Acquisition and Construction of Extensions and Additions Waterworks authorizing Revenue Bonds to Provide Cost thereof

Home Browse Search

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