Madison County Democrat. (London, Ohio) 19??-1958, 1950-08-04

outstanding stock and bonds oi
The London Water Works Com
pany, which agreement Is dated May
Is, 1850 and has been executed on
behalf of the Village by authority
of Ordinance No. $40. and
Whereas, in order to effectuate
simultaneously, as required, the
! bonds and the aforesaid Agreement
of purchase of securities dated May
Is, 1850, it is deemed necessary and
advisable to direct and authorize
az hereinafter set forth the actions
to be performed by appropriate Of
NOW, THEREFORE,, BE IT Or
DAINED by Council of the Village
of London, Ohio:
Section /. That Closing Date
! shall be fixed by agreement be-
tween the Seller" ESQ designated
in the Agreement of May Is. 1850,
the purchasers of the Improvement
Bonds" ESQ designated in the bond
ordinance above referred to) ana
the Mayor and Clerk of the Village,
on which Closing Date and at or
all actions required for the ac-
quisition of the aforesaid securities
of The London Water Works Com
pany by the Village, delivery Of The
! Improvement Bonds" payment for
/! said Improvement Bonds" and
| creation of the requisite record lien
of the Mortgage lndenture being
given to secure said bonds may be
simultaneously accomplished.
Date the Village Clerk shall pre-
pare a complete bond transcript
to the satisfaction of Bond Counsel
and deliver the same to the trustee
| under the Improvement Bond In
denture; all said Improvement
Bonds shall be signed by the Mayor
and Clerk, sealed with the corporate
seal and delivered, with appropri-
ate litigation and signature certifi-
cate and instructions, to said trust
ees; five counterparts Of such
Mortgage Indenture, approved by
Counsel for the Village, shall be
executed on behalf of the Village
and delivered to said trustee; and
the Mayor and or Clerk shall eX-
ecute such orders and instructions
as may be required by said Mort
gage lndenture. directed to said
trustee, respecting the completion
of the execution of said IndentureS,
the Authorization and delivery of
the bonds by the trustee and the
collection and disposition of the
/ proceeds of the bonds.
Section 3. On the Closing Date
and simultaneously with the re-
ceipt of payment for the Improve
! ment Bonds, the Village Clerk shall
| cause the sum of 100000 out of
such bond proceeds to be paid in
the manner specified in the Agree
ment of purchase and sale dated
May Is, 1850, upon simultaneous re-
ceipt by him of the following items
(a) Opinion of Counsel for the
Village that based upon the cor
/ porate records of The London
Water Works Company and on
other evidence deemed by him
sufficient, said The London Water
| Works Company is then in eX-
istence and good standing; that
all taxes heretofore accrued
against said company and then
due have been paid: that said
| company has been outstanding &
| only such shares of stock, bonds
and notes as are specified in the
/ Agreement dated May 1S, 1850;
| and that said company then has
no material contracts not made
/ in the usual and ordinary course
/ of it's business and is not then
party to any pending litigation.
(b) Certificate of title prepared
by Counsel for the Village or
other counsel satisfactory to Bond
Consel, in form and substance
satisfactory to said Bond Counsel,
certifying that the title of The
London Water Works Company
on the Closing Date to the real
estate and other assets shown in
the balance sheet attached to
said Agreement dated May Is, 1850
is good and marketable and free
of liens and encumbrances ex-
copt for the lien of the. com
panys first and refunding mort
gage, the lien of taxes not over
due and minor imperfections Of
title or encumbrances which are
/ insubstantial in amount, do not
materially affect the use of such