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

other funds of the Village. Out of said
ind. and afta reserving therein at all times
adequate som as working capital for the !
ade and in tie following order. TO wit:
rst. All reasonable and proper expenses
of opefRting and maintaining the |
Utility Kand all its appurtenances, /
such snses s.,,tev to exclude .s th9ss 4;s,,f Of
whether kor not such other utility /
shall beEoperated as a single unit |
with the Utility.
cond. Quarterly on the fifteenth days of |
FebruaryE May. August and Noven- |
Der. into 8he Debt Service Fund; ~ |
the equaN quarterly sum necessary |
to provide for payment of the in |
terest duo on the next ensuing In |
terest payment date upon all Bonds |
outstandir* and CD beginning Feb
ruary 5,N1e54, the equal quarterly
sum necessary to provide for pay
ment of the next ensuing principal
maturity "a all Bonds outstanding
and, If aru of such Bonds shall be
term Bond to provide the amount
annually NECESSARY to retire (by call
or otherwi@D at or before the ma
turity ther6f all term Bonds.
hird. Quarterly d aforesaid, into the
Debt Servi@ Fund, amounts calcu-
lated as folbws:
O beginn&g February i5,, 1853 to
and iMluding November is,
1853. Ehe quarterly sum of
Ss75. and thereafter beginning
FebruaH is, 1854 to and I'm
Guiding November is. 1856. the
quarterX sum of $500, to the
end thaH there shall have been
establisHtd prior to December
1. 1956Ma Fund balance with
respect Ito the Improvement
Bonds Ut less than $4,000;
(2) beginni16 with the quarterly
deposit @hte following the date
of deiiv#y of Additional Bonds
or of ahy impairment OF the
balance required by this para
graph mird TO be then on
hand in said Fund, a sum at
least eaAal to soE Of the
amount payable on such date
into thekDebt Service Fund as
required by paragraph Second.
which SONS shall be paid in
for so bng. and resumed as
often. a. may be necessary to
create add thereafter maintain
is,.s Z b'ls5ss a. 1b Psnd Pessnss1 at
any fmnls svemsnW Bonds are
ou.standI outs Pm s.nss the sgsEe- re
qured - the foa<N Nsng paras
graph ond to %ade ipt6
the Deb Service Fund adaFfng
the enssakg calenlMr year with
respect all ADDITIONAL Bonds
Moneys Mon vs. the ID i Service Re-
cember Mst in excess of the
foregoing 4equiM Mments may be
applied In NAaeWillage to retire
Bonds b% call or by purchase
for canctH alton as provided in
Section VI
fourth. Quarterly as s4oresaid, such sum in
addition to am of the foregoing al
locations as nsay be necessary and
available, aftesS meeting the require
ments of the kpreceding paragraphs
Second and Mhird. inclusive, to
make up anyfSrevious deficiency in
any such quaKaerly ALLEGATION.
fifth. Annually on 4hnuaM fifteenth. the
revenues rems8hing fin the Sewer
Revenue Funds&t tho lend of the pre-
- ing therein al and lht sufficient to
provide necessary ecruals against
graphs second TO FSprth, inclusive.
shall shall be .s.s1 tsanssrrsS E II fund de'-
Stetion 2. The Debt SAwiea FUND.- and
'ebt Service Resolve EunA STALL be main
aimed in the custsdy ~ Ahe Nartgage tTus7A
hnd I'd shall hal be used S fGres ;nts. The % ss
ons in % the Se Reserve sR eufP0Ts FGnd
lay be invested in boAds and notes of the
Tnited. States maturing in not more than
ny time the Village &all have provided the
rustee with moneys sefficient, together with
loneys and investments then in the Debt
ervlce Reserve Fund, - retire in full on the
ext available redemption date any then out
tanding issue of Bonds. without thereby re-
ucing the balance thereafter remaining in
aid Debt Service Reserve Fund below the
mount which on such call date would be re-
Iuired by paragraph Third of Section 6 to be
IN hand therein wtks respect to Bonds not
o be so retired, the Trnstee shall make avail
bile out of said Debtk kService Reserve Fund
he amount required, tngether with the other
moneys provided, to accomplish such retire
nent g
Surplus Fund moneys shall, to the extent
at any time be transferred to the
)ebt Service Fund To- permit of the pay
nent of all oblgati6ns payable therefrom
Without drawing upoff5 the Debt Service Re-
erve Fund, and othHrwise may be used 70
eplace, rebuild or decpndition worn out, OBJ
oete inadequate Equipment and proper
les of the Utility, aHH for betterments, inn
royements and extensions thereto; or for
ny other lawful Utility purpose. including
he retirement of outgtanding Bonds by call
r by purchase for cancellation at a price
yhich shall not eXceed their fair market val
e nor, on and afteM December |, 1862, the
exemption price prevailing at time of pur-
hase. EE
Section 8. The Village hereby covenants
With the holders of Ne Bonds that it will at
II times prescribe and charge such rates for
he services rendere& by the Utility to the
sers thereof and vi so restrict the expen-
itures for the oper8ion and maintenance of
aid Utility, as shaN result in Utility reve-
ues at least adeqk5ate, after meeting the
costs of oSerating and maintaining
he Utility, to prfkide for the payments
pecified by the provisions of paragraphs Sec
nd and Third of Ae ection 6 hereof and to
urther assure it's Ability to meet such pay
nents they faIl4 due and to permit the
maintenance of adequate improvement and re-
lacement reserves. hit will not permit such
evenues after pros ision for operating and
maintenance eXpens@s of the Utility, to di-
ninish to an annuM amount less than 1909
4 the payments re8ilired to be made in such
ear into the Debt Rervice Fund.
Section 9. In orfRr to secure the payment
( the principal of 4nd interest on the Bonds
s the same shall become due and payable.
he Mayor, Clerk ard President and Clerk of
he Board of Trustees of Public Affairs of
he Village are h&reby authorized and di-
ected in the nameiof and on behalf of the
Village to make, sSSecute. acknowledge and
oliver to The Ohi& Citizens Trust Co.. Tole-
10. Ohio to be desfgnated as trustee, or to
Is successor Successors, in trust for the
urchasers and Subsequent holders of such
sonds, a good ana sufficient first mortgage
eed upon all theEproperties and assets of
aid Utility now os2ned or hereafter acquired
y the Village dur1ng the time any of such
bonds shall remain outstanding and unpaid.
n such form and containing such terms,
ovenants and ee&dtions not inconsistent
With this ordinance as shall be approved by
he original purchasers of the Improvement
Bonds and by thaNSolicitor of the Village.
Provision shall DE made therein that in
ase the Village H&all default for more than
70 days in the pakment of any Bonds or the
interest thereon ~ for more than 80 days in
performing any ~ the covenants require
nents of said Mo4tgage or of this ordinance,
he Mortgage truMee may elect to- and upon
equest of the a ners or holders of 25 per
ent in amountNof the outstanding Bonds
hall. declare the entire amount of outstand-
ng Bonds due Ashd payable. and proceed to
oreclose said Mortgage; but such provision
hall be subiect#to the condition that If at
any time after ehe principal of said bonds
shall hive been$o declared due and payable
and before thenH shall have been any sale of
he propertiesX mortgaged- Hereunder, all
sums payable #nder said Mortgage. except
the principal a. bonds thereby secured which
have not reaci&d their maturity dates. shall
have been duly paid and all existing defaults
shall have beeN made good, then and in ev-
cry such case &lch payment shall constitute a
waiver of sucW default and its consequences
but no such Mhiver shall extend to or affect
any subsequen& default nor impair any rights
thkreon.
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