66-206 Ordinance - Laserfiche WebLink

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r r - 4 - balsnce in the Construction Fuid in excess of the amount, if any, re- ; quired for the payment of any remaining part of the cost of the Project ' shall be transPerred to the Bond Reserve Accoun± of the ?3ond Flxnd. Any Bonds purcnased for ca:.celiation shali be nurc'r_ased at a price not exceeding tneir then prevailing call price, if a:.y, nor exceeding their fair market •ralue. interes± on any moneys or investments in each hccour.t or F1and shall be credited to such Accoitnt or FUnd provided tYLa,t so long as the balance in the Bond Reserve Account of the i3ond RLnd is at least $10,000, ir.terest earned on any ropne.ys or investments in the Bond Reserve Account shall be credi+ed to the Bond Payment Account of the 3oncl Pand." , i "Sectior: ;. Coaeziarits of Municipality. The Municipalit:y, by issuance of the Improvement Bonds, shall co•senanti with the rolders of the Bonds and with the Trustee (a) that it will at ail times prescribe and charge such rates for the services of the L'tility, and will so restrict operation and maintenance expenses of the Utility, as shall result in Utility revenues at least adequste, after meeting such oneration and me.inLenance expenses, to meet all prior requirements of the Ou?t- standing Isswe and bonds issued on a parity thererrith and to provide surplus revenues sufficient to meet the Bond Fund requirements of the Itaprovement Bonds as specified by the provisions of Sect' on 4 hereof; (b ) that the Municipality will furnisY: to the Tru:stee sesi -annual reports of the operation and income of the Utility an3 also ar. annual report of the accounts and operations of the Utiiity and will permit the authorized representatives of the Trustee, or of any holder or holders of twenty-five per centum of the amount of the Bonds at the time outstanding to inspect the Utility and all records, accounts and data of the tJtility at all reasonable times; (c) that the Municipality will segregate the revenues, funds and properties of the Utility from all other fwnds and properties of the Municipality; (d) that the Nhuiicipality will observe and perform aL1 its agreements and obligations provided for by the Improvement Bonds, the Mortgage, or this Ordinance. All of the obligations under this Section 7 are hereby established as duties specifically enioined by law and resulting from an office, trust or statior upon the Municipality within the rneaning of R.C. Section 2731.01." Section 2. That Sections 2, 4 and 7 of Ordinance No. 65-217, passed September 22, 1965, as they read prior to the within amendments be and the same are hereby repealed in their entirety. All other nrovisions oP said Ordinance No. 65-217 are hereby ratified and confirmed. Section 3. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservatioii of the Aublic peace, health and saPety of the City, and for the further reaso:, that the imnediate issua.nce of said aecond mortgage reventw bonds is necessar;.•, to pay obligations incurred by the City and thereby pro+ect its credit; Wherefore, this ordina,nce shall be in full force and effect from and imediately after its passage and approval by the . Mayor. ? -- Ado?, ted . 1966 2)_ President, o Council fto ltK '{ , r, t t!! ? t: _??? ????,,,_, ?1_•? 1? 1... ?- t1,?? ? ?• `• • ?' •} ? .. • Fw -,7r(lp,LnL,i '.. / Approved: 1?// ? / _' . f Me.yor