The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1952-10-16


Said Improv"-rent Bonds shall mature an
nually on December list in their consecutive
numerical order as follows:
5000 from from 1882 1882 ineusiye inclusive
5000 from 1863 TO 1867. inclusive;
1000 from 1868 to 1878. inclusive:
5000 from 1874 TO 1915, inclusive;
5000 in 1877 and 1878.
Principal and interest thereon shall be pay
able at the principal office of the Mortgage
trustee.
in part any interest payment date on and
after December /, 1862. at the following re-
demption prices and accrued interest to the
1Osqo of par If redeened on or before June
l. 1927 2S of par If redeemed after June /. 1867
to and including June \, 1912:
If less than the entTre unmatured portion
of said bonds is called f9r ~"Aemption at any
time or from time tq time, thev shall be
those outstanding. and If less then all out
standing bonds of one maturity are to be
called, the selection of bonds of such ma
turity to be called shall be made by lot con-
Section 2. Said Improvement Be- are
hereby awarded and sold to Ryan. Strickland
& Co. of Toledo, Ohio. in accordar"of With
the terms of their written offer dated Sep
Section g. The proceeds from the ale of
the Improvement Bonds shall be agocsted
ing funds of the Utility, hereby established: :.
fa) the portion representing accrued interest.
TO the Debt Service Fund: (b) the portion, 1T
any, representing premium: to the Debt
Service Reserve Fund: ts) the entire balance
of such proceeds, to the Construction Fund.
Moneys in the Construction Fund shall be
maintained in a deposit account fully secur-
ed by bonds or notes of the United States,
and until required forBsthe purposes herein
provided may be invested in bonds notes
of the United States maturing in not more
than three years from date of investment.
Said Fund shall be used only for the pur-
pose of paying the costs of constructing the
Project and all things9 necessary and incl
dental thereto, including all costs incurred
in connection with the issuance. sale and de-
livery of the Improvement Bonds. Amy
moneys remaining in said Construction Fund
after completion Of the Project shall be
Section 4. The Village shall have the
right from time to time to issue Additional
Bonds for the purposes &only of making re-
said Utility, which shall be payable from
the Debt Service Fund and Debt Service Re
serve Fund and be secured by lien upon
the properties and revenues of the Utility on
a parity with the Improvement Bonds, pro-
vided that when any such Additional Bonds
sold
(A) The Village shall not be in default
in the performance of any of its
covenants provided in this ordi-
nance or in the Mortgage, or any
supplement thereto, and that
(B1 One-third OF that aggregate revenues
of the Utility during the thirty-six
calendar months Immediately pre-
ceding such date of sale. after pro-
vidng for the operating and main
tenance expenses of the Utility in
Cured during such period. were at
least equal to i40cS of the maxi
mum 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 maturities all
Bonds to be outstanding after the
issuance of such Additional Bonds.
and that
(C) The Village shah have furnished to
the Mortgage trustee a certificate
of an independent engineer salts
factory to the trustee showing that
the replacements, extensions or i'm
provements to fbe financed by such
Additional Bopds reasonably
necessary for fhe proper and eco
nomical operation of the Utility or
for meeting existing or prospective
demands for rs services, or both,
and that aftef completion thereof
the annual regenues of the Utility,
after provisioA for the reasonable
expenses of operating and main
tanning the Utility extended
or improved. avill not be materially
reduced below one-third of the ag-
gregate reveulIes 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 bate of sale of such Ad-
ditional Bonds The proceeds of any sale of
Additional Bonds shall be allocated in sub
stantially the same amanner provided in
Section hereof witt respect to the Improve
ment Bonds.
Section 5. The HAnds shall be designated
Sewerage System First Mortgage Revenue
Bonds" the Additiohal Bonds to bear such
added designation a. may be necessary TO
distinguish them froa1 the Improvement Bonds
or from other Additional Bonds having diff
ferent provisions sail be payable in lawful
money of the United States shall be in eou-
pom form but registsrable as to principal on
ly: shall be negotiable instruments, and shall
express upon their ace the purpose for which
they are issued and Ehat they are issued pur-
suant to Article XbHI. Section 10. of the
Constitution of the State of Ohio. The Bonds
shall be signed by The Mayor and Clerk and
sealed with the corrprate seal of the Village
and the interest ebupons thereto attached
shall bear the fad5mile signature of tbs
Clerk.
Any right of redemption of Bonds shall b,
exercised by notice. specifying by number
the Bonds to be Gated. TO be published on be
half of the Village by the Mortgage truste.
once a week for three consecutive weeks in
daily newspaper pnblished and of genera
circulation in the City of Toledo. Ohio. tn
first publication to be not more than fort,
(40) nor less than thirty t30) days prior u
the date of redemption. upon which date fun
less default shall be made. upon presentation
I'm the payment of the redemption price) al
interest upon the Bonds 20 called shall cease
The Bonds shall be payable solely from tn
revenues and properties of the Utility ant
shall be secured only, but equally and ratabi
without priority of one over another by rea
son of number or of date of bond. sale. ex
ecution or delivery. by the Mortgage there
matter provided forl constituting lien upol
said revenues and properties, after provi
sion only for the reasonable operation an.
maintenance expense of the Utility. and b.
the franchise hereinafter provided for unde
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 pledging the gen
erai credit Of the Village 10 the payment OF
aaid bonds or any part thereof interest
thereon.
sertion 8. So long as any Bonds secured
% the Mortgage rsmaia outstanding. Ill rsvs