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

amount which normally would be carried by
private companies engaged in a similar type
of business and shall furnish to the purchaser
of said bonds or tq The trustee under said
mortgage full and satisfactory reports, audits,
| statements. and other information from time
to time in such form and detail as may be
| requested by either pf them. and shall permit
any authorized representative of the purchaser
or purchasers of tep (l0fc) per cent in ag-
gregate principal amount of the bonds nc the
time outstanding or any holder of ten U0PcD
per cent of said AMOUNT of outstanding bonds.
to inspect the light system and all records.
accounts and data oT the system at all reason
able times.
SECTION IL. In order to secure the pay
ment of the principal of and the interest on
said bonds as the same shall become due and
payable. the Mayof and Village Clerk being
the fiscal officers of the village, and the
President and Clerk of the Board of Trust
ees of Public Affairs of the village, are
hereby authorized and directed in the name
of and on behalf of the village. TO make.
execute acknowledge and deliver to The
National Bank Of Lima, Ohio. in trust for
the purchaser or purchasers of said bonds.
good and sutficieht supplemental mortgage
to the first mortgage deed now of record upon
all of the light plant and system property
owned by the village thereafter acquired
together with all extensions. betterments and
additions to said utility made during the time
any of said bonds shall remain outstanding
and unpaid, constituting the electric light
plant and system of the village. Said mort
terms. covenants ADD conditions not inconsst-
ent with this ordinance as shall be approved
by the purchaser Of said bonds and the So
licitor of the village, and shall secure the
| bonds herein authCTiZed in the same manner
and on a parity With the outstanding bonds
| of said issue of Sl25, 10000. dated August /,
| 1916. Said supplemental mortgage shall con-
| tain a condition that in case the village shall
make default in the payment Of any Of said
4 bonds herein authufiZad or the interest there
| on or of any of the terms Of said mortgage
| or this ordinance, the owners or holders of
not less than 50Sd in amount of said bonds
remaining unpaid or the trustee for said
| bondholders, on its own initiative, may elect
| to declare the enrre amount of said bonds
due and payable and that, upon defauic in
the payment thereof, said mortgage may be
SECTION 12. IN the event of the fore
! closure of said mortgage from the Village
| of Bluffton to The National Bank of Lima,
/ Ohio. and /or the supplemental mortgage here
| in authorized and provided for, the purchaser
or purchasers at the foreclosure sale shall
be entitled to operate said electric light plant
and system as improved or extended under
| the terms of the franchise ordained and
established by Sec4ion IL of said Ordinance
| No. / passed on September %, l946.
| SECTION 13. Should ii be judicially
| determined by cpurt having jurisdiction to
pass upon the validity of this ordinance or
| the mortgage or bonds herein authorized, that
any provision of the ordinance is beyond the
| powers of this council said village or Is
| otherwise invalid, then such decision shall
| in no wav affect 1.-The validity of said mort
! yapa or the validity OF said bonds. or any
! proceedings related thereto. except as to the
particular matters found by such decision to
| be invalid.
| SECTION Ii. This ordinance is declared
7 to be an emergencu measure for the immediate
! preservation of the public reace. health and
I safety of the viilake for the reason that the
! bonds herein provided must be issuad and
! sold Immediately in order that the village
! may proceed without delay with the aforesaid