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Municipal Waterworks Revenue Bonds
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1992
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Municipal Waterworks Revenue Bonds
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Last modified
5/13/2013 1:13:21 PM
Creation date
10/11/2012 11:36:33 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/23/1992
Ord-Res Number
8318-92
Bill Number
93-92
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I I <br /> I I J <br /> of the Bonds at the time then outstanding, not more than ninety <br /> (90) days after the close of each fiscal year of the Waterworks, <br /> complete operating and income statements of the Waterworks, in <br /> reasonable detail covering such fiscal year, which statements shall <br /> be certified by the Controller, a certified public accountant <br /> retained for the purpose of making an accounting study of the <br /> records of the Waterworks or the State Board of Accounts. Copies <br /> of all such statements and reports shall at all times be kept on <br /> file and available for inspection in the office of the Controller. <br /> Any owner of at least five percent (5%) in aggregate principal <br /> amount of the then-outstanding Bonds shall have the right at all <br /> reasonable times to inspect the Waterworks and the records, <br /> accounts and data of the City relating thereto. <br /> Section 17. Covenant With Respect to Rates and Charges. <br /> The City, by and through the Board and to the fullest extent <br /> permitted by law, shall establish, fix, maintain and collect <br /> reasonable and just rates and charges for the use of and the <br /> services rendered by the Waterworks so that such rates and charges <br /> shall produce revenues at least sufficient in each year to (a) pay <br /> all the legal and other necessary expenses incident to the <br /> operation of the Waterworks, including maintenance costs, operating <br /> charges, upkeep, repairs, and interest charges on bonds or other <br /> obligations, including leases; (b) provide a sinking fund for the <br /> liquidation of bonds or other obligations, including leases; <br /> (c) provide a debt service reserve on bonds or other obligations, <br /> including leases, as required by the terms of such obligations; <br /> (d) provide adequate money for working capital; (e) provide <br /> adequate money for making extensions and replacements; and <br /> (f) provide money for the payment of any taxes that may be assessed <br /> against the Waterworks. So long as any of the Bonds are <br /> outstanding, none of the facilities and services afforded by the <br /> Waterworks shall be furnished without a reasonable and just charge <br /> being made therefor. <br /> Section 18. Issuance of Completion Bonds. If the <br /> proceeds of the Bonds, plus investment earnings thereon, are less <br /> than the cost of the Project to be financed hereunder, the City <br /> reserves the right to issue additional revenue bonds to provide the <br /> amount of the deficit and to provide for completion of the Project <br /> including the cost of issuing such additional revenue bonds (the <br /> "Completion Bonds") . Unless the context otherwise requires, any <br /> such Completion Bonds shall be deemed to be a part of the issue of <br /> the Bonds, shall be entitled to payment from the Sinking Fund <br /> established herein and shall not be required to satisfy the various <br /> requirements for additional bonds imposed pursuant to Section 19 <br /> hereof. However, as a precondition to and prior to the adoption <br /> of any ordinance authorizing the issuance of any such Completion <br /> Bonds, (i) the Engineers or any consulting engineer designated and <br /> employed by the City for such purpose shall prepare and submit to <br /> the Common Council a certificate setting forth, with respect to the <br /> Project, the total amount of work to be completed and the estimated <br /> 17 <br />
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