The journal. (Caldwell, Ohio) 1934-1961, 1949-10-20
thereof all term bonds. If any,
secured hY the MnrfpaPe.

pOS1IS 10 De IIlddG III
year under subparagraphs ~, (2)
and (3) of this paragraph, to be
continued until there is created
and thereafter maintained a debt
reserve in said Debt Service Fund
equivalent in amount to double the
maximum annual debt charges for
interest and principal or term
bond amortization which will ac-
crue on all bonds secured by the
Mortgage and from time to time
outstanding Moneys in such re-
serve account at any time in eX-
cess of the foregoing requirement
may be used for retirement of such
bonds.
The Debt Service Fund shall be |
maintained in the custody of the |
Village Treasurer, as officer in charge |
of its bond retirement fund, and shall |
be used solely for the payment or re- |
demption of the principal and interest |
of bonds secured by said Mortgage. |
Moneys in said Fund, until required
for such purpose may be invested in
direct obligations of the United States
of America maturing in not more than
five (5) years from date of purchase.
Payments out of the Revenue Fund
into the aforementioned funds shall
be made in the order hereinbefore set
forth. Should the revenues in any
year be insufficient to meet all the
requirements of the Debt Service
Fund, or should the debt reserve
heretofore created be impaired for
any reason, the amount of such de-
ficiency or impairment shall be made
up from the first available revenue
in the succeeding year or years. such
requirement to be in addition to TIE
regular requirements of paragraph
(B) hereof.
Any balance remaining in the Rev.
Il, - Of nrNN
after making all the payments re-
quired by paragraphs tA) and (B)
of this Section 6. may be used for
any lawful purpose of said utility, IN
Guiding the retirement by call and re-
demption or $50 far as may be law
full the purchase for retirement OF
bonds secured by the Mortgage.
Section 7. The City hereby coven-
ants, and the Mortgage shall so pro-
vide, that it will at all times prescribe
and charge such rates for the services
rendered by such utility to the users
thereof, and shall SO restrict the eX-
penditures for the operation of said
utility, as shall result in utility rev.
enues adequate to cover the payments
specified by the provisions of Section
6 hereof, and the full faith, but not
! the credit of the Village of Caldwell
| is hereby pledged to the fulfillment
of such obligation; and further, that
no free service shall be rendered by
! the utility to the Village or to any
other user thereof, provided that so
| long as no default shall have occurred
! in the obligations imposed by said
| Section 6, the Village shall not be
| obligated to pay for any street light
| ing services furnished to the Village
by the utility.
Section 8. The bonds herein author
| lied shall have a lien upon all rev.
fxT nf nj
| prior and paramount to that of any
bonds subsequently issued or claims
subsequently incurred and payable
from said revenues; provided, how
| ever, that the Village may from time
| to time issue additional bonds for the
| purpose of making or acquiring add1-
| tions, extensions and improvements to
| said utility which shall be payable
/ from the Debt Service Fund and be
| secured by a lien upon the property
| and revenues of the utility on par
| ity with the bonds authorized to be
| issued by this ordinance, provided
| that
(A) No default in the payments to
be made by the Village under para
| graph OBJ of Section hereof shall
| then exist and
| (B) The average annual net rev.
enues of the utility, after paying the
| expenses of operation and mainten-
aimee thereof. in and for the three
! calendar years Immediately preced-
| ing the year in which such proposed
| additional bonds are to be issued, or
| the actual net earnings after expenses
| as aforesaid for the last of said years
! if lower than the aforesaid average,
| shall have been at least equal to One
Hundred and Fifty Per Cent Q5O%ol
of the maximum annual combined
debt charge for interest and principal
Il
| term bonds, the amount annually re-
ouired to amortize the principal
I thereof over the life of such bOnds)
to accrue in any year upon all bonds
| then outstanding payable from the
| Debt Service Fund and upon the ad-
ditional bonds proposed to be issued.
Section g. 1t is hereby covenanted
| and agreed bv the Village with the
holder or holders of the bonds here
| in 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 punc-
tually perform all duties with retero o
| ence to said utility required by the
Constitution and statutes of the State
of Ohio, by this ordinance and by the
Mortgage, all and each of which du-
ties are hereby defined and estab-
lished to be duties specially enJo1ned
by law resulting from an office. trust
and station within the meaning OF
| Section 1928 of the General Code of
Ohio.
Section 10 The Village hereby COW
enants, and the Mortgage shall so pro-
vide, that until the bonds herein
authorized shall have been fully paid
the Village shall maintain the utility
and all parts thereof in constant good
order and repair; shall maintain in
/ of such KINDS
and amounts as would normally be
carried by private companies engaged
in a similar type of business, shall
furnish to the original purchaser OF
said bonds and to the Trustee full ano
satisfactory reports, audlts. statements
and other information from time tc
time in such form and detail as may
be requested by either of them; ano
shall provide for permitting the au-
| thoriZed representative of any hold-
ers of twenty-five per centum l25fol
of the amount of said bonds at the
time outstanding to inspect the utillty
and all records accounts and data Oh
the utility at all reasonable times.
| Section IL In order to secure the
| payment of the principal of and in
terest on the bonds herein authorized
and of anv additional bonds here
after issued on parity thereWltn III
| accordance with Section hereof, as
the same shall become due and pay
able. the Mayor, Clerk. and President
and Clerk of the Board of Trustees OF
Public Affairs of the Village are here
by authorized and directed in the
name of and on behalf of the Village
of Caldwell to make. execute, acknow,
ledge and deliver to The Cleveland
Trust Company Cleveland, Ohio, as
Trustee under the Mortgage, or to its
successor or successors in trust tol
the purchasers and subsequent hold
ers of such bonds, a good and suffi,