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

Principal and interest thereon
shall be payable at the principal Of
flee Of the Mortgage trustee herein
after designated.
Said bonds shall be callable in
whole or in part in inverse numer-
ical order on any intrest payable
date on and after December /. 1860,
at the following redemption prices
and accrued interest to the date
liked for redemption:
s102h IL redeemed during the
!. years 1860 to 1862. inclusive;
102 il redeemed during the years
1868 and 1851
s1011s IL redeemed during the years
1865 and 1866;
1O1 if redeemed during the years
1857. 1868 and 1863:
100k il redeemed during the
years 1870, 1871 and 1872:
j. par il redeemed after 1872.
Section 2. Said Improvement
Bonds are hereby awarded and sold
sweeney Cartwright & Co.. Column
bus. Ohio; Fahey. Clark & Co..
Cleveland, Ohio; Prescott, Hawley
e., 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 OF the pur-
chase price payment in said bid
with accrued interest to date OF de-
livery.
Section 3. The proceeds from the
sale OF the Improvement Bonds
shall be 5allocated and are hereby
appropriated to the following funds
OF the Utility, hereby established:
crued interest, to the Debt Service
Fund: (b) the portion, If 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
the Utility: (d) the entire. balance
OF such proceeds, to the Construct
ion Fund of which the sum of $780,
goo 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 resol-
ution of Council setting forth the
manner of consummating such ac-
QUESTION.
Moneys from time to time in the
Construction Fund shall be main
tained In q deposit account fully
occurred by direct obligations of the
United States. and until required
Tor the purposes herein provided,
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
shall be used only for the purpose
Of paying the costs of acquiring
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.s 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-
struction Fund after completion
OF the Project shall be transferred
to 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 requirements, ex-
tensions and improvements to said
Utility. which shall be payable from
the Debt Service Fund and Debt
Service Reserve Fund and be aec-
ured by lien upon the propogSic Sics