Concerning Construction and the Installation of Extensions, Additions and Improvements to the Waterworks

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For purposes of this subsection, the records of the waterworks shall be analyzed and all showings shall be prepared by a certified public accountant employed by the City for that purpose, which accountant sliall certify That he has no pecuniary interest in the waterworks or improvements, thereto other than in the malting of said analysis and -the preparation of said showings. (c) The principal of the additional parity bonds sliall be payable annually on September 1 and the interest semi - annually on March 1 and September 1 in 'the years in which principal and interest are payable. (d) To -the extent required by law, the issuance of the proposed additional parity bone's and any necessary increase in water rates and charges shall have been approved by -the Public Service Commission of Indiana, and said Comrission shall have certifi.ed. -that the income and revenues of the waterworks, after providing for operation and maintenance and depreciation, will be sufficient to pay the principal and interest of all bonds payable from the revenues of the waterworks, including -the additional parity bonds proposed to be issued. Section 10. The accrued interest and nre;'aiui, ii any, received at the time of the delivery of the bonds sha11 be denosited in the Bond and Interest Redemption Accour.L hereinbcfore referred to. The remaining proceeds from the sale of the bonds shall be deposited in a ban;: or bans which are legally designated and qualified dopositories for the funds of -the City, in a special account or accounts to be as "Cii'+ of South Bcnd, Waterworks Construction Account ". Each of such special accounts shall lie del Osi Led, secured, held or invested as provided by the laws relating to the depositing, securing, holding or investing of public funds, -including particularly Chapter 9 of the Acts of 1945, as amended. The funds in such special account or accounts shall be expended only for the purpose of Haying the cost of the construction and -the ins'tal.lation of extensions, additions and improvements to said :yater- worncs as herein authorized, the incidental expense incurred in connec'Lion there- with and with the issuance of bonds, and for the payment of interest accruing on the bonds during the period of cons- truction, if required for LhaL purpose. Any balance or balances remaining unexpended in such special account or accounts -].4-