Municipal Waterworks Revenue Bonds

Home Browse Search

•. ti subject to any liability to any owners of the Bonds herein authorized by reason of its failure to mail the notice described in this Section 24, and any such failure shall not affect the validity of such supplemental ordinance when consented to and approved as provided in this Section 24. Whenever, at any time within one (1) year after the date of the mailing of such notice, the City shall receive an instrument or instruments purporting to be executed by the owners of the Bonds herein authorized of not less than sixty-six and two-thirds percent (66 2/3%) in aggregate principal amount of the bonds herein authorized and then outstanding (exclusive of any such bonds owned by the City) , which instrument or instruments shall refer to the proposed supplemental ordinance described in such notice and shall specifically consent to and approve the adoption thereof in substantially the form of the copy thereof referred to in such notice as on file with the Registrar and Paying Agent thereupon, but not otherwise, the City may adopt such supplemental ordinance in substantially such form, without liability or responsibility to any owners of the Bonds herein authorized, whether or not such owner shall have consented thereto. Upon the adoption of any supplemental ordinance pursuant to the provisions of this Section 23, this Ordinance shall be, and be deemed to be, modified and amended in accordance therewith, and the respective rights, duties and obligations under this Ordinance shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such modifications and amendments. Section 25. Rates and Charges. The estimate of the rates and charges which will be needed and charged to the general classes of users or property to be served by the Waterworks in order to provide sufficient moneys to make payments of principal of and interest on the Bonds and other bonds which by their terms are payable from the revenues of the Waterworks, as described herein, along with the other payments identified in this Ordinance, is set forth in Ordinance No. 8305-92 entitled "AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND ESTABLISHING A NEW SCHEDULE OF RATES AND CHARGES FOR SERVICES RENDERED BY THE CITY OF SOUTH BEND WATER WORKS AND THE AMENDING OF CHAPTER 17, ARTICLE 4, SECTIONS 17-45, 17-46, 17-47, 17-48 OF THE SOUTH BEND MUNICIPAL CODE" adopted by the Common Council on October 12, 1992. Section 26. Payments on Holidays. If the date of making any payment or the last date for performance of any act or the exercising of any right, as provided in this Ordinance, shall be a legal holiday or a day on which banking institutions in the City in which the Registrar and Paying Agent is located are typically closed, such payment may be made or act performed or right exercised on the next succeeding day not a legal holiday or a day on which such banking institutions are typically closed, with the same force and effect as if done on the actual date established in 25