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

Bonds are hereby awarded and sold
sweeney Cartwright Il Co. Column
bus Ohio; Fahey, Clark d Co,
Cleveland, Ohio; Prescott. Hawley
a. Sheppard, Cleveland, Ohio In
accordance with the terms of their
bid received at the public offering
of said bonds. which bid Is here.
by accepted and approved, and said
bonds shall be delivered by or un-
der the instructions of the village
Clerk upon payment or the puf
chase price payment in said pld
with accrued interest to date OF de-
livery.
Section 8. The proceeds from the
sale of the Improvement Bonds
shall be allocated and are hereby
appropriated to the following FUNDS
of the Utility, hereby established:
(a) the portion representing ac-
crued interest, to the Debt Service
Fund: (b) the portion, IL any. rep
resenting premium, to the Debt
Service Reserve Fund; (c) the sum
Of $4,000, to the Operating Reserve
Account hereby created to provide
adequate working capital funds for
the Utility: (d) the entire balance
of such proceeds, to the Constructs
ion Fund of which the sum of $780,
06G shall be forthwith delivered TO
the Mortgage trustee for ac-
quisition OF the Utility and disposed
of in accordance with the provisions
of separate ordinance or resols
ution of Council setting forth the
manner of concentrating such ac-
QUESTION.
Moneys from time to time in the
Construction Fund shall be main
tanned in a deposit account fully
secured by direct obligations of the
| United States, and until required
Tor the purposes herein provid ed,
may be invested in direct obli-
cations of the United States matur-
| ing in not more than three years
from date of purchase. Said Fund
shaIl be used only for the purpose
OF paying the costs of acquiring
t the Utility and thereupon con-
structing the Project and all things
necessary and incidental thereto
including all fees, charges and costs
incurred In connection with the is
suance, sale and delivery of the
Improvement Bonds, the perform
ance of the Utility acquisition con-
tract. and the liquidation and dis
solution of the existing private
corporation in which ownership of
SAID Utility is now vested. ANY
moneys remaining in said Con-
struetion Fund after completion
\ or the Project shall be transferred
10 the Debt Service Reserve Fund
Section 4. The Village shall have
the right from time TO time to issue
Additional Bonds for the purpose
only of making replacements, ex-
| tensions and improvements to said
| Utility, which shall be payable from
the Debt Service Fund and Debt
Service Reserve Fund and be sec
ured by a lien upon the properties
and revenues of the Utility on a
parity with the Improvement Bonds
provided that when any such Ad-
| ditional Bonds are sold
/ (A) The Village shall not be in
default in the performance of any
OF It's covenants provided in this
/ ordinance or I'm the Mortgage or
any supplement thereto, and that
lB9 The revenues of the Utility
| during tn. four calendar quarters
immediately preceding such date
OF sale, after providing for the
reasonable operating and main
tenance expenses Of the Utility
incurred during such period
We're at least equal to 1862 of
the maximum amount required to
be paid into the Debt Service
Fund in any subsequent calendar
| year to pay the interest on and
urities all Bonds to be outstand
ing after the issuance of such
Additional Bonds and that
Co The Village shall have fur
nished to the Mortgage trustee q
certificate of an independent en-
gineer satisfactory to the trustee
showing that the replacements.
financed by such Additional
| Bonds are reasonably necessary
for the proper. and economical
\ operation of the 'Utility or for
/ meeting existing or prospective
demands for its iservices, or
both. ands that after completion
thereof the revenues rof the Util-
! ity. after provision for the reas-
enable expensesf OF operating and
maintaining the Utility as SO
extended or improved, will not
be materially reduced below the
revenues disclosed pursuant to
paragraph OBJ hereof after the
expenses therein specified.
/, Additional Bonds shall not be
| redeemable earlier that the redemp-
tion dates of Bonds outstanding on
the date Of sale OF such Additional
! Bonds. The proceeds OF any sale OF
Additional Bonds representing pre-
/ MUM and accrued interest shall be
allocated in the same manner a.
provided in Section hereof with
respect to the Improvement Bonds
the balance of such proceeds to bt
deposited in a Construction funC
for use in constructing the i'm.
proyements for which such Ad-
ditional Bonds are issued.
Section 5. The Bonds shall bt
designated "Waterworks First
Mortgage Revenue Bonds" the Ad-
ditional Bonds to bear such added
designation as may be necessary tt
distinguish them from the Improve
ment Bonds or from other Ad
ditional Bonds having different
provisions; shall be payable II
lawful money of the United states
shall be in coupon form but regist
erable as to principal only; snail y, y
aotiahle instruments, and sHai