Issue Revenue Bonds for Waterwork Improvements

Home Browse Search

ORDINANCE 110. 'J— - '9 An Ordinance concerning the construction of extensions and additions to the waterworks owned and operated by the City of South Bend, Indiana, authorizing the issu- anoe of revenue bonds to. provide for the cost thereof, and matters connected therewith WHEREAS, the City of South Bend is the owner of and operates an unencumbered waterworks furnishing the public water supply to said City and its inhabitants; and WHEREAS, the Board of Public Works and Safety, having the manage- ment of said waterworks, has determined and the Council now finds that said waterworks is in need of certain extensions and additions, consist- ing chiefly of additional storage capacity and feeder supply mains, booster station improvement, and two new wells; that said extensions and additions are required in order to protect properly the health, well -being and property of the City and its inhabitants; and WHEREAS, the Board of Public Yorke and Safety has employed Charles W. Cole & Son, of South Bend, Indiana, as consulting engineers to determine the extensions and additions required and the cost thereof, and has found from the report of said engineers that said cost will be in the approximate amount of Nine Hundred Fifty Thousand Dollars ($950,000.00), including all incidental expenses necessary to be in- ourred in connection therewith, and has represented to the Council and the Council now finds that, subject to the approval of the Public Ser- vice Commission, funds for said project may be provided by the issuance and sale of revenue bonds payable solely out of the revenues of said waterworks and not constitutir4 a general obligation of the City; and that the revenues of the waterworks are sufficient to provide for the operation and maintenance thereof, depreciation, and the servicing of said bonds; now therefore,