The journal. (Caldwell, Ohio) 1934-1961, 1957-10-10


TO the issuance of Additional Bonds is |
1900 of the largest amount which
would be needed TO be paid into the |
Debt Service Fund in any year to meet |
and principal maturities of all
Bonds to be outstanding Immediately
after the issuance of the Additional
Bonds,
The Mortgage referred to herein is
the Indenture of Mortgage securing the
Bonds. hereinafter provided for. be-
tween the Municipality and The Cleve-
land Trust Company, Cleveland, Ohio
therein with its successors called the
''Trustee").
Section 3.-Sale of Improvement
Bonds-The Improvement Bonds are
hereby awarded and sold to VIM ].
Mericka & Co, Inc, Cleveland, Ohio,
therein called the Original Purchas-
dated August 6. 1887, and the Execu-
tive and Fiscal Officer are hereby
authorized and directed to take All
steps necessary to effect their due de-
livery and security under the terms
of this ordinance.
Section 4.-Revenue Fund and Appli-
cation 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 CT
extended, together with all such reve-
Bonds are delivered which are not de-
posted in the Construction Fund, shall
be transferred or deposited to the
Electric Light Plant 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 reserving 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
expenses of operating and maintain
ing the Utility and all its appurt-
enanceS, such expenses to exclude
those of any other utility of the NUM-
cipality whether or not such other
utility shall be operated as a single
unit with the Utility.
SECOND. Quarterly on the fifteenth
days of February, May. August and
November, into the Debt Service
Fund: ID beginning November Is,
1857 an amount equal to one-half of
the interest due on the next ensuing
interest payment date upon all Bonds
outstanding; and (2) beginning on No
vember IS, 1858. the equal quarter
annual sum necessary to provide for
payment of the next ensuing princi-
pal maturity of all Bonds outstanding
and, if any OF such Bonds shall be
term Bonds, to provide the amount an
nually necessary to retire (by call or
otherWiseD at or before the maturity
thereof of all term Bonds.
THIRD. Annually on January 18th,
in the years 1858, 1859 and 1860, the
revenues remaining in the Electric
Light Plant Revenue Fund at the end
of the preceding calendar year after
paying or providing for the amounts
payable for such preceding year under
paragraphs First and Second above.
and after reSerVing therein an ade-
quate sum as working capital for the
Utility as aforesaid, and sufficient
sums to provide for required payments
to the Debt Service Fund and Debt
Service Reserve Fund for the then
current year shall be transferred to
the Debt Service Reserve Fund.
FOURTH. Quarterly, as aforesaid,
beginning February Is, 1860, into the
Debt Service Reserve Fund a sum at
least equal to 309f of the amount pay
able on that date into the Debt Ser
vice Fund pursuant to paragraph Sec
ond hereof, which sums shall be paid
in for SO long and resumed as often
as may be necessary to create and
thereafter maintain a balance In the
Debt Service Reserve Fund latter
Credlting the payments made pursuant
to paragraph Third abovel equal to
the principal and interest require
mentS falling due on the Improvement
Bonds during the ensuing two years,
or the amount of the total principal
and interest requirements on the I'M
prOvement Bonds. whichever is the
lesser, as along as any Improvement
Bonds remain outstanding; and, if
Additional Bonds are issued, such ad-
Citional amounts as may be necessary
to prevent the issuance of such Ad-
ditional Bonds from reducing the dol
lar amount of the share of the then
Inf1TC in no or.
vice Reserve Fund.
FIFTH. Quarterly as aforesaid, such
sum in addition to any of the fore
going as may be necessary and avail
able, after meeting the requirements
of the preceding paragraphs First to
Fourth, inclusive, to make up any
previous deficiency in any payments
required hereunder.
SIXTH. Annually on January l5 be-
ginning in 1861, the revenues remain
ing in the Electric Light Plant reve-
nue. Fund at the end of the preceding
year after paying or providing for the
amounts payable for such preceding
year under paragraphs Second Third
Fourth and Fifth above and after re-
serving therein an adequate sum as
working capital for the Utility. as
aforesaid, shall be transferred 10 a
fund designated Surplus Fund.
The Debt Service Fund and Debt
Service Reserve Fund shall be main
tanned in the custody Of the Trustee
and shall be used solely for the pay
ment of the principal and interest OF
the Bonds and, to the extent provided
IN this Ordinance, for the redemption
of Bonds. Until required for such pur-
| poses. moneys in the Debt Service Re-
| serve Fund shall be invested in bonds
and notes of the United States matur-
| ing in not more than five years from
date OF investment when and as di-
| rected by the Fiscal Officer of the
Municipality, and moneys in the Debt
| Service Fund shah, when and as di-
rected by said Fiscal Officer, be invest
ed in bonds. notes, or bills of the
United States maturing not later than
| the interest payment date next follow
ing such investment, as to moneys held
| for interest, and not later than the
principal payment date next following
such investment. as to moneys held foI
principal. If at any time the Munich
| pallty shall have provided the Trustee
with moneys sufficient, together with
| moneys and investments then in the
Debt Service Fund and Debt Service
| Reserve Fund, to retire in full ON the
next available redemption date any
then outstanding issue of Bonds, with
| out thereby reducing the balance
| thereafter remaining in said Debt Ser
vice Fund and Debt Servie Reserve
Fund below the amount which on such
Sih odtG Wodld NC iSQulied ny llIs
Section to be on hand therein with re-
spect to Bonds not to be so retired
| the Trustee shall make available out
| of said Debt Service Fund and Debt
| Service Reserve Fund the amount re-
| quired, together with the other moneys
provided, to accomplish such retire
nent. Moneys in the Debt Service Re.
| serve Fund at any time in excess o1
\ the amount from time to time required
| to be maintained therein may be APP
piled by the Municipality to retire
Bonds by call or by purchase for can.
collation.
The Surplus Fund shall be in the