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

y I
TO pay interest accruing on the Out
Issue from September |, 1857
to the date of retirement thereof, any
balance then remaining in said Debt
Service Fund TO be deposited forthwith
in the Electric Light Plant Revenue
Fund provided for in Section here
OF; and said sums for principal, prem
ium and interest on the Outstanding
Issue shall at the time of delivery of
the Improvement Bonds, be paid and
made available to the trustee under
the mortgage securing the Outstanding
Issue and accompanied by appropriate
instructions to such trustee to pay out
the same against surrender of the
bonds of the Outstanding Issue and
for simultaneous satisfaction and dis
charge Of the Outstanding Mortgage.
The remaining proceeds from sale of
the Improvement Bonds shall be al
located and are hereby appropriated 10
the following funds of the Utility,
hereby established: (a) the portion
representing accrued interest, to the
Debt Service Fund; tbD the portion, If
any, representing premium, to the
Debt Service Reserve Fund; and tc)
the entire balance of such proceeds,
to the Construction Fund.
Section 6.-Additional Bonds-The
Municipality shall have the right from
time to time to issue Additional Bonds
for the purpose Of providing additional
funds, if necessary, for the compile
ton of the Project, and otherwise for
the purpose only of making replace
ments, extensions and improvements
to the Utility, which Additional Bonds
shall be payable from the Debt Ser
vice Fund and Debt Service Reserve
Fund and be secured by a lien upon
the properties and revenues of the
ment Bonds, and the Trustee shall
authenticate and deliver such Addi-
tlonal Bonds; provided, that when any
such Additional Bonds are issued, the
Municipality shall have furnished to
the Trustee the following certificates;
(Al Certificate of Fiscal Officer
and Legal Officer of the Municipality
certifying that to the best of their
knowledge, the Municipality is not.
on the date of issue OF such Addition
al Bonds, in default in the perform
ance of any of its covenants provided
in this Ordinance, in the Mortgage or
in the Bonds; and
(B) Certificate of an independent
engineer, satisfactory to the Trustee,
showing % that. as determined by
such independent engineer, the ave-
rage tWelve-month revenues of the
Utility received during the thirty-s six
months Immediately preceding the
passage of the ordinance authorizing
such Additional Bonds. adjusted to re-
fleet, if necessary, rates in effect at
the time of passage Of such ordinance
for the Additional Bonds, less the eX-
penSeS of operation and maintenance
Of the Utility during such period. were
in an amount at least equal to the Re-
quired Coyerage for issuance of Ad-
ditional Bonds, (2l that. if issued for
completion of the Project. the amount
Of such Additional Bonds proposed to
be issued is essential for such pur-
pose, and (3) that, if issued for other
authorized purposes. the replace
ments, extensions or improvements to
be financed by such Additional Bonds
are reasonably necessary for the
proper and economical operation of
the Utility or for meeting existing or
prospective demands for its services
or both.
The proceeds of any sale of Addi-
tional Bonds shall be allocated in sub
Stantially the same manner as provid-
ed in this Ordinance with respect to
the Improvement Bonds and a Con-
Struction Fund for such proceeds shall
be created in connection with each
issue of Additional Bonds and shall be
applied to the purposes set forth in
the applicable certificate of the in
dependent engineer and to defray costs
and expenses incidental thereto or in
cidental TO the sale or issuance OF the
Section Z. Terms of the Bonds Gen
eraliy-The Bonds shall be designated
as set forth in the Preambles to this
Ordinance, shall be payable in lawful
money of the United States. shall be
| in coupon form but with privilege OF
registration as to principal or in fully
registered form as provided in the
Ordinance authorizing such Bonds OF
| in the Mortgage, shall texcept when
| regiSteredD be negotiable instruments
| shall express upon their face the pur-
| pose for which they are issued, shall
| be issued pursuant to Article XVIII
4 sNf 80 - I,x
| State of Ohio and shall be signed by
| the Executive and by the Fiscal OF
| ficer of the Municipality and sealed
with the corporate seal or shall be
| signed and sealed in such manner as
| may be required in such Ordinance OIL
| by law or charter provision (if any
| applicable at the time of issuance oi
| the respective Bonds. Interest coupons
| attached to the Bonds shall bear the
| facsimile signature of the Fiscal Oh
| ftcer or such other facsimile or manua.
| signature as shall be required by such
| Ordinance or by law or charter pro.
vision tif any) applicable at the time
| of issuance of the respective Bonds
| The Additional Bonds shall bear such
designation as may be necessary tC
distinguish them from the Improve
| ment Bonds or other Additional Bonds
| having different provisions and shall
| have maturitieS, interest rates, interest
payment dates, redemption provisions
| denominations and other provisions as
| provided in this Ordinance or III the
| ordinances hereafter adopted provid-
| ing for issuance of the Additional
| Bonds, provided, however, that such
| terms and provisions shall not be in
| consistent with this Ordinance, the
| Mortgage or the then outstanding
| Bonds.
Additional Bonds shall not be re.
| deemable earlier than the first re.
| demption date for the Improvement
| Bonds.
The Bonds shall be payable solely
| from the revenues and properties oi
| the Utility and shall be secured only
| but equally and ratably without prior.
| ity OF one over another by reason o1
| number or of date of Bond, sale, exc.
| cution or delivery, by the Mortgage
constituting lien upon said revenues
| and properties, after provision for the
| reasonable operation and maintenance
| expenses of the Utility, and by the
| franchise hereinafter provided fol
| under which, in case of foreclosure ol
| the Mortgage. the purchaser may op.
crate the Utility; and anything in the
| Mortgage, in this Ordinance or i'll the
| Bonds to the contrary notwithstand.
| ing, neither the general resources oi
| the Municipality shall be required tc
| be used, nor the general credit of the
| Municipality pledged for the per.
| Loliiidllce ol allS Quty ullQeT ule Mofl'
| gage, this Ordinance or the Bonds, bu
| any payment to be made under the
| Mortgage, this Ordinance or the Bonds
| shall be made only from the properties
| and revenues of the Utility; provided
| however, that, if otherwise lawful
nothing herein shall be deemed to pro.
hibit the Municipality from using O.
It's own volition, any of its general re.
| sources for the fulfillment of any o.
| the terms and conditions of the Mort.
| gage, this Ordinance or the Bonds.
| Section s. Covenants of Municipality
| The Municipality, by issuance of the
| Improvement Bonds, shall covenan