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


Debt Service Fund in any year TO meet |
interest and principal maturitics 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 tor, be-
tween the Municipality and The Cleve-
land Trust Company, Cleveland, Ohio
therein with its successors called the
Trustee.
Section 3--SaIe of Improvement
Bonds-The Improvement Bonds are
hereby awarded and sold to VIM J
Mericka * Co, Inc, Cleveland. Ohio.
therein called the Original Purchas-
ers") in accordance with its proposal
dated August 6. 1857, 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-
nues on hand when the Improvement
Bonds are delivered which are not de-
posted III 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. III a 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 ana in
the following order. to wit:
rIRST- All reasonable and 1rnpor
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 "a 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 t2) 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, 10 provide the amount an
nually necessary to retire (by call or
otherWiSel 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 al 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 Tor the
n Cor "a g..
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 sum at
| least equal to 800 of the amount pay
| able on that date into the Debt Ser
| vice Fund pursuant to paragraph Sec
ond hereof, which sums shall he paid
| IN for so long and resumed rs often
| as may be necessary to create and
thereafter maintain a balance in the
| Debt Service Reserve Fund tafter
crediting 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; ana. il
| Additional Bonds are issued such ad-
| dittonal amounts as may be necessary
| TO prevent the issuance of such Ad-
1 ditional Bonds from reducing the dol
| lar amount of the share OF the ther
| outstanding Bonds in the Debt Ser
| vice Reserve Fund.
| FIFTH. Quarterly as aforesaid. such
I IL
/ going as may be necessary and avail
| able. after meeting the requirements
! of the preceding paragraphs First to
| Fourth. inclusive, To make I'D any
! previous deficiency in any payments
| required hereunder.
| SIXTH. Annually on January l5 be-
| ginning iii 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 all adequate sum as
working capital for the Utility, as
| aforesaid, shall be transferred To 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 III the Debt Service Re-
| serve Fund shall be invested III 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 III the Debt
| Service Fund shall when ard as di-
| rected by said Fiscal Officer, be invest
| ed i'll 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 for
| principal. II at any time the Munich
| pality 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
| call date would be required by this
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
ment. Moneys in the Debt Service Re-
serve Fund at any time in excess of
the amount from time TO time required
to be maintained therein may be ap-
piled by the Municipality to retire
| Bonds by call or by purchase for can
collation..
The Surplus Fund shall be in the
custody of the Municipality and shall,
to the extent necessary from time to
time be transferred to the Debt Ser