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

SsbOD III 1917 dHu lSfos
Principal and interest thereon shall be pay
able at the principal office Of the Mortgage
trustee.
in part on any interest payment date on and
after December l. 1862, at the following re-
demption prices and accrued interest to the
date fixed for redemption:
1oS% of par If redeemed on or before June
1929 of par If redeemed after June /, 1867
to and including June l, 1879:
1919 of par If redeemed after June /, 1912
If less than the entire unmatured portion
of said bonds is called for redemption at any
time or from time TO time, they shall be
called in the inverse order of maturity Of
those outstanding, and IL less than all out
called. the selection Of bonds of such ma
turity to be called shall be made by lot con-
Quoted by the Nortsag trustee.
Section 2. Said Improvement Bonds are
hereby awarded and sold TO Ryan, Sutherland
& Co. of Toledo, Ohio. in accordsnce wth
the terms of their written offer dated Sep
TENDER 8, 1852.
the Improvement Bonds shall be ailocsted
and are hereby appropriated to the follow
ing funds of the Utility, hereby established
(a) the portion representing accrued interest,
any. representing premium. to the Debt
Service Reserve Fund (c) the entire balance
Of such proceeds, to the Construction Fund,
Moneys in the CONSTRUCTION Fund shall be
III a uCpOoIA ICOhhL 1uily SCCuT'
ed by bonds or notes of the United States
and until required for the purposes herein
provided. may be invested in bonds or notes
of the United States maturing in not NOR,
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 things necessary and Incl
dental thereto, including all costs incurred
in connection with the issuance. sale and de
livery of the Improvement Bonds. ANY
moneys remaining in said Construction Fund
after completion of the Project shall b,
transferred TO the Debt Service Reserve Fund
Section 4. The Village shall have tn,
right from time to time to issue Additional
Bonds for the purpose only of making re
placements. extensions and improvements t.
said Utility, which shall be payable from
the Debt Service Fund and Debt Service Re
serve Fund and be secured by a lien upor
the properties and revenues of the Utility or
a parity with the Improvement Bonds, pro
vided that when any such Additional Bond:
are sold
tA) The Village shall not be in default
in the performance of any of it's
covenants provided in this ordi-
nance or in the Mortgage. or any
supplement thereto, and that
OBJ One-third of the aggregate revenues
of the Utility during the thirty-six
calendar months Immediately pre-
ceding such date of sale, pfter pro-
viding for the operating and main
tenance expenses of the Utility in
CURED during such period, were at
least equal to 1900 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 shall 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 be financed by such
Additional Honds are reasonably
necessary for the proper and eco