65-217 Ordinance - Laserfiche WebLink

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6s-a 17 -3- ? The Improvement Londs shall be s:I rned by the Execui;ive and the Fi:.cal Of:£:icer of the Municips?lity and sealed with the corporate seal, nroviaea ?hat one of such signatures may be a fac:,imile thereof and a facsimi.l.e o:f Guch ;cal may be uced, ancl the interest eoupons thereon shal.l berxr 1:he facsi.mile ci_,7-iature of i;he Fiscal 0£ficer. When used in this ordinance, "Executive" sha,ll r,lcan tt.e Nhyor, "I'iocal Officer" shall-mean the Director of Finance, and "Ie-al Oi'iicer" shall mean the Director oP Law. Any off3.cer or board which hereafter succeed.s, by operation of l:a.w, to the powers and duties of any such officers shall be deemed included in the applicable official designation while having such powera and duties. The Nbrtgage referred to herein is the Indenture of Mortgage hereinafter provided for, between the Municipality and the Trustee (herein Sfithits C5s?tateeoftOhio Trust,ee"). The Trustee shall be a bank or trust company located in the r which is duly authorized to accept ar_d execute trusts and shall be designated by ordinance of this Council prior to the delivery ot the ImprovPment Bonds. Section 3. Sale of Bonds. The Improvement Bonds are hereby awarded and sold to the Director of Finance as officer in charge of the Bond Retiremnt Fund Por investment therein, and this Council hereby concurs in such investment as provided in Article VIII. Section 5 of the Charter. The purchase price is at par plus accrued interest to date of delivery. Seetion 4. Revenue Fund and Arnlication Thereof; Special I1Znd3 and Accounts. So long as any bonds secured by the Tdortgage remain outstandin;, all revenues from the operation of the Utility, as now constituted or hereafter impraved or extended, shall continue to be deposited into Ithe "Sewer Revenue Fan3" established and to be mainta,ined as provided in Section 4 of Ordinance No. 3146 authorizing the Outstanding Issue. Out of said Fund, and after reserving therein at?slol?sYall be adequate sum as working capital for the Utility, the followin?, payymn y made and in the following order, to-wi.t : First. All reasonable and proper exnenaes of operatinrr and na,intainin; the Utility and a11 its appurtenances, such ex.penses to ex- clude those of any other utility of the Municipality whether or not such other utility shali be operated as a single unit with the Utility, and to exclude depreciation and capital repl.acenents. Secpncl. The payments required to be made to the "Debt Service F1znd", the "Debt Service Reserve Fyznd" and the "Replaceraent and Improvemnt F1und" by said Section 4 of Ordinance No. 3146 authorizing the Outstanding Sssue. ' Third. Quarterl.y on the fifteenth d.ays of February, May, Aurust and November, into the Bond Fund: (1) beginning February 15, 1>n, the equal quarterly sum necessary to provide for payment of the interest due on the next ensuing interest payment date upon a1.1 Improvement Bonds outstanding; and (2) beginning February 15, 1970, the equal quarterly sum necessary to provide for payment of the next ensuing principal maturity of all I.-nprovemnt Bonds outstanding; and (3) beginning February 15, 1970, the sum of $500 until there shall have been created and at aLl times ruintained in the Reserve Account in