The journal. (Caldwell, Ohio) 1934-1961, 1949-10-13
thereof all term bonds. if any
secured by the Mortgage,


year under subparagraphs III, ~
and CD 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 the
regular requirements of paragraph
OBJ hereof.
enue Fund at the end of any year,
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 eE-
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
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 g. The bonds herein author
lied shall have a lien upon all rev.
enues and property of said utility
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 addi-
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
OBJ 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 wear in which such proposed
additional bonds are to he 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%Sl
of the maximum annual combined
debt charge for interest and principal
rnaturities (using with respect to
term bonds. the amount annually re-
ouired to amortiZe the principal
thereof over the life of such bondsl
to accrue in any year uoon all bonds
then outstanding payable from the
Debt Service Fund and upon the ad-
ditional bonds proposed to be issued.
Section .. 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 pune
tually perform all duties with refer
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-
Iished to be duties specially enjoined
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
surance upon the same 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 fun and
satisfactory reports, audits, statements
and other information from time to
time in such form and detail as NAV
be requested bv either of them; and
shall provide for permitting the gu
thorized representative of any hold
ers of twenty-five per centum 1851
of the amount of said bonds at the
time outstanding to inspect the utility
and all records. accounts and data OF
the utility at all reasonable times.
Section II 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 herewith in
accordance with Section 8 hereof, as
the same shall become du" and pay
able, the Mayor, Clerk. and President
aud 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 for
the purchasers and subsequent hold
ers of such bonds. a good and suffi-
ciant first MORTGAGE deed upOn all