re-
pair. replacement and depreciation charges. to
l40eG of the principal and interest require
ments for the next ensuing year on the bonds
then outstanding and secured by a pledge of
the revenues of the system, plus 1909 of the
quirements of the proposed issue, and,
WHEREAS. the earnings of said system
after payment oF all expenses of operation,
maintenance, repair and depreciation, We're
the following amounts for the three preced-
ing calendar years: ls45-S2s.02 : 1876
S2l, ,O59. SO: 1947-s2O S97. 90 which amounts,
respectively, ara more than Si40qo of the
principal and interest charges for the
ceeding year of the outstanding bonds of said
issue of si25, 100000 plus 1909 of the interest
and average annual principal requirements
of the proposed itsue for the succeeding year
which charges toual $40. 100, and
WHEREAS, 1t lis necessary further to ex-
tend the said light plant and system by
making certain revenue producing improve
ments thereto, in. order to provide adequate
service to the inhabitants of the village.
NOW, THEREFORE. BE IT ORDAINED
by the Council Of the Village of Bluffton,
Ohio. three-fourtns of the members elected
thereto concurrinPs:
SECTION l. That it is hereby declared
necessary, in order to protect the health.
safety and welfare of the inhabitants of the
Village of Bluffton, Alien County, Ohio, to
issue and sell s7s.0O0.00 of Electric Light
Plant and Systernl First Mortgage Revenue
Bonds of said village for the purpose of
tending its municinally owned public untility
by making certain necessary revenue produc-
ing improvements thereto. including the con-
struction of a boiler house to house the new