65-217 Ordinance - Laserfiche WebLink

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GS a?-7 ? - 5 - Municipality in a deposit account ?l.ly secured by direc?; ob'li?ati.on,:? o? the UniLed States? and, until?mquired for the purposes herein provided, +may be invested by the Fiscal OPficer in direct oblieations oi' the Unit;eu a?ates ma- turing not later than the times the moneys therein are required for the paymnnt of the costs of the construetion of the Project, as certified by the I:n,r,ineer, ancl (3) Shall be aPPlied to the purposes for which the proceeds of the Improvemnt Iionds are required to be used under the foregoino sections of this Ordir.ra.nce. When the construetion of the Project is completed as certified by the Engineer, the balance in the Construction Fznd in eYCess of the amount, if a.ny, required for the payment of any remaining Part of the cost of the Project shail be transferred to the Bond Reserve Account of the Bond Fluzd. Any Bonds purchased for cancellation shall be purchased at a price not exceeding their then prevailing call price, if any, nor exceeding their fair ma,rket value. Tnterest on any moneys or investments in each Account or Fund shall be credited to such Account or Fxnd. Section 5. Allocation of Proceeds of Bonds. The proceeds from the sale of the Tmprovement Bonds shall be allocated and are hereby appropriated to the foLtowing funds of the Utility, hereby established: (a) the portion representing Recrued interest to the Bond Paymen;: Account of the Bond Eznd; and (b) the entire bal.ance of such proceeds, to the Construction I'und• Section 6. Terms of the Tsnnrovenaent ?3onds Generally -- T11e Improvernent I3onds shal.l be desiemted as set forth in the 2'reambles to this Ordinance, ahall be payable in lawful money of the United Sta,tes, ahall be in coupor, form but with privilege of registration as to principal or in fully registered form provi bed in the Ordir?ance authorizinr such Improvem?nt Iioncls or in the NlortL?ge, negotiable instrtunents, shall express upon their face the purpose for which t;hey are issued, shall be issued pursuant to As?ticle XVIII, Section 12 of the Constitutior, of the State of Ohio and shall be sigr.ed by the Executive and by the T'iscal. Ofricer of the Municipo,lity and sealed with the corporate sea.l or shall be signed and seal.ed in such manner as may be required in such Ordinance or by law or charter rrovision (if any) applicable at the tinne of issuancz. Interes? coupons attached to the Improvement Bonds sha:11 bear the facsir,Li.le signature of the Fiscal Officex or such other facsimile or manual signature as shall be required by such Ordinance or by ].aw or charter provision (if any) applicable at the time of issuo,nce. The Isnprovemsnt Bonds shall be payable solely from the revenues and propert3.es of the Utility and shall be secured only, but equally and ratably withoUt priority o: one over another by reason of number or of date of bond, s'ale, execution or delivery by the Martgage constituting a lien upon said revenues and properties, after pro - vision for the reasonable.operation and maintenance expenses of the Utility and for the prior charges upon the Outstanding Issue, and suQjject. to the prior 2ien rights created by the Prior iMortgage; and by the franchise hereir.after provided for under which, in case of foreclosure of the Martgage, the parchaser my operate the Utility; and anything in the NSortgaGe, in this Ordinance or in the Improvement Bonds to the contrary notwithstanding, neither the general resources of the