Madison County Democrat. (London, Ohio) 19??-1958, 1950-07-21
ORDINANCE NO GAO

Providing for the issuance Of
! 100000 First Mortgage Revenue
Bonds of the Village OF London
under Section II, Article XVIII
of the Constitution OF the State
of Ohio for the purpose of acquir-
ting and thereupon improving and
extending the existing water
works system: to authorize the
the execution of mortgage of
said system and the extensions
and improvements thereto, and
the revenues thereof. to secure
said bonds; to define the terms
OF franchise under which, in
case of foreclosure, the purchaser
may operate said waterworks
utility; to provide in event OF de-
fault for the appointment Of a
receiver to administer said
! system; and to declare an en-
ergency.
J. WHEREAS. by Ordinance No. 91O
] OF Council. which ordinance was
referred TO and approved by the
electors of the Village, Council has
determined to acquire and operate
! as "a municipal utility the existing
privately owned waterWorks plant
and system Hereinafter referred to
ss the 'Utility"t in said. Village and
mas. caused to be executed con-
tract for, such acquisition; and
!. WHEREAS. based upon reports
OF an Independent engineer. Council
has determined it to be necessary
TO Undertake. Immediately upon
Acquisition OF such Utility. the
Improvement thereof by construt-
ION OF a water softening plant
provtsiAn OF an additional well and
pump and installation OF meters
FOR all existing unmetered services
gil in accordance with said reports
hereinafter generally referred to as
come the existing inadeauacy OF
water supply to the users of said
Utility; and
WHEREAS. it is desired to fin
ance such acquisition and the i'm
pfovements aforesaid and expendi-
lures incident thereto without i'm
posing any liability upon the Vii
fage of London by the issuance and
sale OF mortgage revenue bonds. in
accordance with Article XVIII, Sec
tion II of the Constitution Of Ohio
which bonds hereinafter called
Improvement Bonds") together
with any additional bonds subse.
quently issued on a parity there
with hereinafter called additional
Bonds the Improvement Bonds
and Additional Bonds being here.
matter collectively referred to a.
the Bonds') are to be secured by
the Mortgage hereinafter provided
Tor hereinafter referred to as the
rMortgage"l upon the properties
and revenues of the Utility and by
franchise to become effective in
the event Of foreclosure of tn.
NOW. THEREFORE,, BE 1T OR
DAINED BY THE COUNCIL OF
THE VILLAGE OF LONDON, MAD.
ISON COUNTY. OHIO:
Section /. That 1t is deemed i'm
mediately necessary To issue anc
sell 100000 Of Improvement Bond.
for the purpose of acquiring anc
thereupon improving and extend
ing the existing waterworks system
i'm said Village by construction o1
the Project hereinabove described.
The Improvement Bonds shall be
dated August l. 1850; shall be Of
the denomination OF one Thousand
dollars t$1, ,000.00) each; shall bt
Numbered from l to 400: and shal
bear interest payable semi-annuaily
On June 1st and December 1st o.
each year. beginning June i, 1861
until the principal sum liz paid
At the following rates:
Bonds Nos. LAT maturing 1851
1854 inclusive-2h 20
4. Bonds Nos. 48-228 maturing 1856
1866 inclusive-2A %.
Bonds Nos. 229-40G maturing
1966/1973 inclusive-2h 9g
Said Improvement Bonds shall
mature annually on December Is
in their consecutive numerical ordel