Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1954-10-08

102-h 20 if redeemed on or before
July /, 1867; 1927 If redeemed
thereafter and on or before July l.,
| 1871; 101 15 % IL redeemed thereafter
and on or before July /, 1874; 101
| 20 If redeemed thereafter
| Principal and interest thereon
shall be payable at the principal
| office of the Trustee hereinafter
! provided for.
The Improvement Bonds shall be
| signed by the Executive and the
| Fiscal Officer of the Municipality
and shall bear the corporate seal.
and the interest coupons thereon
shall bear the facsimile signature
| of the Fiscal Officer. When used
| in this Ordinance, Executive" shall
| mean the Mayor or, in his absence
or incapacity, the Acting Mayor or
Vice Mayor. Fiscal Officer" shall
mean the Auditor or, in his absence
or incapacity, the Clerk of Council,
and Legal Officer" shall mean the
| Solicitor. Any officer or board
| which hereafter succeeds, by opera
| tion of law, to the powers and du-
ties of any such officers shall be
! deemed included in the applicable
official designation while having
such powers and duties.
The Required Coverage as appli-
| cable to the issuance of Additional
| Bonds is 1907 Of the largest a
! mount which would be needed to be
paid into the Debt Service Fund
in any year to meet interest and
principal maturities of all bonds
the issuance of the Additional
Bonds, assuming that the payments
into the Debt Service Fund are
spread over the maturities of such
bonds in such manner as to result
in the largest payment in any one
L. lTx.
The Mortgage referred to herein
is the Indenture of Mortage secur-
ing the Bonds, hereinafter provided
for, between the Municipality and
The Ohio Citizens Trust Company,
Toledo, OhiOs (herein with it's sue
cessors called the Trustees).
Section 3. Award of Bonds. Said
Improvement Bonds are hereby a
warded to Ryan, Sutherland & Co
original purchasers) in accordance
with their offer to purchase said
Bonds dated August 10. 1854. ac-
cepted by Council; it being under
stood with the original purchasers,
that. if before the time the Munich
pality is ready to deliver said Inn
provement Bonds, the income de-
the Utility shall be made subject to
taxation by the United States, by
an Act of Congress or otherwise
the purchaser may, at his option,
cancel the contract of purchase.
Section 4. Revenue Fund and
Application Thereof; Special Funds
So long as any bonds secured by
the Mortgage remain outstanding,
all revenues from the operation of
the Utility, as now constituted or
hereafter improved or extended, to-
gether with all such revenues on
hand when the Improvement Bonds
are delivered which are not deposit
ed in the Construction Fund, shall
be transferred or deposited to the
Sewer Revenue Fund, which shall
be maintained, in the name of the
Municipality, in bank deposit
separate and distinct from all other
funds of the Municipality. Out of
said Fund, and after reserVlng
therein at all times an adequate
sum as working capital for the
Utility, the following payments only
shall be made and in the following
order, to wit:
First.
All reasonable and proper ex-
penses of operating and maintain
ing the Utility and all it's appur-
tenances, such expenses to ex-
clude those of any other utility
of the Municipality whether or
not such other utility shall be
operated as a single unit with
the Utility.
Second
Quarterly on the fifteenth days
December, into the Debt Service
Fund; % beginning March 10,
1855 an amount equal to one-half
of the interest due on the next
ensuing interest payment date
upon all Bonds outstanding; and
CD beginning on March Is, 1855,
the equal quarter-annual sum
necessary to provide for payment
of the next ensuing principal
maturity of all Bonds outstand-
ing and, if any of such Bonds
shall be term Bonds, to provide
the amount annually necessary to
retire (by call or otherwise) at
or before the maturity thereof
all term Bonds.
Third.
Quarterly as aforesaid, into the
Debt Service Reserve Fund, be-
ginning March Is, 1855, a sum at
least equal to 20To of the amount
payable on such date into the
Debt Service Fund as required
by paragraph Second or $850.00,
whichever is greater, which sums
shall be paid in for so long, and
resumed as often, as may be nee
esSary to create and thereafter
MAINTAIN Dalance IN SalO FunQ
at least equal, on each December
31st, to the greater of Cd the ag-
gregate amount of payments re-
uuired by the foregoing para
graph Second to be made into
the Debt Service Fund during the
ensuing calendar year with res
pect to all Bonds then outstand
ing or GD $4,000 or the principal
amount of all Bonds outstanding
If less than $4,000
Fourth.
Into the Replacement Fund (a)
quarterly as aforesaid, beginning
March Is, 1855, the sum of $500.
(b) annually on January Is in
each of the years 1855 to 1860,
both inclusive, the sum of $4,000.
and (c) annually in each of the
years thereafter, beginning jan
uary Is, 1861, the sum of $4,000.
Fifth.
Quarterly as aforesaid, such sum
in addition to any of the fore
going as may be necessary and
available, after meeting the re-
quirements of the preceding para
graphs First, Second, Third and
Fourth to make up any previous
deficiency in any such quarter
annual deposits.
Sixth.
Annually on January Is, begin
ming in 1866, the revenues remain
ing in the Sewer Revenue Fund
at the end of the preceding calen-
dar year after paying or provid