65-217 Ordinance - Laserfiche WebLink

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?s a ?? ? 3 "r':? ;?.?il t::er The Improvement Bonds shall be si?ned. by -tl-ic Lxec:ivc ??'?-?• of the Municipality and sealed w'ith the corporate seaJ., o???e of :i ,-natures may be a facsimile thereof and a iacsi;nile o:f GUCYi l?c ancl -L-he interest coupons thereon shall bear the facsimile 2i4rnGLliUre Ol ,he ?? ?? O.t'ticer. When used in this ordinanec, Execul;ive shall rr.ean the P?;ayc?r, "??icc:i]_ OfFicer" shall- man the Director of Finance, and "Leoal ^vi'i'iccr" :Y??a:Ll r1ean t'r:e Director of Iaw. Any o:ficer or board which nereafter ;:uccecas, by opera,tion of ];ata, to the powers and duties of any such o''iicers snall be u.eemed inciuded in t-he applicable o:ficial designation while having such powers and duties. The 14ortgage referred to herein is the Indenture of Mort;age hereinafter providcd for, hetween the Munieipality and the Trustee (he-rein t-rith i1:s successors call.ed the "Trustee"). The Trustee sha]1 be 3 bank or trust company located in the StaCle of Ohio which is duly authorized to sccept ar_d execute trusts and shal.l be designated by ordiiiance of this Council prior to the delivery of the Improvement Bor.ds. Section 3• Sale of Bonds. Tlie Improvement Bonds art: hereby awarded and sold to the Director of Fi.nance as officer in charge of the Bond Retirement Ftiind for investment therein, and this Council hereby concurs in such investmnt as provided in Article VIII. Section 5 of the Charter. The purchase price is at par plus accrued interest to date of delivery. Section 4. Revenue Flund and cati.on Thereof.; So long as any bonds secured by the 24ort ciwl 5lands and Accounts. main outsta:idin ;, al2 revenues from the operation of the Utility, as now constituted or hereafter improved or extended, shall continue to be deposited into ;,he "Seti,re: Revenue PaJ.?d" established and to be maintained as provided in Section 4 of Crdinance No. 3146 authorizing the Outstanding Issue. Out of said klznd, and after reserving therein at all tims an adequate sum as working capital for the Utility, the folloGri.nr pa;lments only shal.l be made and in the following order, to-wit: . First. A1l reasonable ar:d proper exr.enses of o,-,eratin- and niintainin;; the Utility and all i-lu-s appurtenanccs, such exper.ses to eV- clude those of any other utility of the Mu::iciy?al:i°?y -:%netiier or not such other utility sha.li be oneratied as a ?_Lnit with the Utility, and to exclude deprociation and capi.tal replacements. Seeond. The payments required to be ma.de to the "Debt Sexvicc Funci", the "Debt Service Reserve F?znd" and the "Replacement ar.d Improvement Fund" by said Section 4 of Ordirance No. 3146 aut:zorizing tk?.e Outstanding Issue. Third. Qua.rterlf on the fifteenth days of February, Ivay, AU-LlSt and November, into the Bond F.ind : (1) begir.ning February 15,.396?, the eolual. quarterly sum necessary to provide fo-r payrre-nt of the interest aue on the next ensuing interest payment date upon all Improvement Bonds outstanding; and (2) beginning Febraary 15, 1970, the equal qua.rterly sum necessary to provide for payment of tne next ensuing principal maturity of all Improvem,ent Bonds outs-ta,nding; and (3) beginning February 15, 1970, the sum of $500 until there shall have been created and at all times mir.tained in the Reserve Accou:zt in