The journal. (Caldwell, Ohio) 1934-1961, 1957-10-17
ORDINANCE NO. 220

4
icle XVIII of the Constitution of |
the State of Ohio for the purpose of
extending and improving the muni-
cipal electric system; to authorize
the execution of mortgage of said |
system and the extensions and inn |
provements thereto, and the rev. |
| enues thereof, to secure said bonds |
| and to secure additional parity |
bonds hereafter authorized; to de- |
fine the terms of a franchise under
| which, in case of foreclosure. the
purchaser may operate said system;
| to provide, in event of default, for
the appointment of receiver to
administer said system; and to de-
clare an emergency.
| WHEREAS, the Village of Caldwell |
| therein sometimes called the 'Muni- |
| cipality') now owns and operates as a |
public utility therein referred to as the |
"Utiitty'o, an electric light plant and |
| system, the product and service of |
| which are to be supplied to persons |
| and corporations within and without |
| the corporate limits of the Municipal |
| ity; and |
| WHEREAS, based upon reports. |
plans and specifications of Morris E. |
Nall 6, Associates, Consulting Engin- |
GERS, Cleveland, Ohio therein called
| the Engineer, the Council of the
Municipality has determined it to be
necessary to construct certain improve
ments and extensions to the Utility
| consisting of a new heavy duty diesel
fuel engine and new generator and
| other plant Improvements, together with
| all necessary appurtenances as set forth
in said plans tsaid improvements and
| extensions being herein called the
"Project"D; and
| WHEREAS, it is desired to finance
| part OF the cost of the Project, and eX-
penditures incident thereto and Incl
| dent to such financing, and to the eXte
tent of any balance, other improve
ments as provided in this ordinance. by
| the issuance and sale mortgage revenue
bonds, to be designated First Mort
gage Electric Light Plant Revenue
Bonds. in accordance with Article
XVIII. Section u of the Constitution
of Ohio, which bonds hereinafter call
cd Improvement Bonds'o together
with any additional bonds subsequently
, | issued on a parity herewith (herein-
after called Additional Bonds, the
Improvement Bonds and Additional
Bonds being hereinafter collectively re-
| | ferred to as the "BondSD are to be
secured by the Mortgage hereinafter
provided for hereinafter referred TO
as the "MortgageD upon the proper
ties, assets and revenues Of the Utility
, and by a franchise to become effect
, i've in the event of foreclosure of the
| Mortgage; and
WHEREAS, there is now outstanding
a mortgage dated as of September l,
l949 trecorded in Noble County Rec
ordS, Real Estate Volume SIS, Page 81.
and Chattel Mortgage Volume /. Page
24), securing certain First Mortgage
, | Electric Light Plant and System Reve-
nue. Bonds of the Municipality dated
September l. 1949. the outstanding
principal balance thereof being III the
amount of Slo5,000 and bearing interest
at 80 per annum tSaid mortgage being
herein referred to as the "Outstand-
ing Mortgage" and said bonds as the
Outstanding IssueD; and
WHEREAS, the Outstanding Issue by
= ! its terms cannot be called for redcmp
I ton earlier sthan March /. 1883 and,
to permit the immediate financing OF
the Project, the bonds of the OutStand-
ing Issue are to be presented and sur
| rendered against payment of the
G | principal thereof together with a
: premium of 1870 and accrued interest
| | to the date of retirement Of the Out
standing Issue; and
I | WHEREAS, in order to accomplish
.. . | the sale of the Improvement Bonds on
| ! an economical basis and within the
: | net operating revenues prospectively
| available for debt service and other
| related bond requirements. 1t is essen
| tial by provision Of funds from the
Z proceeds of said Improvement Bonds
, | and from bond retirement funds avail
] | able therefor 10 retire said Outstand-
4 | ing Issue by payment of said principal
| thereof, premium and accrued interest
to the date of retirement in order To
j | effect the satisfaction and discharge of
4 | the lien of the Outstanding Mortgage
y upon the properties and revenues of
| the Utility SO that the Mortgage Sc
curing the Improvement Bonds shall
| constitute a first lien upon said prop
: | critics and revenues;
{ NOW, THEREFORE, BE IT ORDAIN-
a ED BY THE COUNCIL. OF THE WILL
AGE OF CALDWELL, NOBLE COUN-
TY, OHIO. THAT:
q, Section 1.--Electric System A Utility
| Authorization of S230,000 of Improve
ment- Bonds, Use of Proceeds-The
b. Council of the Municipality hereby
| finds and determines that the Munich
, | pal Electric System has been, and shall
hereafter be, operated as public
| utility. including all extensions OF and
| | improvements to said System, that,
| prior TO the issuance of the Improve
ment Bonds. rates and charges for the
| services of said Utility, have been fixed
, | in an amount sufficient to pay the
costs of operating and maintaining
said Utility and to leave an amount
of revenues adequate for the principal
and interest. debt service reserve and
i replacement requirements and other
! wise to comply with the covenants here
i in provided for. and that 1t is necessary
forthwith to issue and sell the I'M
provement Bonds in the principal
amouat' of $3.50, 900 and having the
terms provided for herein. the pro-
| ceeds to be used for the construction
of the Project and purposes incidental
thereto and incidental to the issuance
i dilu Sale Oh SdlQ Improvement bOluS
4 including as an incident thereto the re-
4 tirement of the Outstanding Issue; and
4 to the extent Of any balance after pay
ing or providing tor the foregoing. for
other extensions and improvements to
i the Utility as recommended by the
Engineer and approved by the Munich
pa1ity at the time of completion OF the
Project and. as to any further balance,
for payment to the Debt Service Re-
4 serve Fund.
Section 2.-Terms of Improvement
Bonds and Special Terms of the Bonds
The Improvement Bonds shall be
the denomination OF One Thousand
| Dollars $1,000 each; shall be number
ed from to 23o: and shall bear in
. terest at the rate of four and one-half
per centum (4Gal per annum, payable
/ semi-annually on March first and Sep
tember first of each year, beginning
March l. 1888 until the principal sum
| becomes due and payable and with
| interest on any overdue principal and
Ito the extent that payment of such
interest is enforceable under appli-
of interest at a rate per al1num one
percentage point in excess of said
/ | specified rate. Said Improvement
Bonds shall mature annually on Sep
tember first in their consecutive nu-
merical order as follows:
Amounts Years
$4,000 1859 to 1850 inclusive,
$4,000 1861 to 1865, inclusive,
$4,000 1866 to 1862 inclusive,
SIT 900 1870
$4,000 1911 to 1878 inclusive
Improvement Bonds maturing on and
after September /, 1868 shall be sub
ieCt to re0emptiOn in whole or in part