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<br />7.he Improv?ement Bonds shall be signed by the Executive and the
<br />Fiscal Officer of the Municipality ?a Se?°a acsimilecthereof?a.ndaa?
<br />provided that one of such signatures me?y
<br />' facsimile of such seal may be used, anq the interest coupons thereon
<br />shall bear the facsimile signatuz'e of the Fiscal Officer. `rThen used
<br />in this ordinance "Exeeutive shall mean the Mayor, "Fiscal Officer"
<br />shall mean the Director of Finance, and "Legal Officer" shall mean the
<br />Director of Iaw. Any officer or board vhich hereafter
<br />officers,shall
<br />opere?tion of 1.aW, to the pow?ers and duties of ar?y
<br />be deemed inclucled in the applicable official designation while having
<br />such powers and dutiss.
<br />The Nbrtga,ge referred to herein is the Indinyur?en?o?"SONagional
<br />• hereinafter Arovided for, betWeen the Municipa
<br />City BRnk of Cleveland, Cleveland, Ohio (herein with its successors
<br />called the "Trustee").
<br />"Section 4. Revenue Flznd and A lication "Phereof • apecial FUnds
<br />' bon s secured by the : 40 rtgage remain
<br />` and Accounts. -So long as any
<br />outsta.n ing, all revenues from the operation of the Utility, as now
<br />constituted or hereafter impraved or extended, shall cortinue to be
<br />deposited into the "Sewer Revpnue Flznd" established and to be maintained
<br />as provided ir, the ordinance autherizing the Outstanding Issue. Out of
<br />• said Fluid, and af'ter reserving therein at all times anadeq,uase?ium?as
<br />wccking capital for the 'Jtility, :.he folloWi.ng paymentc.? onl,,
<br />me,de and in the following order, to-wit:
<br />FYrst. Al1 reasonable and proper expenses of operating?ces
<br />and roaintaining the Utility and all ltuu ility ,
<br />auch expenses to exclude those of ar?y other
<br />of the Municipality whether or not such other utility
<br />sha?11 be operated as a single unit with the Utility,
<br />and to exclurie depreciation and capital replacements.
<br />Second. So long as any bonds of the Outstar=ding Issue or
<br />bonds issued on a Pntstretu? ed to ?e mad.eoto the '
<br />stancling2 the payme Q
<br />"Debt Service Fund", the "Debt Service Reserve
<br />F1and", the "Replacement and Improvement F1und", and
<br />the "Surplus FUnd" by the ordLnance autnorizing the
<br />Outstanding Zssue.
<br />The following PaYments ahall be made from the Surplus rland established
<br />by the ordinance authorizing the Outstanding Issue to the Bond Fund here-
<br />by established• (1) annually on JanuarY fifteenth, begir.ning Ja.nuarY 15)
<br />1968, tne sum neceseary to provide for payment of the interest due in that
<br />year upon all Improvement Bonds outstanding; (2) annually on JanuaY'Y
<br />Yifteenth, beginning January 15, 1970, the sum necessarY to pravicle for
<br />payment of the principal maturity of the Improveme?ee?hdsbeginningSJanuarY
<br />maturing i: ? that year; (3) a'?n?lly on JanuarY '?a.?d and at all
<br />15, 1970, the sum of $2,000 until there shall have Ueer, c
<br />times main+„ained in the Reserve AccounU in saia Bond Fund a ,"eServe °f at
<br />least $10,000; (4) Quarterly or,t3ie fifteenth days of Frebraara, Me??s a??y
<br />ar.d November, such sum in addition to any of the foregoing p Y?'?
<br />be necessary and available to malce uP anY Prevaous deficiency in any such
<br />• payment.
<br />If at an;r time al]. bonds of the Outstanding Issue and bonds.issued
<br />on a parity therewith are retired, "he payments requ:ired to be mede by
<br />the preceding para8raph to the Bond Fund shall be me?de from the Sewer
<br />Rtvenue FZnd, Which shall be continued as a special ftz:-id under this
<br />ordinance, instead of from the. Suzplus Pand•
<br />As used in this ordinar.ce, the term "Outstandirg Tssue" means the
<br />,..jge Sewerage System Reve:,,le Bonds dated Novem'ber 1, 1960)
<br />Firs t Kora:,fy
<br />origjnal?? issued in the amount oi' $1,525,000 Pursua.-:'_ to Ordinance
<br />i;o, rassed Navember 1S, 1960; and, fr°m and after the satisfaction
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