The Bluffton news. [volume], April 15, 1948, Image 7

About The Bluffton news. [volume] (Bluffton, Ohio) 1875-current

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THURSDAY. APRIL 15, 1948
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ORDINANCE NO. 1
1NG FOR THE
OF MORTGAGE
BONDS. OF THE VILLAGE
OF BLUFFTON. OHIO, UNDER AUTHOR
ITY OF SECTION 12 OF ARTICLE XVIII
OF THE OHIO CONSTITUTION TO PAY
THE COST OF EXTENDING THE ELEC
TRIC LIGHT PLANT AND SYSTEM OF
SAID VILLAGE. AND DECLARING AN
EMERGENCY. I
WHEREAS, by Oif i nance No. 1 duly adopt
ed by the Council of the Village of Bluffton,
Allen County, Ohio! on September 23. 1946,
$125,000.00 of first mortgage electric light
plant and system Revenue bonds of said vil
lage were authorized and issued to extend
the municipally owned light
tern/ which bomls were dated
August 1, 1946. the denomination of $1.
000.00 each, numbered from 1 to 125. inclu
sive, bearing interest a'c the rate of two (2%)
per cent jer
and maturing
following year
$5,000.00 from
and
um,
from
merit
mor
the
and
thereby
terms
ha'
h:i!.
that the earn!
fiscal oieratin
ly preceding
bonds shall
then outrtandi
the revenues
interest and
quirements of
WHEREAS, it is necessary further to ex
tend the said light plant and system by
making certain revenue producing improve
ments thereto. In order to provide adequate
service to the inhabitants of the village.
NOW, THEREFORE, BE IT ORDAINED
by the Council -of the Village of Bluffton.
Ohio, three-fourths of the mem tiers elected
thereto concurring:
I 1. That it is hereby declared
in order to protect the heafth.
welfare of the inhabitants of the
e of Bluffton. Allen County, Ohio, to
sell W5.000.00 of Electric Light
n First Mortgage Revenue
SECTION 1.
necessary,
safety and
Village of
issue tand
Plant and
Bonds of said -ex
tending its municjpally owned public untility
by making certain necessary revenue produc
ing improvements thereto, including the con
struction of a boiler house to house the new
I age for the purpose of
rei
dn
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Bluffton, Ohio
THE BLUFFTON NEWS, BLUFFTON. OHIO
uhe
ttl0
the
might orierate
ure. said mori
the village to
xed as a chattel mortgage it
the Recorder of Allen Coun'ty
manent ly ind
the office of
WHEREAS
on a parity
and secured e
gage from th
of Lima. Ohl
additional bo:
9 of said Ordinance
iber 23, 1946, provides
payable from the rev
said
standing
with the outstanding bonds
lually and ratably by said mort
i village to The National Bank
may be issued provided said
ds are for revenue producing
placements and additions and
igs of the system for the three
or calendar years immediate
he issuance of such additional
,ve been equal. after deduction
naintenance and reasonable re-
principal and
of the require-
ig and secured by a pledge of
I the system, plus 140% of the
average annual principal re
|he proposeed issue, and
I the earnings of said system
•of all expenses of operation,
Bpair and depreciation, were
WHEREAS,
after payment
maintenance,
the following amounts for the three preced
ing calendar years: 1945-—$28,026.06: 1946—
$21,059.88: 1947—$20,897.00, which amounts,
respectively, are more than $140% of the
principal and interest charges for the suc
ceeding year of the outstanding bonds of said
issue of $125,000.00 plus 140% of the interest
and average annual princijial requirements
of the proposed issue for the succeeding year
which charges finical $26,370.00, and
That bond:
lued in the
of Blutfi
bonda spall be dated April 1,
nomination of $1,606.06 each
interests at the rate of three (3%) ix?r
per annum, payable August 1. 1948,
scmi-urinualiy thereafter on February 1
August! 1 of each year as evidenced by
pons $o be attached to said bonds,
bonds bshall mature in their consecutivr
mericai order on August 1 of each of th
lowing: years in the following amounts
000.00 in each of the years from 19-
from
each
*65, inclusive and $8,000.00
Ibject to call for redemption
P51. or on any interest pay
iafter, at par and accrued in
nance further providing for a
all of the properties and rev-
ipal
df the years frorr
(Both principal i
shall be payable
snk bi Lima. Ohio.
