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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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qualified depositories for the funds of the City, in a special account <br />or accounts to be designated as "City of South Bend, Waterworks Construe- <br />tion Account." Each of such special accounts shall be deposited, secured <br />and held as provided by the laws relating to the depositing, securing and <br />holding of public funds, and may be secured in any other lawful manner <br />agreed upon by the Controller and the purchaser of the bonds. The funds <br />in such special account or accounts shall be expended only for the pur- <br />pose of paying the cost of the extensions and additions to said waterworks <br />as herein authorized, the incidental expenses incurred in connection there- <br />with and with the issuance of bonds, and for the payment of interest ac- <br />cruing on the bonds during the period of construction, if required for that <br />purpose. Any balance or balances remaining unexpended in such special ac- <br />count or accounts after the completion of the work, which are not required <br />to meet unpaid obligations incurred in connection with the construction <br />of the work, shall be deposited in the Bond and Interest Redemption Ac- <br />count. <br />Sec. 10. The City shall keep proper books of records and accounts, <br />separate from all of its other records and accounts, in which complete and <br />correct entries shall be made showing all revenues collected from said <br />waterworks and deposited in the special accounts hereinbefore established <br />and all disbursements made therefrom and all transactions relating to said <br />waterworks. There shall be prepared and furnished to the 'original pur- <br />chaser of the bonds, so long as it holds any of the bonds, and, upon written <br />request, to any holder of the bonds not more than ninety (90) days after <br />the close of each annual fiscal .period, operating and income statements <br />of the waterworks, in reasonable detail, covering such annual fiscal period, <br />which statement shall be certified by the City Controller or the Auditor <br />of the waterworks. Copies of al.1 such statements and reports shall at <br />all time be kept on file in the office of the City Controller. Any <br />- 13 - <br />
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