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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
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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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into the Bond and Interest Redemption Account have been made <br />in accordance with the provisions of this ordinance. <br />(b) ('1) The amount of gross revenues of the water - <br />works allocated by Sec. 3 (c) of this ordinance to and deposited <br />in the Bond and Interest Redemption Account in the calendar year <br />immediately preceding the issuance of any such additional parity <br />bonds shall be not less than One Hundred Twenty -five per cent <br />(125%) of the maximum annual interest and principal requirements <br />of the then !outstanding bonds and the additional parity bonds <br />proposed to be issued; or <br />(2) prior to the issuance of said parity bonds, <br />the proportion of the gross revenues allocated to said Bond and <br />Interest Redemption Account shall be increased sufficiently so <br />that said increased proportion applied to the previous calendar <br />year's gross revenues would have produced revenues in said Bond <br />and Interest Redemption Account for said year equal to not less <br />than One Hundred Twenty -five per cent (1250 of the maximum <br />annual interest and principal requirements of the then outstand- <br />ing bonds and the additional parity bonds proposed to be issued; <br />or <br />(3) prior to the issuance of said parity bonds, <br />the water rates and charges shall be increased sufficiently and <br />the proportion of gross revenues allocated to said Bond and <br />Interest Redemption Account increased sufficiently so that said <br />increased water rates and charges applied to the previous <br />calendar year's operations would have produced gross revenues <br />in an amount so that the proportion allocated to said Bond and <br />-16- <br />
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