SECTION 3. Upon the
ud bonds shall be recued
ich of the
amounts:
usive $6.-
the sgme is issued that
gotiahle instrument payai
after provision only
and maintenance
secured further by
e stating the term
and is
franqhi:
bonds shall be signed b:
lagei Clerk and be seal*
1946, and re
•age and per
te of
Aid bonds shall bear
of said Village Clerk.
direction of the Mayor
the jiurchasers hen^nal
any ot the off
authenticated
utility
ed and shall be sold and
han. Harris and Compan
with council, which offer i
SECTION 5. The procre
the bonds herein authorized
the treasury to the credit
and deposited in a bank oi
members of the Federal lu
the Federal Deposit Insur
in a special account or a
solely for the purpose of
village for its ser
inhabitants and
able and just, ar
all times sufficier
Khali
sealed ar
shall cea
vx/uj—--
cerH before any or of tne
coupons so signed. auth
have actually been issue*!,
terest coupons shall be ya
may be issued by the viH
persons had not cee-sed to
■p'ced.
ch ar
ill things nec
light, plant and system and
sary and incidental thereto.
SECTION 6. From and s
of any bonds issued under
this Ordinance, the entire
enues of said system shall
deposited by the Treasurer
and sisrcial fund creator by
Ordinance No. 1 passed
1946, and designated as the
and System Revenue Fund
ferred to as the -Revenue Fund’
enue FVnd shall be administered
Firrt. there shall be i»aid from s
Fund the reasonable cost of r»
maintenance of said syst
placements and depreciate
shall be paid from said fur
known as the "Bond and 1
Fund Account" and herei
as the "Bond Account",
month such amount as wi
meet the principal and ini
on the outstanding bonds
$125,000.00 authorized by
1 passed on September 2_!,
income and rev
be net aside and
in the separate
’Electric Light
hereinafer re
Said Rev
as follows:
jd Revenue
sration and
second, there
i to the account
referred to
to
from month
I be necessary to
■rest requirements
of said issue of
id Ordinance No.
____ ____ 1946, and 'the
W-W.-M
principaF and interest requirements on the
next ensuing principal or interest payment
date of the bonds herein authorized, plus an
additional sum equal to 20% of the principal
and interest requirements of both of said is
sues of bonds for the current year until there
is a surplus in said fund equal to the princi
pal requirements of said issues of bonds for
the ensuing year And the interest require
ments of said issues of bonds for the ensuing
one and one-half years, which surplus fund
shall be known as the Reserve Fund: pro
vided, however, ‘that no further payments
need be made into the Bond Account when
the total amount therein, including the Re
serve Fund, equals the total amount of both
principal and interest of the bonds of “this
issue at the time outstanding. The Reserve
Fund shall be used for the purpose of mak
ing up any deficit which may occur in the
payments into the Bond Accound for cur
rent interest or principal requiremen’is so as
to prevent, when neces.-ia.rj, a default in the
payment of such principal or interest. Should
the revenues in any one year be insufficient
to meet all the aforesaid charges of the Bond
next enmiinir principal or
Account, and should the surplus provided
therefor be impaired for any reason, the
aanioun, of such deficiency or impairment shall
(unless previously made up out of other funds
of the city available for that purpose) be
paid into «aid Bond Account from the first
available revenues the following year and
shall be in addition Ito the other requirements
of said Bond Account.
SECTION 7. The officer or officers in
charge of the sinking fund or bond retire
ment fund shall have charge of said Bond
Account, and said Bond Account shall be
used only for the purpose of paying the prin
cipal of and the interest on the $126,060.06
of bonds np*v outstanding of said $125,000.00
issue and th,’ bonds herein authorized to be
issued. Saitj Bond Account shall be deposited
in a bank or banks which are members of
the Federal Deposit Insurance Corporation
and shall be kept continuously secured by a
pledge to th* village of direct obligations of
the United States of America having an ag^
regate
interest,
balance on deposit Ii
counts, exeapt that st
may be secured by a
Provided, hbwwer,
hereinbefore referred to
may be invested in di^b
market value, exclusive of accrued
at all times at least equal to the
In said account or ac
uch account or accounts
i surety bond or bonds,
that fthe Reserve Fund
needed for ihe pay
and interest' on sal
SECTION 8. The
ide
corporation:
hall
expenses of alteration and maintenance of the
utilfty, including necessary replacements and
depreciation, and (b) to pay, when due, the
principal of and the interest on the bonds
herein airthoyircd, including ail charges and
excess funds required fop the Bond Account
under Section 6 hereof. In the event the
payments into 'the bond fund are at any time
inadequate to meet the above requirements,
and only in such event, the services rendered
to the village by said light plant and system
for electricity for public purposes shall be
charged against ‘the village and paid for by
it in quarterly installments as the service ac
crues out of the current revenues of the
village collected or in the process of collection
and paid into the "Electric Light Plan't and
System Revenue Fund" referred to in Section
6 hereof. So long as the payments reqquired
to be made into the Bond Fund by said Sec
tion 6 are made and maintained in full as
the same are payable, the requirement 'that
the village pay for electricity for public pur
poses shall be suspended.
