65-217 Ordinance - Laserfiche WebLink

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Gs =a ? ? s_6_ ? . Municipslity shall be required to be used, nor general thedMort?a?ee this Municipality pledged for the performance of any duty under to be made under the Mort- ?Ordinance or the Improvemsnt Bonds, but any payn?nt e this Ordinance or the Improvemsnt Bonds shall be made only from the properties a,nd revenues of the Utility; provided, however, that, if otherwise lawfa].; nothing herein a11aL1 be deened to prohibi? ehe?fiic?i n?fo? ?y of the?terrastandWC ? Onditions ?ny of its general resources for h of the Mortgage, this Ordinance or the 7mprovemznt Bonds. Section 7. Covenants of Municipality. The Municipality, by issuance oY the Improvemant Bonds,shall covenant with the holders of the Bonds and arith the Trustee (a) that it will at all times prescribe and chargc such rates for the services of the Utility, and will so restrict oueration and maintenance expenses of the Utility, as s11a11 resu].t in Utility revenues at lcast adequate, after mceting such operation and maintenance expenses, to met the prior requirements of the Outstanding Issue and the Bond klmd requirements of the Improvcmnt Donds aa specified by the provisions of Parags'aPhe ? rusteensemi-,annual reports of theoopetation that the Nfunicipa.lity will f1xrn and ineome of the Utility and also an annual report of the accounts and operations of the Utility and will permi.t the authorized representatives of the Trustee, or of any holder or holders of twenty-five per cent-uM oF the arr.ount or the IIonds at the tim outstandin.g to inspect the U1;ility and all rccords, accounts andciata of the Utility at all reasonable times; (c )that the i.;tuzicipality will segregate the revenues, ilxnds and properties of the Utility from all other f?znds and properties of thc Nfunicipality; (d) that the rtunicipality ?.riii observc and perform all its agreemsnts and oblieations provided for by the Improvement J.Ror.ds, the Mor-tgrage, or this Ordinance. All of the obligations under this Section ? are hereby establishe as duties specifically enjoined by 1-aw and resultinS, from an oifice, trust or station upon the Municipality within the meaning of R.C. Section 2731.01. . 5ection 8. -- Mor?• In order to secure the payra,.-nt oi the principal of and interest on the Bonds as the sam shall become due and payable and the perform- ance of the oblir ations of the Municipality in this Ordinance, the Bonds or the Mortgage, the Executive and Fiscal Officer of the Nlunicipality are hereby authorized and directed in the name of and on behalf of the Municipality to nake, execute, aclmowled,ge and deliver to the Trustee a good and sufficient mortgage deed (herein ca]1ed the Mortgage) mor'tgaging in trust for the hoJ.ders oi the Bords, all the propeY'ties and assets oP said Utility now oN.•ned or hereafter acquired by the Municipe?l.ity during the time my of the Bonds shall remain outstanding and unpaid, which mortgage shall constitute a lien upon the revenues and properties of the Utility subject only to the lien thereon of the Prior Mortgage, in such iorm and containing such terms, covenants and conditions not inconsistent with this Ordinance as shall be approved by such original purcnasers and by the Legal Officer of the Municip3l.ity. Provision sha11 be made therein that in case the Nunicipality shall default for inore than 60 days in the payrcent of any Bonds or the interest tYiereon or for mpre than 90 days in perfbrming any of the covenants o-r require:nents of the Mortgage or of the Prior N1prtgaae or of this Ordinance or the ordinancc: aut::orizing the OLitsta.nding Iysue, or oP the Bonds, the Trustee may elect to, and upon requcst oi the owners or holders of 25 nercent- in amount of the outstar.ding noilds shall, declare