Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1954-07-15

dpplleu 10 Ulle purposes
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 h e
Bonds Generally The Bonds
shall be designated as e t
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 h e
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 Fis-
cal Officer of the Municipality
and sealed with the corporate
seal or shall be signed a n d
sealed in such manner as may
be required by law or charter
provisionGf any applicable at
the time of issuance of the
respective Bonds. In e r e 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 sha all
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, denom-
nations and other provisions as
provided in this Ordinance or
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 t h e
first redemption date for t h e
improvement Bonds.
The Bonds shall be payable
solely from the revenues and
properties of the Utility a n d
shall be secured only, b u t
equally and ratably without
priority of one over another by
) reason of number or of date
of Bond, sale, execution or de-
livery, by the Mortgage consti-
tuting a lien upon said reve-
uues and properties, afte r
provision for the reasonable op-
Grafton and maintenance ex-
penses of the Utility, and by
: the franchise hereinafter pro-
: vided for under which, in case
of foreclosure of the Mortgage,
the purchaser may operate the
Utility; and anything in tn e
: Mortgage, in this Ordinance or
in the Bonds to the contrary
, Notwithstanding, neither the gen
! eral resources of the Munci-
pality shall be required to be
used, nor the general credit of
the Municipality pledged o /
the performance of any duty
under the Mortgage, this Or
dinance or the Bonds, but any
!, payment to be made under the
, Mortgage, this Ordinance or
, the Bonds shall be made only
, from the properties and reve-
nueS Of the Utility; provided,
however, that, if otherwise law
| full, nothing herein shall be
! deemed to prohibit the Munich
pality from using, of it's own
volition, any of its general re-
sources for the fulfillment OF
any of the terms and condi-
, tionS Of the Mortgage, this Or
dinanCe or the Bonds
Section 8. Covenants of
Municipality The Municipal
ity, by issuance of the Improve
ment Bonds, shall covenant
with the holders of the Bonds
and with the Trustee (a) that
it will at all times prescribe
and charge such rates for the
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, after
meeting such operation and
maintenance expenses, to pro-
vide for O the payments re-
quired by this Ordinance to be
made into the Debt Service
Fund, Debt Service R serve
Fund, or other Special Funds
Gid proper Improvement md
replacement reserves, and Glib
sufficient earnings coverage to
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
ity will furnish to the Trustee
and to the original purchasers
of the Improvement Bonds
semi annually reports of the
operation and income of tn e
Utility and also an annual re-