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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
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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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holder of the bonds shall have the right at all reasonable times to <br />inspect the waterworks and the records, accounts and data of the City <br />relating thereto. <br />Sec. 11. The City shall, to the fullest extent permitted by <br />law, establish, maintain and collect reasonable and just rates and charges <br />for the services and facilities afforded by said waterworks which will <br />provide revenues at least sufficient to pay the reasonable and proper <br />cost of the maintenance and operation of the waterworks, to provide a <br />proper and reasonable depreciation account, and to pay the principal <br />of and interest on the bonds as the same become due, and provide a sur- <br />plus or margin of ten per cent (10%) of the principal and interest due <br />each year, which shall be cumulative. So long as any of the bonds herein <br />authorized are outstanding, none of the facilities and services afforded <br />by said waterworks shall be furnished without a reasonable and just charge <br />being made therefor. The reasonable value of any facility or service <br />rendered to the City, or to any department, agency or instrumentality <br />thereof, including the use of water for hydrants for fire protection or <br />for any other purpose, shall be charged against the City and shall be <br />paid for as the charges accrue, and the revenues so received shall be <br />deemed to be revenues derived from the operation of the waterworks and <br />shall be used and accounted for in the soma manner as other revenues <br />derived from the operation of the waterworks; provided, however, that <br />the payment of such charges against the City may be emitted to the extent <br />permitted by law so long as the revenues derived from the operation of the <br />waterworks are sufficient to pay the cost of operation, to provide for <br />the payment of the principal and interest of the bonds herein authorized, <br />to maintain the waterworks in good operating condition, and to provide <br />for a proper depreciation fund. <br />Sec. 12. For the purpose of further safeguarding the interests <br />14 - <br />
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