|
NOW, THERSFORE, BE IT ORXIMD gy THE Cp1111CIL OF TEX CITY Or MMM OLBTED,
<br />C1IYAHOGA COUNTY, OSIO, THAT:
<br />3ection
<br />Municipallty hereby finda aad c1eterminee that the wunicipal severage system
<br />haa been, and shall hereat'ter be, opersted aa a puhlic utility, including all ex_
<br />ters ivns of ind improvPments to said systes, Lhat prior to the iseuance of
<br />the Improvemept Bonds rates and charges Por the services of said Utility vill
<br />hnve been fixed in an smrn,int sufficient to pRy the coatee of operating and
<br />cne?intaining eaid Utility and to leave sn miount of revenues adequste for the
<br />principal and ittterest, debt service reeerve and replacemer.t anQ improvement
<br />requirewnts and otherr+ise ta compljr vith the covenanta herein provided for,
<br />and that it is necesaary to iaeuF and sell the IaQ,ravement Bonda in the
<br />principal aisount of =1, 525,400 and having the tenss provided for herein, the
<br />proceeds to be used to pay the cnsts oP the Project and costs incidental
<br />thereto aad inc idental to the isauar,ce and aale of said Inprovement Bondis.
<br />In the event Lhat, aft,er pqying or providing for the foregoing coats, aiy balance
<br />alull remin in the Corutruction F1tnd herelaatter establiahed, then not less
<br />than tvaaty-fivr per centua tDE reof or $25, 000, whichever is lawsr, ahall forth-
<br />ViLh bQ pa1Q iA to the Debt Service Reserve Fund, and t,2k resainder aot so
<br />depoaited ony be sppropriated and used for further capital i.nprovesents to
<br />the Utility rdiich are t,hen recommended by the Eyngineer.
<br />Section 2. Termg of Improvement Bonda and 8 cial Term oP the Bonds --
<br />The ImprovemenL Bonda shaU be initially issued in capaan or ful-ly registertd
<br />form as me?y be requesLeS by the original purchasen thereof and shall be exchange-
<br />able for Pul]y registered or coupon bands in Lbt matner and an the tenr provided
<br />in the Nortgage. Iapravement Bonds ia caupon fozw shall be dated Havember l,
<br />1960, shall be in the denomination od' $1,000 each aad rsglstrable v to principal,
<br />and shall be nuaibered 1 to 1525, inclusive. Iapwavement Honds in ltilljr registered
<br />form aha11 be in denominationa of $1,000 or aqy ,u,ltiple t,hereof awd sha.ll be
<br />numbered u detersined by the Fi4ca1 Officer. ?ach LmprorowenL Bond in registered
<br />forn vithout coupona sha11 be dated as of the interest paysent date on vhich it
<br />is suthenticited or the intereat date next preceding the date of its autbentication
<br />or a8 of the rame date as the coupon bonda if authenticated prior to the first
<br />intereet paymeat date; pravided, bovever, if, at the time of autheatication of
<br />1 regietered bond without coupoas, interest i• in delault, auch Lprowwnt Bond
<br />ahall be dated ai of the clate to wt?ich interest has bmen paid. 1be Iepraveaent
<br />Bonda ahall bear interest payable semiarinuall,q cp Jytw first and Deaeaber first
<br />oT esch year, beginning June l, 1961, until the Drincipal sime becames due and
<br />payable at the rates set forth below, `rith interest on aapr rnnrdue principal and
<br />(to the extent Lhat pqyaent of such intereat is enforcesble under applicable
<br />law) on arLy overdue instalLent of interest uatil tb& principal sum ia paid, at
<br />a rate of s1x per centum per annuo. 8aid Lprov+Mrat Boads mhall sature aaaw?lly
<br />on Decesber firtt as follvw:
<br />2b
<br />?
<br />?N
<br />. . :.,.,.,E ,
<br />. ., .
<br />. ,??
|