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