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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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of the holders of the bonds, it is specifically provided as follows! <br />(a) AU construction contracts shall, be let to responsible con - <br />tractors who shall be required to furnish construction bonds running to <br />the City of South Bend, in an amount equal to one hundred per cent (100%) <br />of the amount of such contracts, to insure the completion of such con- <br />tracts in accordance with their terms, and such contractors shall be <br />required to carry such employergs liability and public liability in- <br />surance as are required under the laws of the State of Indiana in the <br />case of public contracts. <br />(b) The extensions and additions sha11 be contracted for and <br />constructed to the approval of Charles V. Cole & Son, consulting engineers <br />of South Bend, Indiana., how employed by the City, or such other consult- <br />ing engineers as may hereafter be employed by the City, with the approval <br />of the purchaser of the bonds. All estimates for work done and material <br />furnished shall first be checked by the consulting engineers before being <br />approved by the City. <br />(c) The City shall, at all times, maintain said waterworks in <br />good condition and operate the same in an efficient manner and at a rea- <br />sonable cost. <br />(d) So long as any of the bonds herein authorized are outstand- <br />Ingo the City shall maintain insurance on the insurable parts of the <br />waterworks of a kind and in an amount such as is usually carried by <br />private companies engaged in a similar type of business. AU insurance <br />shall be placed with responsible insurance companies qualified to do busi- <br />ness in the State of Indiana, and any insurance proceeds colUcted shall <br />be used in replacing the property destroyed or damaged. <br />(e) So long as any of the bonds herein authorized are outstand- <br />ing, the City shall not mortgage, pledge or otherwise encumber its water- <br />works or any part thereof, and shall not sell, lease or otherwise dispose <br />15 - <br />
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