The journal. (Caldwell, Ohio) 1934-1961, 1949-10-20
ORDINANCE 1876

AN ORDINANCE PROVIDING FOR |
THE ISSUANCE OF S12500000 FIRST
MORTGAGE REVENUE BONDS OF
THE VILLAGE OF CALDWELL UN-
DER SECTION II. ARTICLE XVIII
OF THE CONSTITUTION OF THE
STATE OF OHIO FOR THE PURPOSE
OF IMPROVING THE MUNICIPAL
LIGHT PLANT AND SYSTEM BY
tNsTAhEAT5oN GENERATING EorpMENq OF ADRFT1eNAb
OTHER PLANT EXTENSIONS AND
THE ExEcUTIoNi OF A MoRTGAGE
OF SAID SYSTEM AND THE Ex-
TENSIONS AND IMPROVEMENTS
THERETO, AND THE REVENUES
TO DEFINE THE TERMS OF A
FRANCHISE UNDER WHICH, IN
CASE OF FORECLOSURE, THE PUR-
CHASER MAY OPERATE SAID UTIL-
ITY; TO PROVIDE IN EVENT OF
DEFAULT FOR THE APPOINTMENT
OF A RECEIVER TO ADMINISTER
AN EMERGENCY.
WHEREAS, the Village of Caldwell
now owns and operates public utll-
ity, to-Wit: an electric light plant and
system, the product and service OF
which are and are to be supplied to
the inhabitants within and without
the limits of the Village, but which
SySbtlli II tlldleliStdlt lOl tiiC PASSSiit
and future needs of said Village and
said inhabitants; and
WHEREAS, it is desired to make
| the improvements hereinafter men,
| toned without imposing any liability
upon the Village of Caldwell and to
| finance the same by the issuance of
| mortgage revenue bonds to be Sc
cured by pledge of the property
! and revenues of said electric plant
| and system, including a franchise to
| become effective in the event of
| foreclosure. in accordance with Article
| XVIII, Section IL of the Constitution
of Ohio,
NOW. THEREFORE, BE IT Or
DAINED by the Council of the Viii
| lage of Caldwell, Noble County, Ohio:
| Section l. That it is deemed nee
essary to issue ano sell S125, 100000 of
mortgage revenue bonds for the pur-
pose of improving the municipal light
! plant and system by installation of
| additional generating equipment and
other plant extensions and improve
ments; that said bonds shall be pay
able solely from the revenues and
property of said public utility and
Ishall be secured only but equally and
| ratably by mortgage constituting a
first lien upon said revenues and
property, including all additions and
improvements, replacements and al
terations at any time made in respect
thereto after provision only for the
reasonable operation and mainten-
ance expense thereof. and also by the
covenant of the Village to maintain
certain rates and collect certain
charges for the facilities and service
afforded by said utility and by the
franchise hereinafter provided for
under which. in case of foreclosure
of said mortgage. the purchaser may
operate said public utility; provided
however, that nothing in this ordi-
nance shall be construed as pledging
the general credit of the Village to
the payment of said bonds or any
part thereof or interest thereon.
| Section 2. Said bonds shall be dated
September l, 1949; shall be of the
denomination of 81, 900 90 each; shall
be numbered consecutively from one
1D to 125. inclusive, and shall bear
interest at the rates per annum OF
two and three-quarters per centum
(22i&c) on bonds numbered l to 9,
inclusive, and three per centum (3es)
on bonds numbered 10 to 125, in
elusive. payable semi-annually on the
Il first day of March and the first day
of September in each year. Said bonds
shall mature annually on September
lst in their consecutive numerical
order as follows:
Three Thousand Dollars ($3,000.00)
in each of the years 1852 through 1855
Four Thousand Dollars ($4000.00l in
each of the years 1856 through 1864,
, Five Thousand Dollars ($5,000.00) in
each of the years 1865 through 1871.
Six thousand Dollars ($6, 000.00l in
each of the years 1872 and 1878.
Seven Thousand Dollars (S7000,00)
in each of the years 1874 and 1875,
4 Eight Thousand Dollars ($8,000.0 .00)
in each of the years 1876 and 1877.
Said bonds shall be callable as q
whole or in part in inverse numerical
order. on September l. 1857, or on
any interest payment date thereafter
| at a redemption price $lOl5.00 pei
bond, plus accrued interest to date
of call. Any such call shall be by
resolution of Council and written no.
tice thereof shall be given to the
trustee of the mortgage hereinafter
: referred to as Trustee" and Mort
gage'O. and to the paving agent fol
said bonds, and published once g
= week for two consecutive weeks in {
, newspaper published and of general
circulation in Noble County and also
in financial journal of national cir
culation published in the CITY of New
, York, said resolution to be passed anc
such notices to be given and frs
published at least thirty (30) day:
prior to the date of redemption, upor
which date all interest upon the bond!
r so called shall cease.
I Section 2. Said bonds shall be des
isnated First Mortgage Electric Lish
Plant and System Revenue Bonds
! and shall be payable as to both prin
rioal and interest at the office of Th'
First National Bank of Caldwell
Caldwell. Ohio. Said bonds shall b'
] negotiable instruments and shall ex
press UPON their face the purpose foI
| which they are issued and that they
- io1a
Section ~, of the Constitution of tht
. State of Ohio, and this ordinance
They shall be signed by the Mayo
and Clerk and sealed with the cor
? porate seal of said Village. The in
terest upon said bonds shall be evi
denced bv coupons thereto attached
which shall bear the facsimile sigma
ture of the Clerk. Said bonds shall
be prepared issued and delivered un
der the direction of said Mayor ant
r Clerk.
Section q. It is hereby determined
that said bonds shall be sold and de
!, livered to Edward G.. TAYLOR & Co
| Inc. and Nelson. Browning Co,
both of Cincinnati, Ohio. in accord
l ance with the terms of their writer
r offer dated August 10. 1949, which
I offer is hereby accepted.
Section 5. The proceeds from tn,
r sale of said bonds, except premium
7 and accrued interest if any. shall b'
. placed in the treasury to the credi
? of the proper fund to be used onl,
| for the purpose of paying for th
aforesaid improvements and for whicl
said bonds are issued and all thing
, necessary and incidental thereto. ant
S for which purpose said proceeds ar,
hereby appropriated. The premium
and accrued interest. if anv, shall b,
deemed appropriated for the purpos'
of and shall be placed in a separat
| ELl,AA lAr. nAcA irrl-