Madison County Democrat. (London, Ohio) 19??-1958, 1950-07-21

covenants with the holders sof the
Bonds that Ii will at all times pre-
scribe and charge such rates for
the products sold and services rem
dered by the Utility to the
users thereof, and Will so restrict
the expenditures for the operation
and maintenance. of said Utility,
as shsll result in Utility revenues
at least adequate, after melting the
reasonable costs of operating and
maintaining the Utility and the
maintenance of the Operating Re-
serve Account as provided in Para
graph First of Section 9. to pro-
vide for the payments speclfled by
the provisions of paragraphs Sec
ond TO Fifth of Section 6 hereof.
Section g. In order to secure the
payment OF the principal Of and in
terest on the Bonds as the same
| shall become due and payable, the
Mayor, Clerk, and President and
Clerk of the Board of Trustees of
Public Affairs, are hereby author
lied and directed in the name
of and on behalf of the Village to
make execute, acknowledge and de-
liver to The Ohio National Bank
of Columbus, Columbus. Ohio. to be
designated as Trustee. or to-. its
successor or successors, in trust
holders of such Bonds. a, good and
sufficient first mortgage deed upon
all the properties and assets of said
Utility now owned or hereafter ac-
quired by the Village during the
time any of said Bonds shall re-
main outstanding and unpaid. in
such form and containing such
terms, covenants and conditions
not inconsistent with this ordi-
nance as shall be approved by the
original purchasers of the I'm
provement Bonds and by Counsel
for the Village.
Provision shall be made therein
that in case the Village shall de-
fault for more than 60 days i'm the
payment of any Bonds or the in
terest thereon or for more than 80
days in performing any of the COW
enants or requirements of said
Mortgage or OF this ordinance, the
Mortgage trustee may elect to. and
upon request of the owners or
holders of 25 per cent in amount
of the outstanding Bonds shall. de-
clare the entire amount of out
standing Bonds due and payable
and proceed to foreclose said Mort
gage; but such provision shall be
subject to the condition that If at
any time after the principal of said
bonds shall have been 80 declared
due and payable, and before there
shall have been any sale of the
properties mortgaged hereunder
all sums payable under said mort
gage, except the principal of bonds
thereby secured which have not
reached their maturity dates, shall
have been duly paid and all ex-
listing defaults shall have been made
good, then and in every such case
such payment shall constitute q
waiver of such default and its con-
sequences: but no such waiver
shall extend to or affect any sub
sequent default nor impair. any
rights consequent thereon.
Said Mortgage shall contain the
usual covenants and provisions as
to foreclosure and sale and as tc
other remedies of the Mortgage
trustee and bondholders. and shall
provide for the appointment of 1
receiver with powers customary In
general equity cases and as pro.
vided by Section 3619-1 of the Gen
eral Code of Ohio to operate tn,
Utility and to apply the revenue.
thereof to the payment of tn.
Bonds and interest thereon, in &C
cordance with this ordinance anc
the provisions of the Mortgage ii
event of litigation involving tn,
operation or administration Of tn,
Utility by the Village or defaul
by the Village in performance o
the terms and conditions of this or
dinance or of the Mortgage.
Section 10. The Mortgage shal
provide by covenant that the Vii
lage-
(a) will furnish to the Mortgag
Il trustee and to the original pur
.chasers of the. Bonds semi an
nual reports of the operation an
4income of the Utility and ais
from. time to time such other re
ports. audits. statements and in
formation. including annually
~ balance sheet, statement of sur
! plusf and income account, in sue
form and detail. as may be re
i quested by either of them.
lbDs will permit the authorize