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

necessary for the presentation and sur
render OF the Outstanding IssJc and |
such further sum as shall be necessary !
to pay interest accrulng on the Out
standing Issue from September l. 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 to
the following funds Of the Utility,
hereby established: (al the portion
representing accrued interest, TO the
Debt Service Fund: tbl the portion, il
any. representing premium. to the
Debt Service Reserve Fund: and tcl
| the entire balance of such proceeds,
| to the Construction Fund
section 6.-AdditionaI 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
1 vice Fund and Debt Service Reserve
| Fund and be secured by lien upon
| the properties and revenues OF the
\ ItTF
| ment Bonds, and the Trustee shall
| authenticate and deliver such Addi-
| tonal Bonds; provided, that when any
| such Additional Bonds are issued, the
| Municipality shall have furnished to
| the Trustee the following certificates;
| tAl Certificate of Fiscal Officer
and Legal Officer of the Municipality
! certifying that, 10 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
| (Bl Certificate of an independent
| engineer satisfactory to the Trustee
showing "a that as determined by
such independent engineer, the ave-
| rage tNeiVe-mOnth revenues of the
| Utility received during the thirty-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 oil 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 Covcrage for issuance of Ad-
| ditiOnal Bonds. g21 that If issued for
OF such Additional Bonds proposed to
I I've issued is essential for such pur-
pose. and ~ 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 OF for meeting existing or
| prospective demands for its services.
or both.
The proceeds of any sale OF Addi-
| tlonal 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
he created III 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 detray costs
| and expenses incidental thereto OF m
| cIdental to the sale or issuance OF the
Section I. Terms of the Bonds Cen
as set forth in the Preamblcs 70 this
Ordinance, shall be payable IN lawful
money OF the United States. shall be
in coupon form bat 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 except when
! registered be negotiable instruments
| shall express upon their face the pur.
| pose for which they are issued. shall
| be issued pursuant 10 Article XVIII
Section u Of the Constitution Of LhG
| 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 OF
| by Law Or charter provision iii anyl
applicable at the time of issuance OF
the respective Bonds. Interest coupons
| attached to the Bonds shall bear the
facsimile signature OF the Fiscal Or
| flcCr or such other facsimile or manual
Ordinance or by law or charter pro-
vision tif anEl applicable at the time
| of issuance OF the respective Bonds
The Additional Bonds shall bear such
, designation as may be necessary 10
distinguish them from the Improve
ment Bonds or other Additional Bonds
having different provisions and shall
nave maturltleS, interest rates, interest
payment dates. redemption provisions
| denominations and other provisions as
provided III this Ordinance or in 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 Improvements
Bonds.
The Bonds shall be payable solely
from the revenues and properties OF
the Utility and shall be secured only
but equally and ratably without prior
ity OF one over another by reason OF
number or of date Of Bond, sale. exc
cution or delivery, by the Mortgage
constituting a lien upon said revenues
and properties, after provision for the
reasonable operation and maintenance
expenses OF the Utility, and by the
franchise hereinafter provided for
under which, in case of foreclosure OF
the Mortgage. the purchaser may OPP
crate the Utility; and anything in the
Mortgage. in this Ordinance or in the
Bonds TO the contrary notwitllstard-
ing, neither the general resources OF
the Municipality shall be required to
be used, nor the general credit of the
Municipality pledged for the per
formance of any duty under the Mort
gage. this Ordinance or the Bonds, but
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, OF
its own volition. any OF its general re-
| sources for the fulfllrnent of any Of
the terms and conditions of the Mort
| papp flnic Orfiina al. tlnn Ian,dr