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.. •: <br />• a.w. <br />0 <br />: 0 <br />I <br />ORDINANCE NO . <br />lR.W-?,_L. 115 ° ? <br />, PFtOVIDINGG FOR 'I'HE ISSUANCE OF $123,000 SECOND MORTGAGE <br />SEWERAGE SYSTEM REVEYal BONDS, 4F THE CI`''Y Ol? PJORTH <br />OLM,,?'TED UPIDER SECTION 12, ARTICLE XVIII OF THE' CON- <br />STIT(JTION OF THE STA`.I'E OI'' OHIO FOR THE PURPO`Z' Or CON- <br />STRUCTING IMPROVEMENTS TO THE N:UNICIPAL SANITAR OI'AIDE <br />SySTEM; TO AUTHORIZE TFIE E?CUTZON OF A MORTGnG , <br />S^15TEM AND THE EX'I'ENSIONS AiVD IMPROVENICPaT3 TIiZ?',tf?TO, AIM <br />THE RE'VENUES THEREOF TO SECURE SAZDlBOiVDS; TO DEFIIJE, TIZ <br />TF,RMS OF A FRANCIISE UNDLR WHICfI, IN' CA5E 0}r I'ORE- <br />CLOSURE, THE PURCHASER MAY GPL-RATE SE12D SYSTEM; AND TO <br />PROVIDE, ZN EVENT OF DEI'A'JLT, FOR THE APPOINTT''ErT OF A <br />RECEIVER TO ADMINISTER SAID SX$TEM. <br />WLM;EAS, the City oY North Olmsted (herein called the "Munic:ipali?he)"Utility??) <br />now owns and ol?erates as a public utility (hereinafter refer.red to as <br />e s stem and a sewa.ge treatmsnt plant, the services of which are and are to <br />a sewerag Y <br />be supplied to persons and corporations wj-thin and without the corporate limits o <br />the ftinicipa].ity; and <br />WMUtEAS, the City now has outstanding certain First Mortgage S??rage <br />Syrstem Revenue Bonds dated November 1, 1960 (hereinafter called the Outstanding <br />issued in the sum oP $1,525,000, said bonds being <br />Issue") which were initially ssed Ivovember 15) 1960, matux'ln, on I?_cember <br />authorized by Ordinance No. 3146 Pa <br />first from 1964 to 1990, inclusive, and prezently outstanding in ?he ampunt of <br />$1,510,000; and being secured by the prior pled.ge of revenues of said sewerage own <br />the Syrstem and by a Pirst mortgageathereaf'tera?q?red? nassevidenc deby a trust <br />time said m?ortga8e wa?s executed or as trustee <br />indenture executed by the City to The OhioZNovembertlCol9 y?a ? <br />(hereir`ter called the "Prior Nbrtgage" ) dated recorded in Volume Z0435, Me 390 of Real Property Mortgage Records of Cuyahoga <br />. <br />County; and <br />WHEREps,, in order to construct impr.ovemen?s to the Utilitec?inclCd??gii e <br />construction of a sewage lift station (herein called the ?'oJ )' reyenue <br />has ?etermined it to be necessary to issue and sell additional mortgage <br />bonds in accordance with Article XVIII xction 12 0f the Constalt?ut?o ?fs?'d <br />Wh3ch bond3 (herein called the "Improvenent Bonds" or "Bonds") <br />by. the mortgage hereinaYter provided for?h?rein bordinate only to8theelien?g?", <br />upon the properties aad revenues oP the U y s <br />thereon of the Prior Mortgage, and by a fra.nchise to become effective in the event <br />of foreclosure of the Mortgage; <br />Section 1. Sewerage System a Utility - Authorization of t123,000 of Irr?provemen- <br />gonds. Use of Proceeds -- The Council of the Municinality hereny finds and <br />determines that the municipal sewerage system hereinbefore described has been, and <br />shall hereafter be, operated as a public utility, including all extensions of and <br />improvements to said system, that, prior to the issuance of the Improvement I3onds., <br />rates and charges for the services of saidt eicostsllo? perati?eand emaintaining <br />t>y Council in e?n am,ount sufficient to pay