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

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including miscellaneous equipment and appurtenances, shall. be constructed in accordance with the plans and specifications prepared by Clyde E. Williams & Associates, Inc., Professional Engineers, of South Bend, Indiana, which plans and specifications are made a part hereof by reference and are hereby approved. The Board of Public Worhs and Safety is hereby authorized to proceed with the construction, installations, extensions, additions and improvements and to enter into all contracts necessary for such purposes in conformity with the provisions of this ordinance and of said Act-, subject, however, -to the approval of the Public Service Commission of Indiana for Lhe making of the same and the issuance of the required a„iount of revenue bonds; also, that the principal and interest of the bonds issued on account of the same shall be paid solely and exclusively from the revenues of said waterworks system and shall not constitute a general obligation of the City. The Board of Public Works and Safety is hereby authorized to file or cause to be filed a groper petition with the Public Service Commission of Indiana for the purpose of securing the required approval of said Commission. Section 3. Beginning as of the date of issuance of the bonds herein authorized, the income and revenues of the existing waterworks, together with the income of all construction, installations, extensions, additions and improve - menus made pursuant to this ordinance., or subsequently, shall be set aside into a separate and special fund to be used and applied in the maintenance and operation thereof, in establishing a depreciation account, and payment of the principal of and interest on all bonds which by their terms are payable from the revenues of the waterworks. The proportion of the gross revenues of said water- works that shall be paid into the several accounts of said special fund, hereto- fore established by Ordinance No. 432L -60 adopted on May 23, 1960, as amended, as provided by said Act, is hereby fixed and determined as follows: (a) Operation and Maintenance Account. Sixty -five per cent (65 %) of the gross revenues of said waterworks shall be set aside into the Operation and Maintenance Account and shall be used to pay the necessary cost of the reasonable and proper operation and maintenance of the waterworks, including any taxes required to be paid. The sum so set aside for operation and maintenance -3-