The journal. (Caldwell, Ohio) 1934-1961, 1957-10-17

cipaity within the meaning Of r. c.
Section 273I Gl.
Section 9.--Mortgage. In order to Sc
cure the payment OF the principal OF
and interest on the Bonds az the same
shall, become due..and PAYABLE and the
performance OF the obligations OF the
Municipality in this Ordinance, the
Bonds or the Mortgage. the Executive
and Fiscal Officer of the Municipality
are hereby authorized and directed in
the name OF and on behalf of the Muni-
cipality TO make. execute, acknowledge
and deliver 10 the Trustee a good and
sufficient first mortgage deed therein
called the Mortgage) mortgaging in
trust for the holders of the Bonds, all
the properties and assets of said IT'LL
ity now owned or hereafter acquired
by the Municipality during the time
any OF the Bonds shall remain out
standing and unpaid, in such form and
containing such terms, covenants and
conditions not Inconsistent with this
Ordinance as shall be approved by such
original purchasers and by the Legal
Officer Of the Municipality.
Provision shall be made therein that
in case the Municipality shall default
for more than 90 days IN the payment
OF any Bonds or the interest thereon
OF for more than 90 days in performing
any of the covenants or requirements
OF the Mortgage OF OF this Ordinance,
| to, and upon request of the owners or
holders of 25 per cent in amount OF the
| outstanding Bonds shall, declare the
entire amount OF outstanding Bonds
| due and PAYABLE, and proceed to fore
| close said Mortgages; but such proviSi-
| sion shall be subject to the condition
! that II at any time after the principal
! OF said Bonds may have been so de-
| clared due and payable. and before
| there shall have been any sale OF The
| properties mortgaged hereunder, all
| sums payable under the Mortgage eX-
| cept the principal of Bonds thereby
| secured which have not reached theil
maturity dates, shall have been duly
| paid and all existing defaults shall have
| been made good, then and in every
| such case such payment shall consti-
| tutc a waiver of such default and IT'S
| consequences. but no such waiver shall
! extend to or affect any subsequent de-
| fault nor impair any rights consequent
| thereon.
Tse Mortgage shall contain the usual
| covenants and provisions as TO fore
/ closure and sale and as TO other rem
| edleS Of the Trustee and bondholders,
| and shall provide for the appointment
! OF receiver with powers customary in
/ general equity cases to operate the
| Utility and to apply the revenues there
| OF to the payment Of the Bonds and
| interest thereon, in accordance with
! this ordinance and the provisions Of the
| Mortgage, in event Of litigation involv-
! ing the operation or administration of
| the Utility by the Municipality or de-
| fault by the Municipality in perform
ance OF the terms and conditions ol
this Ordinance OF OF the Mortgage OF
| the Bonds.
The Mortgage shall also contain COW
! eaants IS to prompt and efficient con
StruCtion Of the Project. proper main.
! tenance of Utility properties and ef.
! ficlent operation thereof, maintenance
! of title to such properties and OF the
priority Of lien OF the Mortgage. dig,
! position Of unnecessary or worn ou
properties, maintenance of adequate
| insurance upon Utility properties, re.
cordation of the Mortgage and any
supplement thereto, compliance V-itt
| applicable requirements of law, anc
| such other covenants as may be nee,
essary or appropriate for the due pro
| lection of the rights and security. O.
the holders OF the Bonds
Said Mortgage shall contain appro
pirate provisions whereby the Munici
patty, bE ordinance OF its council anC
| with the written consent of the hold
ers Of not less than 66-2 81 i'll aggre
gate principal amount of outetandirl
| BOndsi excluding Bonds held or oWnec
by the Municipality. may modify o.
amend any covenant condition or pro
vision OF the Mortgage ~ any supple
ment thereto SO long as such actor
shall not result in changing the re
demptIon provisions or interest anc
principal maturity dates nor reducing
the principal amount or modifying tin
| rights Or obligations OF the Trustee
without its consent. nor reducing tl1'
percentage herein specified, nor i'm
posing upon any part of the propertie
or revenues Of the Utility described il
the Mortgage OF any supplement there
! TO any mortgage OF lien ranking pria
| TO the lien OF the Mortgage
! In tine event of the foreclosure of III
Mortgage the purchaser or purchaser
AT such foreclosure sale shall be en-
! titled 70 operate the Utility as improy
| ed or extended under the terms OF fin
| following franchise, which is hereo.
ordained and established to take effec
| immediately upon the confirmation o
such foreclosure sale, to wit:
FRANCHISE TO CONSTRUCT. MAIN
TAIN AND OPERATE A PUBLIC
| UTILITY IN AND FOR THE MUNICH
PALITY. UPON, ALONG AND UN
DER THE STREETS, LANES. AL
LEYS, AVENUES AND OTHER PUB
Lie THOROUGHFARES OF TIL
MUNICIPALITY, AND TO FIX AMI
PREsCRIRE THE TERMS AND CON
| DITIONS UNDER WHICH SAID OP
ERATICN SHALL BE CONDUCTED
Section A Hereafter when the woyt
grantee appears i'll this franchise, j
shall be held TO mean and include tn,
| purchaser or purchasers at a ludicia
| sale upon foreclosure of the nortgag,
| on the municipal Utility referred to il
the Ordinance granting this franchis.
| and amy person association of persons
partnership or corporation who shall
| upon such foreclosure, become th'
| owner of said public utility by assign
ment from said purchaser; and thu
franchise shall lnuFe to the benefit o
/ lSSnplailnll II re N n
corporation and their heirs, executors
| administrators. successors and assigns
The term Municipality. where useI
herein, shall refer to the Municipalit,
granting this franchise.
/, Section B; The said grantee is hereb,
granted the right, for the full perioC
OF twenty years after the date OF tkt
final confirmation of such judicial sal,
on foreclosure OF mortgage, 10 con
Struct, maintain operate and extenc
upon along and under the streets
| lanes, alleys, avenues and other public
thoroughfares, and public property o
| the Municipality. with the fun and nee
essary privileges for the use of tn,
streets lanes, alleys. avenues and otheI
public thoroughfareS or property TO
the purpose of constructing, erecting
maintaining, operating and extending
wires, guys poles, lines, conduits
meters. transformers, and all other ap
partus necessary or appropriate to tht
operations of the Utility.
! Section c: This franchise shall bt
held to apply to and give the righ
to own and operate all the properties
property rights and interests thereto
fore owned or operated by the Munich
rality as or in connection with saic
Utility, with all extensions. better
ments, requirements and new equip
ment which have been made or addec
thereto by said Municipality prior K
the taking effect of this franchise to
gether with the extensions and better
meuts and equipment which ma,
thereafter be made from time 10 timt