SECTION 9. It is hereby convenanted and
agreed by the village with the holder or
holders of the bonds herein authorized and
provided for, that the village and each and
every officer thereof will satisfactorily and
punctually perform all duties with reference
to said utility required by the Constitution
and Statutes #f the State of Ohio, by this
ordinance and by ‘rhe mortgage hereinafter
Provided for, all and each of which duties
are hereby defjned and established to be the
duties specifically enjoined by law resulting
from an office trust and station within the
meaning of Section 12283 of the General
Code of Ohio, and said village hereby ir
revocably covenants, obligates and binds
itself so lon^ as any of said issue of
$125,060.00 of bonds, dated August 1, 1946,
or any of the bonds authorized by this ordi
nance are outstanding not to issue additional
bonds pledging any portion of the reve
nues of the system except for revenue pro
ducing extensions, replacements and addi
tions provided, however, that no such addi
tional bonds shall be issued unless the earn
ings of such system for the three fiscal
operating or calendar years immdiateely pre
ceding such ijfsuance of additional bonds,
shall have bean equal, after deduction of
operating main enance and reasonable repair,
replacement a id depreciation charges.
140% of the grincipai and interest require
ments for the next ensuing fiscal year, of
any bonds at Jhe time outstanding, and se
cured by a pl dge of the revenues of said
system, plus 1 10% of ths amount necessary
to pay the inci pal and interest require
ments for the 1 ext ensuing fiscal year on the
proposed issue, ,__L __ *_____i __
cipal to be dets rmined by dividing the amount
of the next iss je by the number of years to
the final maxi rhy date of thq issue) then
and in such case tne villages may Issue ad
ditional mortgage revenue bonds, limited as
aforesaid for revenue producing extensions,
replacements and additions to said light sys
tem. on a parity with the bonds herein author
ized, said additional bonds ‘to be secured
equally and ratably by the. mortgage
after provided for and by the pledge
revenues of the light sys‘"m.
to
(such requirement as to prin-
herein
of the
herein
village__
SECTION 10. Until th- bonds
authorized shall be fully pud. the
shall operate said public vHH' .nd maintain
i the same and all parts thei in constant
I good condition and repair and maintain
surance upon the same, of a I.ind and in
in
an
Helen Schnegg Is
Married In Utah
The wedding of
r, daughter of
Schnegg of
acob
Helen
Mrs.
and
Miss
Mr. and
Bluffton,
Mr. and
Houtz, son of
For the occasion the bride chose a
silk gaberdine suit of rose, with rose
and white accessories, and a white
ige. Her only attendant,
Mi
nhall
id
Ir
Beffort of Provo, Utah,
suit with light blue ac
id a corsage of Dutch
Charles J. Barkley of Chicago at
tended the groom as best man.
Immediately following the cere
mony, a dinner-dance was held at
the Stockman Hotel. “I
Truly” was played as
Love You
the bridal
A shower was given
the newly
married couple March 9 at the home
of Mr. and Mrs. Alex Beffort. Music
was played throughout the evening
and musical numbers, “One Alone”
“Always” were sung by
s Eva and Iona Beffort.
beautiful 3-tier wedding cake wa
cut by Miss Eva Beffort, and Mrs
Richard
and the
Rachuy poured.
attending the affair from a
were Mr. and Mrs. Richard
Those
distance
Rachuy,
Mrs. Clara Funk, Los Angeles, Calif.
Long Reach, Calif., and
The bride is a graduate of Mt.
Cory High school and has lived in
Los Angeles the past three years.
The groom is a graduate of Carbon
Jr, College and is employed by the
Steel
Co.
The couple are now at home in
their newly furnished apartment in
Provo, Utah.
High School Music
Groups In Contest
Bluffton High school band and
two choral groups will compete in
Northwestern Ohio district auditions
to be held in Ada, this Saturday.
Participants receiving superior
ratings in the meet will be eligible
to compete in the state finals at Co
lumbus on May 7.
In addition to the band, the local
school will enter competition with
mixed chorus and girls glee club
groups.
amount which normally would be carried by
private companies engage^ in a similar tyje
of business and shall furni
of said bonds or
mortgage full and
to time
J: ion 6 hereof
rations of the
such times as
e principal of
in a ..
to the purchaser
to 'the (trustee under said
ler information from time
rm anl detail as may be
of 'ihejn, and shall permit
any authorized representaaye of the purchaser
or purchasers of ten (10%) per cent in ag
gregate principal amount jof the bonds a’c the
time outstanding or any holder of ten (10%)
ler ceni of said amount $T outstanding bonds,
to insjiect the light system and all records,
accounts and data of the lystem at all reason
able. times.
