The journal. (Caldwell, Ohio) 1934-1961, 1949-10-13
ORDINANCE 1875

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MORTGAGE REVENUE BONDS OF
The VILLAGE OF CALDWELL UN-
DER SECTION H. ARTICLE XVIII
OF THE CONSTITUTION OF THE
STATE OF OHIO FOR THE PURPOSE
OF IMPROVING THE MUNICIPAL
hlSHT 1IST1 Plant 7 L1HI, AND SYSTEM BY
GENERATING EQUIPMENT AND
OTHER PLANT EXTENSIONS AND
THE ExEcUT1oN; OF A MoRTGAGE
OF SAID SYSTEM AND THE Ex-
TENSIONS AND IMPROVEMENTS
THEREoP EFEoP o osP SECURE RE sAIp h5YsS9aS noNps
Franchise UNDER Wi WHICH. IN N
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
SAID SYSTEM; AND TO DECLARE
AN EMERGENCY.
WHEREAS, the Village of Caldwell
now owns and operates public util-
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
system is inadequate for the present
said inhabitants; and
WHEREAS, it is desired to make
the Improvements hereinafter mem
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 a 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, THEREF ORE, BE 1T Or
DAINED by the Council of the Viii
| lage of Caldwell, Noble County, Ohio:
Section /. That it is deemed nee
| essary to issue ano sell SIPS, 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
| shall be secured only but equally and
ratably by a mortgage constituting
| 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, 1919; shall be of the
denomination of 81 10000 each; shall
| be numbered consecutively from one
| % to 125, inclusive, and shall bear
| interest at the rates per annum of
| two and three-quarters per centum
| (23lR6) on bonds numbered l to g.
| inclusive and three per centum (3CI)
on bonds numbered 10 to 125 in
| elusive. payable semi-annually on the
| first day of March and the first day
| of September in each year. Said bonds
4 shall mature annually on September
\ 1st in their consecutive numerical
order as follows:
| Three Thousand Dollars (S3 900 00)
l in each of the years 1852 through 1855.
II i
| each of the years 1856 through 1864,
| Five Thousand Dollars ($5,000.00) in
| each of the years 1865 through 1871.
4 Six thousand Dollars (S6, 900 00) in
leach of the years 1912 and 1878
Seven Thousand Dollars ($700000)
= in each of the years 1874 and 1875,
Eight Thousand Dollars tS8 000.00
sin each of the years 1876 and 1877.
Said bonds shall be callable as a
{ whole or in part in inverse numerical
| order, on September /, 1857. or on
| any interest payment date thereafter.
| at a redemption price S1,015.00 per
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
provided for hereinafter respectively
referred to as Trustee" and Mort
gage"D, and to the paving agent for
said bonds. and published once a
week for two consecutive weeks in a
| newspaper published and of general
| circulation in Noble County and also
| in a financial journal of national cir
culation, published in the Citv of Now
! York, said resolution to be passed and
| such notices to be given and first
published at least thirty 800 days
prior to the date of redemption, upon
| which date all interest upon the bonds
| so called shall cease.
Section 8 Said bonds shall be des-
ignated First Mortgage Electric Light
Plant and System Revenue Bonds"
and shall be payable as to both prin-
"ioal and interest at the office of The
| First National Bank of Caldwell,
| Caldwell, Ohio. Said bonds shall be
| negotiable instruments and shall ex-
press uDon their face the purpose for
which thew are issued and that they
| are issued pursuant to Article XVIII,
Section II, of the Constitution of the
| State of Ohio, and this ordinance.
| They shall be signed by the Mayor
| and Clerk and sealed with the cor
| oorate seal of said Village. The in
| terest Gpon said bonds shall be evil
| 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 and
| Clerk
Section 4. IT is hereby determined
that said bonds shall be sold and de-
| iVered to Edward G.. Taylor & Co.,
INC. and Nelson. Browning & Co,
both of Cincinnati. Ohio. in accord
| ance with the terms of their Writton
| offer dated August 10, 1949 which
| offer is hereby accepted.
Section 5 The proceeds from the
| sale of said bonds except premium
! and accrued interest, if any. shall be
placed in the treasury to the credit
| 0f the proper fund to be used only
| for the purpose of paying for the
| aforesaid improvements and for which
| said bonds are issued and all things
| necessary and incidental thereto, and
| Tor which purpose said proceeds are
| hereby appropriated The premium
| and accrued interest. if anv, shall be
| deemed appropriated for the purpose
| If and shall be placed in a separate
| fund designated the Electric Lieht