Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1954-10-15
oRDINANcE 40. 44a

| OhOANANO6 NOs A4O
Providing for the issuance of $780,
| 900 First Mortgage Sewerage SyA-
tenn Revenue Bonds of the City OF
! Port Clinton under Section IL, Ar
ticIe XVIII of the Constitution OF
| the State of Ohio for the purpose
of improving and extending the
municipal sewerage system; to au-
| thOrize the execution of mort
| gage of said system and the extern
sions and improvements thereto,
and the revenues thereof to secure
said bonds and to secure additional
| parity bonds thereafter authorized
| TO define the terms of franchise
! un'ler which, I'm case of foreclosure,
| the purchaser may operate said sys-
tenn; to provide, i'm event of default.
for the appointment of "a receiver
| to administer said system; and to
] declare an emergency.
| WHEREAS, the City of Port Clin-
| ton (herein called the Municipal
/ ity'D now owns and operates as a
! public utility hereinafter referred
| to as the "Utility"D, a sewerage
| system, the services of which are
and are to be supplied to persons
and corporations within and with
out the corporate limits of the Mu-
| nicipality; and
WHEREAS, based on the recon-
mendations of Finkbeiner, Pettis &
oIFOuI, 1OleuO, ONO (nefeln called
the Engineer), the Council of the
Municipality has determined it nee
essary to construct a primary sew
erage treatment plant and intercept
tor sewers and other sewer facili-
ties recommended for immediate
completion by the Engineer for such
purposes (said construction and inn
provement being herein called the
"Project'D; and
WHEREAS, it is desired to fl
nance part of the cost of the Pro-
ject, and expenditures incident
thereto and incident to such finance
ing, and, to the extent of any bal
ance, other improvements as pro-
vided in this ordinance, by the is
suance and sale of mortgage reve-
nue. bonds, to be designated First
Mortgage Sewerage System Reve-
nue. Bonds, in accordance with Ar
ticle XVIII, Section ~ of the Con-
stitution of Ohio, which bonds
hereinafter called Improvement
Bonds") together with any addi-
tional bonds subsequently issued on
parity Herewith hereinafter
called Additional Bonds, the I'm
provement Bonds and Additional
Bends being hereinafter collective
ly referred to as the "Bonds'D are
hereinafter provided for (herein
after referred to as the Mort
gage'D upon the properties, assets
and revenues of the Utility and by
a franchise to become effective in
event of foreclosure of the Mort
gage: and
WHEREAS, (a) the Municipality
had population according to the
last Federal Census of not less than
1900 persons (b) the Improvement
Bonds are to be issued to provide
funds for additions and bettermentS
to the Utility, (c) the estimate of
net revenues after reasonable oper-
ating and maintenance charges as
made by the Engineer is sufficient
fully to amortiZe during the life of
the Improvement Bonds the princi
pal and interest thereof, (d) such
estimated net revenues are equiVa-
lent to not less than one and one
half times the amount of average
annual interest charges of the I'M
provement Bonds and not less than
1.20 times the amount of average
annual charges for principal and
interest of the Improvement Bonds
and (e) the Improvement Bonds, at
the time of their issuance, Will be
the only revenue bonds of the Mu-
nicipality outstanding pledging rev.
enues of the Utility.
NOW, THEREFORE,, BE 1T OR
DAINED BY THE COUNCIL OF
THE CITY OF PORT CLINTON,
OTTAWA COUNTY, OHIO THAT:
Section t. Sewerage system a
Utility Authorization of 100000
of Improvement Bonds, Use of
PrOceeds-The Council of the Mu-
nicipality hereby finds and deter
mines that the municipal sewerage
system has been, and shall here
after be- operated as public util-
-. ,s..,1 on Il
improvements to said system, that,
prior to the issuance of the I'M
provement Bonds, rates and charges
for the services of said Utility shall
be determined and fixed by Ordi-
nance of Council in an amount suffi-
cient to pay the costs Of operating
and maintaining said Utility and to
leave an amount of revenues ade-
quate for the principal and inter-
est debt service reserve and re-
placement requirements and other
wise to comply with the covenants
herein provided for, and that it is
necessary forthwith to issue and
sell the Improvement Bonds in
principal amount up to $500, 900 and
having the terms provided for here
in, the proceeds to be used for the
thereto and Incidental to the is
suance and sale of said Improve
ment Bonds, and, to the extent
OF any balance dIIer pay lHB OI
providing for the foregoing, for
other extensions and improvements
to the Utility as recommended by
the Engineer and approved by the
Municipality and, as to any further
balance, for payment to the Debt
Service Reserve Fund.
Section 2. Terms OF Improve
ment Bonds and Special Terms of
the BOnds-Except as may be other
wise provided in any part of the
Mortgage relating to issuance of
fully registered Bonds in place of
coupon bonds, the Improvement
Bonds shall be dated September l,
1854 shall be of the denomination
of One Thousand Dollars $1,000
each: shall be numbered from l to
300 as set forth below The I'm
provement Bonds shall mature as
set forth below and shall bear in
tereSt payable Semi-annually on
January first and July first of each
year, beginning January / 1855 un-
til the principal sum becomes due
and payable at the rates set forth
below, with interest on any over
due principal, and (to the extent
that payment of such interest is
enforceable under applicable law)
on any overdue installment of in
terest, at the rate of six per cent
per annum.
Bond Interest Amount and
Numbers Rate Maturity Date
l. S 23ao 5000 Jan. l, 1856