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Ordinance concerning the Construction and Operation of Sewage Treatment Works, the Issuance of Revenue Bonds
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Ordinance concerning the Construction and Operation of Sewage Treatment Works, the Issuance of Revenue Bonds
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8/15/2014 4:21:39 PM
Creation date
8/15/2014 3:19:31 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/8/1954
Ord-Res Number
3959
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(b) The works.shall be constructed under the supervision <br />and subject to the approval of Consoer, Townsend & Associates <br />or such other competent engineer as shall be designated by the <br />Board of Public Works and Safety. All estimates for work done <br />or material furnished shall first be checked by the engineer <br />and approved by the Board of Public Works and Safety. <br />(c) The City shall at all times maintain its sewage <br />treatment works in good condition and operate the same in an <br />efficient manner and at a reasonable cost. <br />(d) So long as any of the bonds herein authorized are <br />outstanding, the City shall maintain insurance on the insurable <br />parts of said works of a kind and in an amount such as would <br />normally be carried by private companies engaged in a similar <br />type of business. All insurance shall be placed with responsible <br />insurance companies qualified to do business under the laws of <br />the State of Indiana. Insurance proceeds shall be used in re- <br />placing or repairing the property destroyed or damaged; or if <br />not used for that purpose shall be treated and applied as net <br />revenues of the works. <br />(e) So long as any of the bonds are outstanding, the City <br />shall not mortgage, pledge or otherwise encumber such works, or <br />any part thereo£q nor shall it sellq lease or otherwise dispose <br />of any portion thereof except replaced equipment which may be- <br />come worn out or obsolete. <br />(f) So long as any of the bonds herein authorized are <br />outstandingg no additional bonds or other obligations pledging <br />any portion of the revenues of said sewage treatment works shall <br />be authorized, executed or issued by the City except such as <br />shall be made subordinate and junior in all respects to the <br />bonds herein authorized2 unless all of the bonds herein <br />authorized are redeemed and retired coincidently with the delivery <br />of such additional bonds or other obligations or funds sufficiert <br />to effect such redemption are available and set aside for that <br />purpose at the time of issuance of such additional bonds; provided <br />19 <br />
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