66-206 Ordinance - Laserfiche WebLink

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- 4 - balance in the Construction Fund in excess of the amount, if any, re- quired for the payment of gray remaining part of the cost of the Project shall be transferred to the Bond Reserve Account of the Bond Fund. Any Bonds purchased for cancellation shall be purchased at a price not exceeding their then prevailing call price, if any, nor exceeding their fair market value. C C LJ Interest on any moneys or investments in each Account or Fund shall be credited to such Account or l~,ind provided that so long as the balance in the Bord Reserve Account of the Bond Fund is at least X10,000, interest earned on any moneys or investments in the Bond Reserve Account shall be credited to the Bond Pa ~~ent Account of the Bond Fund." "Section 7. Covenrants of Municipality. The A~unicipality, by issuance of the Improvement Bonds, shall covenant with the holders of the Borlds and w-itr. the Trustee (a) that it will at all times prescribe and charge such rates for the services of the Utility, and will so restrict operation and rn~~,intenance expenses of the Utility, as shall result in Utility revenues at least adequate, after meeting such operation and maintenance expenses, to meet all prior requirements of the Out- standing Issue and bonds issued on a parity therewith ar~d to provide surplus revenues sufficient to meet the Bond Fund requirements of the Improvement Bonds as specified by the provisions of Section ~- hereof; (b) that the l~:unicipality will furnish t;o tree Trustee ser::i-annual reports of the operation and income of the Utility and also an annual report of the accounts and operations of tl~e Utility and t~rlll permit the authorized representatives of the Trustee, or of any holder or holders of twenty-five per centum of tine amount o~~" the Bonds at the time outstanding to inspect the Utility and all records, accounts ar~d data of the Utility at all reasonable ti.~les; (c) teat t~~e A'`unicipality will segregate the revenues, funds and properties of the Utility from all other funds and properties of the bunicipality; (d) that tn.e l~h.~nici~oality will observe and perform all its agreements and obligations provided for by the Improvement Bonds, the Portgage, or this Ordinance. All of the obligations under this Section 7 are hereby established as duties specifically enjoined by law and resulting from an office, trust or station upon the Municipality within the meaning of R.C. Section 2731.01." Section 2. That Sections 2, ~- 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 provisions of said Ordinance No. 65-217 are hereby ratified and confi ~~ed. Section 3. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public ~oeace, health and safety of the City, and for the further reason that the immediate issuance of said second mortgage revenue bonds ?.s necessary to pay obligations incurred by the City and thereby protect its credit; wherefore, this ordinance shall be in full force and effect from and immediately after its passage and approval by the Mayor. r~ Adopted: ~ ~ , 1966 President of Council Attest: Approved: , 1966 Clerk of Council Mayor