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<br />The Improvement Bonds shall be signed by the Executive and the
<br />Fiscal Officer of the Municipality and sealed with the corporate seal,
<br />provided that one of such signatures may be a facsimile thereof and a
<br />facsimile of such seal n;ay be used, and the interest coupons thereon
<br />shall bear the facsimile signature of the Fiscal Officer. When used
<br />in this ordinance, "Executive" shall mean the Mayor, "Fiscal Officer"
<br />shall mean the 'Director of Finance, and "legal Officer" shall mean the
<br />Director of Law. Any officer or board which hereafter succeeds, by
<br />operation of J.a,w, to the powers and duties of any such officers shall
<br />be deemed included in the applicable official designation while having
<br />such powers and duties.
<br />Z`ne Mortgage referred to herein is the Indenture of Mortgage
<br />hereinafter provided for, between the Municipality and The National
<br />City Bank of Cleveland, Cleveland, Ohio (herein with its successors
<br />called the "Trustee").
<br />"Section ~+. Revenue Tuna and Application Thereof; Special Funds
<br />and Accounts. So long as any bonds secured by the Mortgage remain
<br />outstanding, all revenues from the operation of the Utility, as now
<br />constituted or hereafter improved or extended, shall continue to be
<br />deposited into the "Sewer Revenue Fund" established and to be maintained
<br />as provided in the ordinance authorizing the Outstanding issue. Out of
<br />said Fund, and after reserving therein at all times an adequate sum as
<br />working capital for the Utility, the following payments only shall be
<br />made and in the following order, to-t,~ t;
<br />First. All reasonable and proper expenses of operating
<br />and maintaining the Utility and all its appurtenances,
<br />such expenses to exclude those of any other utility
<br />of the Municipality whether or not such other utility
<br />shall be operated as a single unit with the Utility,
<br />and to exclude depreciation and capital replacements.
<br />Second. So long as any bonds of the Outstanding Issue or
<br />bonds issued on a parity therewith remain out-
<br />standing, the payments'required to be made to the
<br />"Debt Service Fund", the "Debt Service Reserve
<br />Fund", the "Replacement and Improvement Fund", and
<br />tree "Surpl-as Fund" by the ordinance authorizing the
<br />Outstanding Issue.
<br />The following payments shall be made from the Surplus i~ar.d established
<br />by the ordinance authorizing the Outstanding Issue to the Bond mind here-
<br />by established: (1) annually on January fifteenth, beginning January 15,
<br />1968, the sum necessary to provide for payment of the interest due in that
<br />year upon all Improvement Bonds outstanding; (2} anr~aally on January
<br />fifteenth, beginning January 15, 1970, the sum necessary to provide far
<br />payment of the principal maturity of the Improvement Bonds then outstanding
<br />maturing in that year; (3) annually on January fifteenth, beginning January
<br />15, 1970, the sum o~ $2,000 until there shall have been created and at all
<br />times maintained in the Reserve Account in said Bond F1ind a reserve of at
<br />least X10,000; (~) quarterly on tae fifteenth nays of February, N~,y, August
<br />and Biovember, such sura in addition to any of the foregoing payments as may
<br />be necessary and available to make up any previous deficiency in any suer:
<br />payment.
<br />If a~'t any time all bonds of the Outstanding, Issue and bonds issued
<br />on a parity therewith are retired, the payments required to be made by
<br />the preceding paragrapr. to the Bond F~,ind shall be made from tl~e Sewer
<br />Revenue Fund, which shall be continued as a special fund u.:~der this
<br />ordinance, instead of from the Surplus Fund.
<br />As used in this ordinance, tie term "Outstanding Issue" weans the
<br />First .•'Iortgage Sewerage Systerl Revenue Bonds dated November 1, 19~C,
<br />originally issued in the amount of ~p1,525,000 parsuar.t to Ordinance
<br />No. 316, passed November 15, 1960; and, from and after the satisfaction
<br />
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