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

for which they are issued and that
they are issued pursuant to Article
XVIIl. Section IL, OF the Gonstitu-
tion Of the State Of Ohio. The Bonds
shall be signed by the Mayor and
Clerk and sealed with the corporate
seal of the Village, and the in
terest coupons thereto attached
shall bear the facsimile signature
of the Clerk.
Any right Of redemption of Bonds
shall be exercised by notice, speci-
flying by number the Bonds to be
called, to be published on behalf of
the Village ty the Mortgage trustee
once a week for three consecutive
weeks in a financial journal pub
lished In the Borough of Manhat-
tan. City Of Kew York and OF ma
tional circulation, the first publi-
cation to be not more than forty
t40) nor less than thirty 600 days
prior to the date of redemption, up
on which date (unless defaut shall
be made. upon presentation. in the
payment Of the redemption price,
all interest upon the Bonds so call
ed shall cease.
@The Bonds shall be payable solely
fromtthe revenues and properties of
the Utility and shall be secured
only, but equally and ratably with
out priority Of one over another by
reason, OF number or of date of
bond, sale, execution or delivery,
by the Mortgage hereinafter pro-
vided for) constituting in lien upon
said revenues and properties, after
provisions only for the reasonable
| operation and maintenance expense
| of the Utility; and by the franchise
hereinafter provided for under
| which, in case of foreclosure of the
| Mortgage. the purchaser may op-
ferate the Utility; provided, however.
that nothing in this ordinance shall
be- construed as pledging the gen.
erai credit OF the Village to the
| payment Of said bonds or any part
| thereof or interest thereon.
Section s. So long as any Bonds
secured by the Mortgage remain
outstanding, all revenues from the
1 operation of the Utility, as now
constituted or hereafter improved
or extended. together with all such
| revenues on hand when the I'm
provement Bonds are delivered and
the moneys in the Operating Re-
| serve Account, shall be deposited
| as received into fund designated
"Waterworks Revenue Fund" to be
maintained, in the name of the
/ Village. in a bank deposit separate
and distinct from all other funds
| of the Village. Out Of said Fund
the following payments only shall
| be made and in the following order
! to wit:
/ First. All reasonaDIe and
proper expenses of operating and
| maintaining the Utility and all
| its appurtenances. such expenses
to exclude those of any other
utility of the Village whether
or not such other utility shall
! be operated as single unit with
| the Utility; and also the mainten-
ance of the Operating Reserve
| Account balance in an amount a,
least equal to $4,000
Second. On the twentieth day
4 of each month. into the Debt Ser
vice Fund: ID beginning with
! the month Immediately fol-
lowing that in which any I'm
provement Bonds are delivered
the equal monthly sum necessary
to provide for payment Of the
interest due on the next ensuing
interest payment date upon al
Bonds outstanding; and (2) be.
ginning on January 90, 1851, the
equal monthly sum necessary to
provide for payment of the mex,
ensuing principal maturity of al
Bonds outstanding and, if any OF
i such Bonds shall be term Bonds
TO provide the amount annually
necessary to retire lby call OF
i othefwise) at or before the ma
turity thereof all term Bonds
Third. On the twentieth day
OF each month, into the Debt Ser.
vice Reserve Fund sum at leasi
equal to 25Go Of the amount pay.
able on such date into the Deb
| Service Fund az required bN
paragraph S e CO nd which
sums shall be paid In for so long
and resumed as often. as may b,
necessary to create and thereaftel
maintain balance in said Funs
at least equal. on December 20ti
of each year, to the aggregat,
amount of payments required b,
| the foregoing paragraph Secont
to be made into the Debt Servic,
Fund during the ensuing calen
dar year with respect to all Bondi
then outstanding. Moneys In tn,
Debt Service Reserve Fund OF
any such December goth in ex,
cess of the foregoing require
ment may be transferred to tn
Replacement Fund
Fourth. On the twentieth day
OF each month, such sum in ad
dition to any Of the foregoin,
allocations as may be necessar,
and available. after meeting tn,
paragraphs Second and Third, in
elusive. to make up any previous
deficiency in any such Quarterl,
ALLEGATION.
Fifth. On the twentieth da,
Oh each month. into the Replace
ment Fund sum at least equa
to 25& OF the amount payable oi
such date into the Debt Servic
Fund as required by paragraph
Second, less the sum- IL any, re
CURED by paragraph Third I,
be paid on such date into the Deb
Service Reserve Fund: provide,
that whenever and for so lon,
as the moneys on hand in sal
Replacement Fund shall be no
less than $4,000. the payment
required by this paragraph Fiftl
may be suspended.
Sixth. Annually on Januar,
fifteenth, the revenues remainin
in the Waterworks Revenue Fun
at the end Of the preceding cal
endar year after reserving there
in an amount sufficient to pro
vide necessary accruals agains
the current requirements of para
graphs Second to Fifth, inclusive
shall be transferred and deposite,
as follows: first, an amount u
TO not less than one-half there
of shall be deposited (a) in tn
III Debt Service Reserve Fund to tn
extent necessary to establish @
II re-establish the balance require
by paragraph Third to be main
tanned therein. and then (b) i
III the Replacement Fund to the ex
tent necessary to establish O
re-establish a balance therein O
$4,000; and second, any remain
der of such revenues may b
transferred to q fund designate
Surplus Fund"
Section 7. The Debt Servic
Fund and Debt Service Reserv
Fund shall be maintained in tn
custody of the Mortgage trustee
and shall be used solely for tn
payment of the principal and In
terest' OF the Bonds. Until require
for such purpose. moneys In tn
Debt Service Reserve Fund ma
be invested in direct obligations O