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<br />,. <br />4. 6 - ) U 6 <br />- 4 - <br />balance in the Construction Fund in excess of the amount, if any, re- <br />quired for the,payment of an.y remaining part of the cost of the Project <br />' shall be transferred to the Bond Reserve Account of the Bond Fund. <br />Any Bonds purchased for cancellation shall be purchased at a price <br />not erceeding their th.en prevailing call price, if any, nor exceeding <br />'tn.eir fair market value. <br />Interest on any moneys or investments in each Account or Fund shall <br />be credited to such Account or Flasad provided that so long as the balance <br />in tiie Bond Reserve Account of the Bond Fund is at least $10,000, interest <br />earned on any moneys or investments in the Bond Reserve Accotint shall be <br />credited to the Bond Payment Account of the Bond Fund." <br />"Section 7. Covenazxts of Municipality. The A'tunicipality, by <br />? issuance of the Zmprovement Bonds, shall covenant with the holders of <br />the Bonds and with the Trustee (a) that it will at all times prescribe <br />and charge such rates for the services of the Utility, and will so <br />restrict operation and maintenance expenses of the Utility, as shall <br />result in Utility revenues at least adequate, after meeting such operation <br />and maintenance expenses, to rieet all prior requirements of the Out- <br />standing Issue and bonds issued on a parity therewith and to provide <br />surplus revenues sufficient to meet the Bond l'und requirements of the <br />Improvement Bonds as specified by the provisions of Section 4 hereof; <br />(b) that the Municipality will furnish to the Trustee seru-annual reports <br />. of the operation and income of the Utility and also an annual report of <br />the accounts and operations of the Utility and wi.ll permit the authorized <br />representatives of the Trustee, or of any holder or holders of twenty-five <br />per centum of the a.mount of the Bonds at the time outstanding to inspect <br />the Utility and all records, accounts and data of the Utility at all <br />rea,sonable times; (c) that the Municipality will segregate the revenues, funds <br />and properties of the Utility from all other funds and properties of the <br />hSvnicipality; (d) that the Municipality will observe and perform all its <br />agreements and obligations provided for by the Improvement 3onds, the <br />14ortgage, or this Ordinance. All of the obligations under this Section 7 <br />are hereby established as duties specifically enjoined by law and resul.ting <br />from an of:Cice, trust or station upon the Municipality within the meaning <br />of R.C. Section 2731.01." <br />Section 2. That Sections 2, 4 and 7 of Ordinance No. 65-217, passed <br />September 22,.1965, as they read prior to the wit?zin amendments be an.d the <br />sa,me are hereby repealed in their entirety. All other provisions of said <br />Ordinance No. 65-217 are h.ereby ratified and confirmed. <br />Section 3. This ordinance is hereby'declared to be an em.ergency measure <br />necessary for the immediate preservation of the public peace, health and safety <br />of the City, and for the further reason that the immediate issuance of said <br />second Mortga,ge revenue bonds is necessary to pay; obligations incurred by the <br />City and tlzereby protect its credit; wherefore, this ordinance shall be in full <br />force and effect from and immediately after its passage and approval by the <br />Ma.yor. <br />. <br />Adonted : ? hk ? l 1966 <br />A <br />? <br />tr? r <br />^ <br />ti }. 1 <br />`?iteS'li: . ?. ,' c. <br />? Clerk os Council <br />President?? Council p?o ?N <br />Approved: -7 /1 1966 <br />Ma,yor <br />k ? <br />&1?&_ 7_aZ6 ... <br />?