66-206 Ordinance - Laserfiche WebLink

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? - 2 - ? ? J`?,6 P The Zmprovement Bonds shall be signed by the Executive and the F`iscal Officer of the Municipality and sealed with the corporate seal, provided that one of such signatures may be a facsimi.le thereof and a facsimile of such seal may be used, and the interest coupons thereon shall bear the facsimile signature of the Fiscal Officer. When used , ?? tin this ordinance, Executive shall mean the Mayor, "Fiscal Officer" shall mean the Director of Finance, and "Legal Officer" shall mean the Director of Iaw. Any officer or board which hereafter succeeds, by operation of law, to the powers and duties of any such officers shall be deemed included in the applicable official designation while having such powers and duties. The Mortgage referred to herein is the Indenture of Mortgage hereinafter nrovided for, between the Municipality and The National City Bank of Cleveland, Cleveland, Ohio (herein with its successors ? called the "Trustee"). "Section 4. Revenue Itiind and Application 2'hereof; Special Funds , and Accounts. So,long as any bonds secured by the Mortgage rema,in outstanding, all revenues from the operation of the Utility, as now constituted or hereafter improved or extended, shall continue to be deposited into the "Sewer Revenue Fund" established and to be maintained as provided in the ordinance authorizing the Outstanding Issue. 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 and in the following,order, to-wit; First. A1.1 reasonable and proper expenses of operating and maintaining the Utility and all its appurtenances, . such expenses to exclude those of any other utility of the Municipality whether or not such other utility shall be operated as a single unit with the Utility, and to exclude depreciation and capital replacements. Second. So long as any bonds of the Outstanding Issue or bonds issued on a parity therewith rem,ain out- standing, the payments required t-o be made to the "DeUt Service F1znd", the "Debt Service Reserve Fund", the "Replacement and Improvement Fund", and the "Sur-plus Fund" by the orclinance authorizing the Outstanding Issue. 2lie :E'ollowing nayments shall be ma,de from the Surplus Fund established by the ordinance authorizing the Outstanding Issue to the Bond Fland here- by established; (1) annually on January fifteenth, begirming January 15, 1968, the sum necessary to provide for payment of the interest due in that year upon all Improvement Bonds outstanding; (2) annua,lly on Janua,ry fifteenth, beginning January 15, 1970, the 5um necessary to provide for payment of the principal maturity of the Smprovement Bonds then outstanding maturing in that year; (3) annually on January fiiteenth, beginning January 15, 1970, the sum of $2,000 witil there sha,ll have Ueen created and at all times rna.intained in the Reserve Account in said Bond Fland a reserve of at --,least $10,000; (1+) quarterly ontie fifteenth days of Februa.ry, May, August and November, such sum in addition to any of the foregoing payments as may be necessary and available to ma.ke up any previous deficiency in any such payment. ? If at any time all bonds of the Outstanding Tssue and bonds issued on a parity therewith are retired, the payments required to be made by the preceding paragraph to the Bond Fund shall be made from the Sewer Revenue Fznd, which shall be continued as a special fund under this ordinance, instead of from the Surplus Fund. As used izi this ordinance, the term "Outstanding Issue" means the First Mortgage Sewera.ge System Revenue Bonds dated November 1, 1960, originally issued in the amount oi' $1,525,000 pursuant to Ordinance T1o. 3146, passed November 15, 1960; and, from and after the satisfaction ?;