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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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special account or accounts to be designated as "City of South <br />Bend, Waterworks Construction Account." Each of such special <br />accounts shall be deposited, secured, held or invested as <br />provided by the laws relating to the depositing, securing, <br />holding or investing of public funds, including particularly <br />Chapter 9 of the Acts of 1945. The funds in such special <br />account or accounts shall be expended only for the purpose of <br />paying the cost of the extensions and additions to said water- <br />works as herein authorized, the incidental expense incurred in <br />connection therewith and with the issuance of bonds, and for <br />the payment of interest accruing on the bonds during the <br />period of construction, if required for that purpose. Any <br />balance or balances remaining unexpended in such special account <br />or accounts after the completion of the work, which are not re- <br />quired to meet unpaid obligations incurred in connection with <br />the construction of the work, shall be deposited in the Bond and <br />Interest Redemption Account. <br />Section 11. The City shall keep proper books of records <br />and accounts, separate from all of its other records and accounts, <br />in which complete and correct entries shall be made showing all <br />revenues collected from said waterworks and deposited in the <br />special accounts herei.nbefore established and all disbursements <br />made therefrom and all transactions relating to said waterworks. <br />There shall be prepared and furnished, upon written request, to <br />the original purchaser . of the bonds, and to any holder of the <br />bonds not more than ninety (90) days after the close of each <br />annual fiscal period, operating and income statements and balance <br />so <br />
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