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Issue Revenue Bonds for Waterwork Improvements
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Issue Revenue Bonds for Waterwork Improvements
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4/2/2015 12:16:42 PM
Creation date
4/2/2015 11:36:17 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1948
Ord-Res Number
3679-48
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Prior to the sale of said bonds the Controller shall be authorized <br />to obtain a legal opinion as to the validity of the bonds from Ross McCord <br />Ice & Miller, acting as bond counsel for the City, and to furnish such <br />opinion to the purchasers of the bonds. The fee of such bond counsel <br />shall be considered as a part of the cost of the project on account of <br />which said bonds are issued and shall be paid out of the proceeds of <br />said bonds or out of revenues of the waterworks. <br />Sec. 8. In the event it shall be hereafter determined that it <br />is not necessary to issue all of the bonds authorized by this ordinance, <br />or the Public Service Commission shall not approve the issuance of said <br />total amount of bonds, the Controller shall be authorized to sell and de- <br />liver a lesser amount of bonds than herein authorized, in which case the <br />bonds not sold or delivered shall be of the last maturity or maturities. <br />The bonds herein authorized, when fully paid for and delivered <br />to the purchaser, shall be the binding and special revenue obligations <br />of the City payable out of the income and revenues of the waterworks sys- <br />tem of said City according to their tenor and effect, and the proceeds de- <br />rived from the sale of said bonds shall be and are hereby set aside for <br />the purpose of paying the cost of construction and installation of the <br />aforesaid extensions and additions to said waterworks and the expenses <br />necessarily incurred in connection therewith, including the expenses in- <br />curred in connection with the issuance and sale of the bonds. The proper <br />officers of the City are hereby directed to draw all proper and necessary <br />warrants, and to do all acts and things which may be necessary to carry out <br />the provisions of this ordinance. <br />Sec. 9. Any accrued interest received at the time of the delivery <br />of the bonds shall be deposited in the Bond and Interest Redemption Account <br />hereinbefore created. The remaining proceeds from the sale of the bonds <br />shall be deposited in a bank or banks which are legally designated and <br />- 12 - <br />
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