Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1954-07-08

nectlon with each issue of Ad-
ditional Bonds and shall be
applied to the purposes set
forth in the applicable certifi-
cate of the independent engine
er and to defray costs and ex-
penses incidental thereto or in
cidental to the sale or iSsu
ance of the Additional Bonds.
Section 7. Terms of the
Bonds Generally The Bonds
shall be designated as Sc
forth in the Preambles to this
Ordinance, shall be payable in
lawful money Of the Unit e d
States, shall be in coupon form
but with privilege of registra-
ton as to principal only, shall
be negotiable instruments, shall
express upon their face t h
purpose for which they are
issued, shall be issued pursu-
ant to Article XVIII Section Il
Of the constitution Of the State
OF Ohio and shall be signed by
the Executive and by the F7iS-
cal Officer Of the Municipality
and sealed with the corporate
seal or shall be signed a II d
sealed in such manner as may
be required by law or charter
proviSion(if any applicable at
the time Of issuance Of the
respective Bonds. Int e S t
coupons attached to the Bonds
shall bear the facsimile sigma
ture Of the Fiscal Officer or
such other facsimile or manual
signature as shall be required
by law or charter provision (if
any applicable at the time OF
issuance of the respective Bonds
The Additional Bonds h a l |
bear such designation as may
be necessary to distinguish
them from the Improvement
Bonds or other Additional Bonds
having different provisions and
shall have maturitieS, interest
rates, interest payment dates,
redemption provisions, demon,
nations and other provisions as
provided in this Ordinance OF
in the ordinances hereafter a,
dopted providing for issuance
of the Additional Bonds, pro,
Vided, however, that such terms
and provisions shall not be in
consistent with this Ordinance
the Mortgage or the then out
standing Bonds.
Additional Bonds shall not be
redeemable earlier than h {
first redemption date for t h t
Improvement Bonds.
The Bonds shall be payable
solely from the revenues anl
properties of the Utility n {
shall be secured only, blu
equally and ratably WithOu
priority Of one over another b.
reason of number or of dat
of Bond, sale, execution or de
livery, by the Mortgage cOnSti
tuting a lien upon said reve
nues and properties, a f tie
| provision for the reasonable Op
Grafton and maintenance eE
| penses of the Utility, and b
the franchise hereinafter Pre-
yided for under which, in cas-
of foreclosure of the Mortgage
the purchaser may operate tn
Utility; and anything in h
Mortgage, in this Ordinance o
in the Bonds to the cOntrar,
Notwithstanding, neither the geI
eral resources Of the Munci
pality shall be required to b
used, nor the general credit o
the Municipality pledged f o
the performance Of any dut,
under the Mortgage, this Or
dinance or the Bonds, but an,
payment to be made under tn
Mortgage, this Ordinance o
the Bonds shall be made onI,
from the properties and reve
nueS of the Utility; provided
however, that, if otherwise law
full, nothing herein shall be
deemed to prohibit the Munici
paIity from using, Of its owl
V0lition, any Of its general re
sources for the fulfillment O
any of the terms and condi
tions Of the Mortgage, this Or
dinance or the Bonds.
Section s. Covenants o
Municipality The Municipal
ity, by issuance of the Improve
ment Bonds, shall covenan
with the holders of the Bond
and with the Trustee (a) tina
it will at all times prescribe
and charge such rates for tht
services of the Utility, and will
so restrict operation and main
tenance expenses of the Utility
as shall result in Utility reve
nueS at least adequate, aftel
meeting such operation n {
maintenance expenses, to pro
vide for CD the payments re
quired by this Ordinance to be
made into the Debt Service
Fund, Debt Service R rye
Fund, or other Special Funds
(iD proper Improvement n c
replacement reserves, and iii,
sufficient earnings coverage tc
permit the issue of the Addi
tional Bonds required for the
construction of necessary or ad
viSable extensions or improve
ments; (b) that the Municipal
itu will furnish to tho Tr11Stne