The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1948-04-08

boiler and lfhe purchase and installation of
the necessary piping incidental thereto.
SECTION z mat bonds of the Village
of Bfufftap H. issued In the principal sum ef
sT5.8gG. 90 .ar the purpose aforesaid. Said
bonds shall tbe dated April lsIs4o, Of lhe de-
nomination tof 81 100000 eaent anu numbered
from Al IL A-75 inclusiyes they shall bear
interest at fthe rate OF three ts1c1 per cent
per annr1l payable August / la4a. and
seEai-annuaLy thereafter on fsoFuary and
August / af each year a. eFi9eheea ps eoa-
pons to IL attached to said bonds. Said
bonds shall mature in their consecutive nu-
merical order on August l OF eaeh ot the tol-
lowing yeafs in the following amounts; $4,-
10000 in bach of the years from I9}s TO
1852 inclusive S., 10000 IN each Of the years
from 1853 H. 1859. inclusive; and S6.0o0.o0 in
each of thd years from 1860 TO 1868, ihcu~
sive Both principal and interest OF said
bonds shall be payable IN hAwh9 u hohey oi
the United States OF America al Inc Nalohal
sEcsTroNl 3. Upon the face Of each Of
said bonds shall be recieed reference TO the
constitutional provision anu - ssid hon5s s4'S9 sbs
e~rrass unon its face the purpose Tor which
the same is Issued; that sala poho Is 9e-
trntiahls inst sument payable aofels "at OF the
srr,ss r,avenues of the system ana extensions
hos. INSTRUMENTATION only for the reasonable
@rar.tfr,v ana maintenance expenses theFsot
and is secured further by a mortsase ana
franchise stating the terms upon WHICH IN
~ose of forecIdsure the purchaser may operate
saiS ,+iIitv which franchise extends for =
nariod of twenty 800 years after tue date OF
sale of said utility upon tosecloe0Ie. 2gd" 2g1
bonds shall be signed by, the mayor ana VIE
io,ro Clerk ana be sealed with the corporate
ai Each Al the interest coupons attached
IN said bonds tshall bear the tacsmlIe sigma
ture of said Village Clerk. Sald oonds sn3ti
be prepared, Issued ana oesHSasN ,s, ultHs Ct1 ~" w
dirar+inn of the Mayor and village CLERK TO
tbe y,,rrhass ssrs hereinafter set foFth' IN case
any of the officers who snall nave signed
authenticated OF seal9o a. ans - - s,,cb OIL
IL1e n besora and or of the bonds and interest
@or~ons 81 signed authenticated or sealed
have actually been issued, such bonds and IN
terest coupons shalI be valid neVerthetsss ana
roa1y he issued by the village as though such
l,,r,e .lias ha5 nor ceased To be such officers.
SECTION d. Said bonds are hereby award
- "a hail ba sold and delivered to Strana-
han. Harris and Company @ l@neofl9r%4teo, 3 % Oh
-TaInan ohio .inE accordance with their writ
to,, ofTar IN puyehase said bonds now on file
with council, which offer is hereby accepted
SECTION & The proceeds Of the sale OF
the bonds herein authorizea sit5 G pS F,,,J ~
and deposifed in bank or banks which are
members of the Federal Reserve system ana
the Federal Deposit Insurance Corporation;
in q special account or accounts ana used
snlaJ, fcw tba purpose of paying for the
aforesaid extensions and improvements To the
LIGHT plant and system and all Things neces-
sary and incidental thereto.
SECTION 8. From and ateer the delivery
fbfs Ordinance the entire income ana rev.
enues of said system shall be set aside and
deposited by the Treasurer IN the separate
and special fund created by oecslon @ Q. S$ta 5o
Ordinance No. passed on September ZS'
1896 and designated as the Electric Light
and System Revenue Fund hereinafter re-
fsrred to as the t'Revenue Fund said Rev
enue Fund shall be administered IN follows;
FirSr 4here shall be paid from said Revenue
Fund the reasonable cost of operation and
maintenance of said system including re-
placements and depreciation second there
shall be paid from said fund INTO the account
known IA the Bond and Interest Retirement
FS,nd Account and hereinafter referred to
as the Bond account, from month to
month such amopnt as VIII be necessary 10
meet the principal and interest requirements
on the outstanding bonds of said issue OF
SIPS 900 90 authorized by said Ordinance No.
passed on September %, 1916. and the
principal and interest requirements on tne
next ensuing principal or interest payment
date of the bonds herein authorized, Plus an
additional sum equal To 2o@o OF the principal
and interest requirements of both OF said is
sues of bonds for the current year 4nti there
is surplus In said fund equal to the princi-
nal requirements of said issues of bonds for
the ensuing year, and the interest require
ments of said issues of bonds for the ensuing
one and one-half years, which surplus fund
shall be known as the Reserve Fund pro-
vided, however, that no further payments
need be made into the Bond Account when
the total amount therein Including the Re
2ds
principal and interest of the bonds of this
issue at the time. outstanding. The Reserve
Fund shall be used for the purpose Of MAX
ing up any deficit which may occur IN the
payments into the Bond Accound for cur
rent interest or principal requirements so as
to prevent. when necessary. a default IN the
payment Of such principal or interest. Should
the revenues in any one year be insufficient
10 meet all the aforesaid charges of the Bond
Account and should the surplus provided
therefor be impaired for any reason. the
aamouns of such deficiency or impairment shall
(untass previously made up out of other FUNDS
of the city available for that purpose) be
paid into said Bond Account from the first
available revenues the following year and
shall be in addition TO the other requirements
of said Bond Account
SECTION T. The officer or officers In
charge of the sinking fund or bond retire
ment fund shall have charge of said Bond
Account. and said Bond Account shall be
used only for the purpose of paying the prln-
cipal of and the interest on the Si20, 10000
of bonds now outstanding of said 100000
issue and the bonds herein authorized to be
issued. Said Bond Account shall be deposited
in a bank or banks which are members of
the Federal Deposit Insurance Corporation
and shall be kept continuously secured by q
pledge to the village of direct obligations Of
gregate market value exclusive of accrued
interest. at all times at least equal To the
balance on deposit In said account or ac-
counts except that such account or accounts
may De secured Dy " SaiSkS hOita III bo4ANH
Provided, however, that the Reserve Fund
herainbefore referred to in Section hereof
may be invested in direct obligations of the
United States of America until such times as
needed for the payment Of the principal of
and interest on said bonds.
SECTION 8. The rates FOR services render
ed by said light plant and system to the
village for its services #or for Its corporations
inhabitants and other users, shall be reason
able and just, and in any event shall be at
all times sufficient to produce gross revenues
adequate tal to pay the reasonable and proper
expenses OF operation and maintenance of the
utility, including necessary requirements and
depreciation, and (b) 10 pay, when due. the
principal of and the Interest on the bonds
herein authorized, including all charges and
excess funds required for the Bond Account
under Section hereof. In the event the
payments into che bond fund are at any time
inadequate to meet the above requirements.
and only in such event. the services rendered
TO the Village by said light plant and system
for electricity for public purposes shall be
charged against the village and paid for by
it in quarterly installrnents as the service ac-
crues out Of the current revenues of the
village collected or in the process of collection
and paid into the Electric Light PlanC and
System Revenue Fund referred to in Section
/ hereof So long as the payments Required
to be made into the Bond Fund by said Sec
ton are made and maintained in full as
the same are payable the requirement that
the village nav for electricity for public pur-