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

annually required to amortize the
principal thereof over the life of
such honds) to accrue In any year
upon all bonds then outstauding
payable from the Waterworks In
terest and Bond Retirement Fund
and from the General Mortgage
Bond Fund, and upon the additional
bonds proposed to DE issued.
Section 10. 1t 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-
thoriaing 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, all and
each of which duties are hereby de-
fined ana established to be duties
specially enioined by law resulting
from an office, trust and station
within the meaning of Section 1898
of the General Code of Ohio.
Section IL. 1t Is hereby cove
nanted and agreed by the village
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 n 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 az 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 10. 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 a
| PARITY herewith in accordance with
| 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
| 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. a. good and sufficient mortgage
deed (herein sometimes referred to
as General MortgageD, 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 ordf-
nance for more than thirty days
after written notice specifying such
default and requiring the same tc
be remedied shall have been given
to the village, the owners or hold.
ers of 25 per cent in amount of said
bonds remaining unpaid, or the
trustee for said bondholders on its
Town 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 and all other
existing defaults shall have been
made good, then and in every such
case such payment shall constitute
a waiver of such default and its
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
the trustee and of the holders OF
not less than 66~2/396 in aggregate
principal amount of the outStand-
ing bonds thereby secured, ano
upon approval Of the village giver
by ordinance of council, any cove.
nant, condition or provision of such
mortgage indenture may be modi'
fed, altered, added to or rescindeo
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 linden
ture any mortgage or lien ranking
prior to the lien of said mortgage
indenture.
Section 49, In the event of any
| litigation commenced or pending II
any court having jurisdiction, II
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 FRS
! Mortgage Waterworks Revenue
| Bonds. and there il at such time any
| default in the payment OF any deb
charges accruing on any bonds pay
able from the revenues of the util.
ity, the court having jurisdiction o.
such cause may appoint a receiver
to administer and operate said utll
ity on behalf of the Village of Por
Clinton. with full power to pay anc
to provide for the payment of al
debt charges on any such revenue
bonds then outstanding, and for the
payment of the operating expenses
and OF apply the income and revenue