65-217 Ordinance - Laserfiche WebLink

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x . , ?S a l'? . -5- ? Munic3pality ia a deposit account :Rilly secured by direct obligations of ttie United States, and, until'required for the purposes herein provided, my be investeA- by the Fiscal Off'icer in direct oblieatione of the rnited States me,- turing not later than the tims the moneys therein are required for the payment of the coats of the conetruction of the Project, as certified by the En"ineer, and (3) ahe.ll ba applied to the purposes for which the procceds of the Improvement Bonde ara required to be used uader the foregoing sections of this Ordinance. When the construction of the Project is completed as certified by the En,gineer., the balance in the Construction Axnd in excess of the amount, if any, required for the pVment of any remaining part, of the cost of the Project shall be transferred to the Bond Reserve Account of the Bond Fund. Any Bonds purchase8 for cancellation shall be purchased at a price not exceeding their then prevailing call price, if any, nor exceeding their fair market value. Interast on any moneys or investments in each Account or Flund shall be credited to such Account or Fun3. Section 5. Allocation of Proceeds of Bonds. The proceeds f'rom the sale of the 7.Vrovement e-shall be allocated and are hereby appropriated to the follovririg 1luzds of the Utility, hereby established : (a ) the portion representing accrued interest to the Hond Payment Account of the Bond Flznd; and (b) the entira bslsnce of such proceede, to the Construction F1and. 4? 3ectioa 6. Terms of_theTaadprovement Bonds Generally -- The Improvement Bonds shall ba designeted as eet torth in the Preambles to this Ordinance, shall be payable in law.ftil money of the United Ststes, shall be in coupon form but xith .privilege of registration as to principal or in fu1.ly registered form as provided in the Ordinance authorizing such Improvement Bonds or in the MortCage, sha7.l be negotiable instriuments, sha7.l express upon their face the purpose for which they are issued, sha?.l be issued pursuant to Article XVIII, Section 12 of the Constitut3on of the State of Ohio and sYia,11. be signed by the Executive and by the Fiscal Ofricer of the Municipality and sealed with the corporate seal or shall be signed arul sealed in sueh mQnner as may be required in such Ordinanee or by law or charter provision (iP any) applicable at the time of issuance. Interest coupons atta,ched to the Iaprovement Bonds shall bear the facsimile signature of the Fiscal Officer or such oth,er flacaim3.le or manual sigaature as shall be required by such Ordinance or.by lar or charter provisian (if any) applicable at the time of issuance. The Improvement Bonds shall be payable solely from the revenues and properties of the Utility and shall be secured only, but equally e,nd ratably withotit priority of one over anothex by reason of number or of date of bond, sale, execution or delivery, by the M+ortgage constituting a lien upon said revenues and properties, aPter pro- vision for the reasonable.operation and maintenance expenses of the Utility and for the prior charges upon the Outstanding Issue, and subject to the prior lien rights created by the Prior Mbrtgage; and by the franchise hereinafter provided for under vhich, in case of foreclosure of the Moi^tgage, the purchaser may operate the Utility; and anything in the Mortgage, in this Ordinance or in the Improvement Boncls to the.contrary notxithstanding, neither the general resources of the