Madison County Democrat. (London, Ohio) 19??-1958, 1950-07-28
ORDINANCE NO gao

Providing for the Issuance of
100000 First Mortgage Revenue
Bonds of the Village of London
of the Constitution of the State
of Ohio for the purpose of acquir-
Ing and thereupon improving and
extending the existing water
works system: to authorize the
, said system and the extensions
and improvements thereto, and
the revenues thereof, to secure
said bonds; to define the terms
of a franchise under which, in
case Of foreclosure. the purchaser
utility; to provide in event of de-
fault for the appointment of a
receiver to administer said
system: and to declare an en-
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 municipal utility the existing
privately owned .waterworks plant
and system hereinafter referred to
as the 'Utility'p in said Village and
has caused to be executed con-
tract for such acquisition; and
WHEREAS, based upon reports
OF an independent engineer, Council
Ahdo IL 10 DC necessary
70 undertake, Immediately upon
acquisition of such Utility. the
Improvement thereof by construt-
ion of water softening plant
provision of an additional well and
pump and installation of meters
Tor all existing unmetered services.
al in accordance with said reports
Hereinafter generally referred to as
the "Project"), in order to over
come the existing inadequacy Of
Sytiit1,, SWa5er supply to the users of said
WHEREAS. it is desired to fin
ance such acquisition and the i'm
provements aforesaid and expendi-
lures incident thereto without i'm
posing any liability upon the vii
lage OF London by the issuance and
sale OF mortgage revenue bonds, in
accordance with Article XVIII, Sec
tfon IL of the Constitution Of Ohio,
which bonds Hereinafter called
Improvement Bonds") together
with any additional bonds subse-
with Hereinafter called additional
Bonds" the Improvement Bonds
and Additional Bonds being here
matter collectively referred to as
the "Bonds'o are to be secured by
the Mortgage hereinafter provided
Tor hereinafter referred to as the
MortgageO upon the properties
and revenues of the Utility and by
franchise to become effective in
the event Of foreclosure of the
Mortgage:
Now. THEREFORE,, BE IT OR
DAINED BY THE COUNCIL OF
THE VILLAGE. OF LONDON, MAD.
ISON COUNTY, OHIO:
Section /. That it is deemed i'm
mediately necessary to issue and
sell 100000 of Improvement Bonds
for the purpose of acquiring and
thereupon improving and extend
ing the existing waterworks system
in said Village by construction OF
.- the Project hereinabove described.
The Improvement Bonds shall be
dated August 1, 1850; shall be OF
the denomination of one thousand
dollars ($1,000.00) each; shall be
numbered from l to 400: and shall
bear interest payable semi-annually
on June 1st and December 1st OF
each year. beginning June 1. 1861
until the principal sum Is paid
at the following rates:
Bonds Nos. 1-47 maturing 1851
1854 inclusive-2h %.
Bonds Nos. 48-228 maturing 1856
1866 inclusive-2A %.
Bonds Nos. 229-40G maturing
1966/1973 inclusive-2k %.
Said Improvement Bonds shall
mature annually on December Isl
in their consecutive numerical order
fnllnwc.