Madison County Democrat. (London, Ohio) 19??-1958, 1950-07-28


default in the performance of any
of it's covenants provided in this
ordinance or in the Mortgage, or
any supplement thereto. and that
(B) The revenues of the Utility
during the 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,
were at least equal to 1859 of
the maximum amount required to
be paid into the Debt Service
Fund in any subsequent calendar
year to pay the interest on and
to retire at their respective mat
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
certificate of an independent en-
gineer satisfactory to the trustee
showing that the replacements,
extensions or improvements to be
financed by such Additional
Bonds are reasonably necessary
for the proper and economical
operation of the Utility or for
demands for it's services, or
both, and that after completion
thereof the revenues of the util-
ity, after provision for the reas-
enable expenses of operating and
maintaining the Utility as SO
extended or improved, will not
be materially reduced below the
revenues disclosed pursuant to
paragraph (B) 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 Addition al
Bonds. The proceeds Of any sale of
Bonds representing pre-
mium and accrued interest shall be
in the same manner as
provided in Section hereof with
respect to the Improvement Bonds,
the balance of such proceeds to be
in Construction fund
for use In constructing the i'm
provements for which such Ad-
ditional Bonds are issued.
Section 5. The Bonds shall be
designated "Waterworks First
Mortgage Revenue Bonds,," the Ad-
ditional Bonds to bear such added
designation as may be necessary to
distinguish them from the Improve
ment Bonds or from other Ad-
ditional Bonds having different
provisions; shall be payable in
lawful money of the United States;
shall be in coupon form but regist-
cradle as to principal only: shall be
negotiable Instruments, and shall
express upon their face the purpose
for which they are issued and that
they are issued pursuant to Article
XVIII, Section II. of the Constitu-
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-
Tying by number the Bonds to be
called, to be published on behalf oi
the Village by the Mortgage trustee
once week for three consecutive
weeks in q financial journal pub
lished in the Borough of Manhat-
tan, City of New York and of ma
tional circulation, the first publi-
cation to be not more than forty
(40) nor less than thirty 500 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
from the revenues and properties ot
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 upor
said revenues and properties, after
provisions only for the reasonable
operation and maintenance expens,
of the Utility; and by the franchise
hereinafter provided for under
which, in case of foreclosure of tn,
Mortgage, the purchaser may op
crate the Utility: provided, however
that nothing in this ordinance shall
be construed as pledging the gen
eral credit Of the Village to tn,
payment of said bonds or any par
thereof or interest thereon
Section s. So long as any Bond
secured by the Mortgage remain
outstanding, all revenues from tn,
operation of the Utility, as nov
constituted or hereafter improve,
or extended, together with ali sucl
revenues on hand when the I'm
provement Bonds are delivered an,
the moneys in the Operating Re
serve Account. shall be deposite,
as received into a fund designate,
"Waterworks Revenue Fund" to b.
maintained. in the name Of tn
Village, in a bank deposit separat
and distinct from all other fund
of the Village. Out of said Fun,
the following payments only shall
to wit:
First. All reasonable an,
proper expenses of operating an,
maintaining the Utility and al
its appurtenances, such expense
to exclude those of any othe
utility Of the Village whethe
or not such other utility shall
be operated as a single unit wit
the Utility: and also the mainten
ance of the Operating Reserv
Account balance in an amount q
least equal to $4,000.
Second. On the twentieth da
of each month, into the Debt Ser
vice Fund: G) beginning wit
the month Immediately fol
lowing that in which any I'm
provement Bonds are delivered
the equal monthly sum necessar
to provide for payment of tn
interest due on the next ensuing
interest payment date upon al
Bonds outstanding; and CD be
ginning on January 20, 1851, tn
equal monthly sum necessary t
provide for payment of the mex
ensuing principal maturity of al
Bonds outstanding and, il any @
such Bonds shall be term Bond.
| to provide the amount annual
necessary to retire (by call o
otherwise) at or before the ma
| turity thereof all term Bonds.
Third. On the twentieth da
of each month, into the Debt Ser
vice Reserve Fund sum at leas
! equal to $50 of the amount pay
able on such date into the Del
Service Fund as required
paragraph Second, whic
sums shall be paid in for so Ions
and resumed as often, as may b
necessary to create and thereafte
maintain a balance in said Fun
at least equal. on December cot
OF each year, to the aggregat
amount of payments required b
| the foregoing paragraph Secon
to be made into the Debt Servic
Fund during the ensuing caler