The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1952-10-09

nomical operation OF the Otiilty or ,
for meeting existing or prospective
demands for it's services, or both,
and that after completion thereof
the annual revenues of the Utility,
after provision for the reasonable
expenses of operating and main
tanning the Utility as SO extended
or improved, will not be materially
reduced below one-third of the ag-
gregate revenues disclosed pursuant
to paragraph OBJ hereof after the
expenses therein specified.
Additional Bonds shall not be redeemable
earlier than the redemption dates of Bonds
outstanding on the date of sale of such Ad-
ditional Bonds. The proceeds of any sale of
Additional Bonds shall be allocated in sub
s~tantially the same manner "a provided in
Section 8 hereof with respect to the Improve
ment Bonds.
Section S. The Bonds shall be designated
Sewerage System First Mortgage Revenue
Bonds. the Additional Bonds to bear such
added designation as may be necessary to
distinguish them from the Improvement Bonds
or from other Additional Bonds having diff
ferent provisions; shall be payable in lawful
money of the United States shall be in cou-
pom form but registerable as to principal on
ly shall be negotiable instruments, and shall
express upon their face the purpose for which
they are issued and that they are issued pur-
suant TO Article XVIII, Section IL, Of the
Constitution of the State of Ohio. The Bonds
shall be signed by the Mayor and Clerk and
and the interest coupons thereto attached
shall bear the facsimile signature of the
Clerk.
Any right of redemption of Bonds shall be
exercised by notice. specifying by number
the Bonds to be called, to be published on be-
half of the Village by the Mortgage trustee
once a week for three consecutive weeks in a
daily newspaper published and of general
circulation in the City of Toledo, Ohio. the
first publication to be not more than forty
(40) nor less than thirty 1907 days prior to
the date of redemption. upon which date tun-
less default shall be made. upon presentation,
In tho navment of the radamnfinn nrirpl all
interest upon the Bonds so Called shall cease.
II The Bonds shall be payable solely from the
revenues and properties of the Utility and
tshall be secured only. but equally and ratably
f~without priority of one over another by rea-
hon of number or of date of bond. sale. ex-
ecution or delivery, by the Mortgage there
matter provided for) constituting q lien upon
sid revenues and properties. after provi-
sion only for the reasonable operation and
maintenance expense of the Utility and by
the franchise hereinafter provided for under
which. in case of foreclosure of the Mort
gage. the purchaser may operate the Utility
provided. however, that nothing in this ordi-
nance shall be construed as pledging the gen.
eral credit of the Village to the payment Of
said bonds or any part thereof or interest
thereon.
Section 6. So long as any Bonds secured
by the Mortgage remain outstanding, all rev.
enues from the operation of the Utility, as
now constituted or hereafter improved or ex-
tended, together with all such revenues on
: hand when the Improvement Bonds are de-
livered, shall be deuosited as received into a
fund designated Sewer Revenue Fund, to
, be maintained, in the name of the Village,
in a bank deposit separate and distinct from
1 all other funds Of the Village. Out of said
Fund, and after reserving therein at all times
, an adequate sum as working capital for the
! Utility, the following payments only shall be
E made and in the following order. to wit:
First. All reasonable and proper expenses
of operating and maintaining the
! Utility and all its appurtenances
such expenses to exclude those Of
D anv pthar e utility nf fhn VILLAGE
whether or not such other utility
shall be operated as a single unit
with the Utility.
Second. Quarterly on the fifteenth days of
February, May. August and Novem-
Der, into the Debt Service Fund ~
the equal quarterly sum necessary
to provide for payment of the in
terest due on the next ensuing in
terest payment date upon all Bonds
outstanding and (2) beginning Feb
ruary Is. 1854. the equal quarterly
sum necessary to provide for pay
ment of the next ensuing principal
maturity of all Bonds outstanding
and. II any of such Bonds shall be
term Bonds, to provide the amount
annually necessary to retire (by call
or o~therwisel at or before the ma
turity thereof all term Bonds.
Third. Quarterly as aforesaid, into the
Debt Service Fund. amounts calcu-
lated as follows:
~ beginning February is. 1853 to
and including November Is,
1853, the quarterly sum of
ss75. and thereafter beginning
February Is. 1854 to and in
GLIDING November Is. 1856. the
quarterly sum OF $500, to the
end that there shall have been
established prior to December
/. 1856 a Fund balance with
respect to the Improvement
Bonds not less than $4,000
(2) beginning with the quarterly
deposit date following the date
of delivery of Additional Bonds
or of any impairment of the
balance required by this para
graph Third to be then on
hand in said Fund. a sum at
least equal to 30% of the
amount payable on such date
into the Debt Service Fund as
REQUIRED by paragraph Second.
which sums shall be paid in
for so long, and resumed as
often, as NAV be necessary to
create and thereafter maintain
a balance in said Fund at
least equal, on each December
31st. to $4,000 flor so long as
any Improvement Bonds are
outstandingl plus the aggre-
gate amount of payments re-
Quired by the foregoing para
graph Second to be made into
the Debt Service Fund during
the ensuing calendar year with
respect to all Additional Bonds
then outstanding.
Moneys in the Debt Service Re-
serve Fund on any such De-
cember 3lst in excess of the
foregoing requirements may be
applied by the Village to retire
Bonds by call or by purchase
for cancellation as provided in
Section z.
Fourth. Quarterly as aforesaid. such sum in
addition to any of the foregoing al
locations as may be necessary and
available. after meeting the require
ments of the preceding paragraphs
Second and Third. inclusive. to
make up any previous deficiency in
any such quarterly ALLEGATION.
Fifth. Annually on January fifteenth. the
revenues remaining in the Sewer
Revenue Fund at the end of the pre-
cedinR calendar year. after reserv-
ing therein an amount sufficient to
provide necessary accruals against
the current requirements of para
graphs Second to Fourth. inclusive.
shall be transferred to a fund des-
ignated Surplus Fund"
Section 7. The Debt Service Fund and
Debt Service Reserve Fund shall be main
tanned in the custody of the Mortgage trus-
tee. and shall be used solely for the the paw
ment of the principal and interest of the