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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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revenue derived from the operation of the waterworks and shall <br />be used and accounted for in the same manner as other revenues <br />derived from the operation of the waterworks. The City covenants <br />to the fullest extent permitted by law, and subject to the <br />approval of the Public Service Commission, that it will cause <br />to be maintained at least Two Thousand Five Hundred Seventy -eight <br />(2,578) fire hydrants and will pay to its waterworks department <br />an annual rental of not less than Forty Dollars ($40.00) per <br />hydrant, which the Council now finds is a reasonable and proper <br />charge therefor. Upon completion of the construction of the work, <br />said minimum number of hydrants shall be maintained, and said <br />rental will be paid by the City to its waterworks department so <br />long as any of the bonds herein authorized are outstanding. <br />Section 13. For the purpose of- further safeguarding <br />the interests of the holders of the bonds, it is specifically <br />provided as follows: <br />(a) All construction contracts shall be let to <br />responsible contractors who shall be required to furnish con- <br />struction bonds running to the City of South Bend, in an amount <br />equal to One Hundred per cent (1000 of the <br />contracts, to insure the completion of such <br />ance with their terms, and such contractors <br />to carry such employer's liability and publ <br />as are required under the laws of the State <br />case of public contracts. <br />-20- <br />amount of such <br />contracts in accord - <br />shall be required <br />Le liability insurance <br />of Indiana in the <br />
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