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Acquisition and Construction of Extensions and Additions Waterworks authorizing Revenue Bonds to Provide Cost thereof
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Acquisition and Construction of Extensions and Additions Waterworks authorizing Revenue Bonds to Provide Cost thereof
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5/13/2014 9:56:23 AM
Creation date
5/12/2014 10:44:42 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/23/1960
Ord-Res Number
4321-60
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Controller shall be authorized to sell and deliver a lesser <br />amount of bonds than herein authorized, in which case the bonds <br />not sold or delivered shall be of the last maturity or maturities. <br />In such event the amount of the bonds authorized by this ordin- <br />ance shall be deemed to be limited accordingly. <br />The bonds herein authorized, when fully paid for and <br />delivered to the purchaser, shall be the binding and special <br />revenue obligations of the City payable out of the income and <br />revenues of the waterworks system of said City according to their <br />tenor and effect, and the proceeds derived from the sale of said <br />bonds shall be and are hereby set aside for the purpose of paying <br />the cost of construction and installation of the aforesaid exten- <br />sions and additions to said waterworks and the expenses necessarily <br />incurred in connection therewith, including the expense incurred <br />in connection with the issuance and sale of the bonds. The proper <br />officers of the City are hereby directed to draw all proper and <br />necessary warrants, and to do all acts and things which may be <br />necessary to carry out the provisions of this ordinance. <br />Section 9. The City reserves the right to authorize and <br />issue additional bonds, payable out of the revenues of the water- <br />works, ranking on a parity with the bonds authorized by this <br />ordinance, for the purpose of financing the cost of future <br />additions, extensions and improvements to the waterworks, subject <br />to the following conditions: <br />(a) The interest on and principal of all bonds payable <br />from the revenues of the waterworks shall have been paid to date <br />in accordance with the terms thereof, and all required payments <br />-15- <br />
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