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ORDINANCE N0. <br />AN ORDIIdAN1JCE PROVTDINC; F(-)R Tfa; IS,gLfpNCg OF $1, y25, 000 <br />FIHST MOR'IGAGE &EWERAGE SYSZEM REVEMIE BORIYg OF 1'a CITY <br />oF InFMi ULMTED UNDER SHCTION 12, AHTICLF. XVIIl. OF TfE <br />COHSTI'I't1TI011v OF THE' STATE OF OtfIn FOR THE pLIRP(SE OF <br />IMPROVING AiVD E?CI'IIdDING Z'fE MUFJICIPAL $L'WERAGE $Y3TPM: <br />TO At?I'FiORIZE T}E EKWI,)TIpN OF A MORZGAGE OF 3AID 3YSTEM <br />To 3ECl1RE SAIV FjOrrlB AND TO SECURE ADDITIONAL PARITY <br />BONIF HER'EAF:'F.R AIlTHORIZED; TO DKPZI+TE THE TERMB 0F A <br />FRa'VCut3E trNnER WxICH, IN CASE OF FoRECI,OBURE, THE <br />AIRCKASF:R MAY 0PERA`PE SAID SYSM; AND TO PROVIIE , IN <br />?'VE?aT OF DEFAi1I,T, FOr; i'HE ApppINlT+E'r OF A RECEIVER TO <br />A IPU?d IS'I'Ep SJ1 I D SYSTFZ 1 <br />W'M"FAS, '.re C+_:y of North Olmsted (herein called the "Munic:pality") noy <br />ovn, and oPera+es atz a pubiic utility (hereinal'ter referred to as the "Utilitv" ), <br />a serrerage system, the services of which are and are to be ,upplied to persons <br />and cor'porar..ons within rin3 ki thout the cerparate limita 01' the Municipality; <br />ar: d <br />wfERF'-AS, ?)azed on thr? rccocrpnendations of Floyd G. Browne arid pssocie*es> <br />t+Sar.on. Oh;o, Consulting Engineers (hereir: ca11Pd the "Engineer"), t.he Counci; <br />of the Muni: ipa.l.:ty has j,?ter?ained it necessary Lo improve and extend said <br />IJt:i:ty by constr,-icting $ sPwage trestment plant and intercepting and trunk <br />seti+rra sr.ith dppurtenant °orce mnins snd I,ft stations as set forth in the <br />report of said F.nginEera d,ar.ed September, 1957; and <br />WHFJOAS, ft is dea ired to finance Lhst pe?rt of the cnsta of the Prajtct <br />not provided from the proceeds of bande (or notts in snticipation thereof)herrtc <br />foi•e voted by the electors a; the Municlpality and from other moneys now avail- <br />erle ti the Munici.pal'ty, including in such finencing all expenditurea, f!sral, <br />legal, engfnceriiig or othenrise incident to construct.ian of the project snd to <br />sur'r, f'inancing, by the issuance and sele of mortgdge revenue banda to be deaig- <br />!.aLed First Mortgagp Sewrerege 3ystetn Revenue Bonda, in sccor:iance trith Art.icle <br />XVIII, 3ectiun 12 of the Constitution of Ohio, vhi?-h tx)nds (hereinaPter called <br />' Impre'r'Pirx?nt Bonds" ) together Wlth any additional boncis subsequently iasuPd or. <br />a parity thererr`.th (hereinafter ca.liel "Addit:or,a,l &o::da", the Iraprovement Bonds <br />ana Additional Bonds being hereinsf'ter cQllectively rcferred to es the "Bonds") <br />ai•e to be eecurec3 Dy the Mortgage hereinaf'ter provided for (hereinafter referred <br />c.o as the`"Mortgege") upon the properties, aasets end reven?.ies of the Util,ty <br />and by a,j•anchise to become effective in the event of forecloaure of the <br />Mortgage ; <br />2a <br />t?/