SECTION 11. In ordei to secure the pay
ment of the principal of! and the interest on
said bonds as the same iall become due and
payable, the Mayor and Village Clerk being
the fiscal officers of tpe village, and the
President and Clerk of (the Board of Trust
ees of Public Affairs «f the village, are
hereby authorized and directed in the name
of and on behalf of tie village, 'co make,
execute. acknowledge |nd deliver to The
National Bank of Lima Ohio, in trust for
the purchaser or purchasers of said bonds, a
good and sufficient supplemental mortgage
to the first mortgage deed now of record upon
all of the light plant land ayrtem property
owned by the village qr thereafter acquired,
together with all extenjions. betterments and
additions to said utility! made during the time
any of said bonds shall remain outstanding
and unpaid, constitutiig th# electric light
plant and system of ^ie village. Said mort
gage shall be in such Jform and contain such
'terms, covenants and conditions not inconsist
ent with this ordinance as shall be approved
by the purchaser of laid bonds and the so
licitor of the villagel and shall secure the
bonds herein authorised in the same manner
and oft a parity with the outstanding bonds
of said issue of $ 12aJwi0.fi
1946. Said supplemental i
We Pay
Mrs.
Robert
Kleber Houtz, Roosevelt, Utah,
an event of February 27, in Elko,
Nevada, at the home of George R.
Boucher.
was
BUCKEYE
Phone
•on-
a condition that [in case the village shall
del ault in the payment of any of said
da herein author!: «1 .or the in’#»'st there
of of any of tha terms of said mortgage
this ordinance, ’q ie owners or holders of
less n amount of said bqnds
lainin unpaid 4 the trustee for said
dhold ?rs. on its |iwn initiative, may elect
declni■e the enti*■ amount of said bonds
and payable a|
...... i...
that, upon default in
foreclosed.
SECTION 12. In the event of the fore
closure of said mortgage from the Village
of Bluffton to The National Bank of Lima.
Ohio, and/or the supplemental mortgage here
in tyi'chorized and provided for, the purchaser
or purchasers at. the foreclosure sale shall
be entitled to operate said electric light plant
and system as infcroved or extended under
the terms of the franchise ordained and
established by Sedtion 12 of said Ordinance
No. 1. passed on September 23. 1946.
SECTION 13. (Should ft l*e judicially
determined by a ®ourt having jurisdiction to
pass ppon the validity of this ordinance or
the mortgage or Itonds herein authorized, that
any provision of (he ordinance is beyond the
powers of this council or said village or is
otherwise invalid, then such decision shall
in no wav affec'f the validity of said mort
gage or the validity of said bonds, or any
proceedings relat^i thereto, except as to the
particular matter^ found by such decision to
be invalid. I
SECTION 14. This ordinance is declared
to be an emergency measure for the immediate
preservation of the public peace, heafth and
safety of the village for the reason that the
bonds herein provided must be issued and
sold immediately in order that the village
may proceed without delay with the aforesaid
improvements to the electric light plant and
system, and it (jhall take effect immediately
upon its passage and approval by the Mayor.
Passed this 5tJ» day of April. 1948.
ARDEN R. BAKER
President of
Owincil
EMMANS
Council
R.
of
C.
Clerk
Approved this 5$h day of
Anri). 194R.
ARDEN R. BAKER
Mayor
CERTIFICATE
The undersigned. Clerk of Council of the
Village of Bluffton, Ohio, hereby certifies
the foregoing to tie a true and correct copy
of Ordinance No. -I. passed by the council of
aaid village on
52
rit 5.
1948.
Clerk of Council
DeVier Property
Two adjoining lots, one
acre each.
House and barn on one lot.
House number 683 South
Main Street, Bluffton, Ohio.
Address:
ERNEST DEVIER
123 E. McKibben St.
Lima, Ohio
BRA
A
I
1918
I
1947
1946
1946
1946
1942
1942
1942
1941
1941
1941
Weasily
ALL DEAD STOCK REMOVED
$8 for Horses $10 for Cows
According to size and condition.
Hogs according to site and condition.
REDUCTION COMPANY, Findlay, Ohio
MAIN 475 Collect
ICH OF FOSTORLA AMMaL PRODUCTS. i«C
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Prices Reduced
$1.50 and $2.00 per Basket
Sweet Cider
Augsljurgcr
uick Special Four Door Sedan
uick Four Door Sedan
1
1946
1
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Chevrolet Tudor Sedan
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Studebaker Commander Four Door Sedan
Ford Coupe
Buick Sedanette
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THESE CARS ARE AVAILABLE FOR YOUR
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terx
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PAGE SEVEN
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miles south of Bluffton
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