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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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file a proper petition with the Public Service Commission for the <br />purpose of securing the required approval of said Commission. <br />Sec. 3. Beginning as of the date of issuance of the bonds <br />herein authorized, the income and revenues of the existing waterworks, <br />together with the income and revenues of all extensions, additions, <br />Improvements thereto and replacements thereof made pursuant to this <br />ordinance, or subsequently, shall be set aside into a separate and <br />special fund to be used and applied in the maintenance and operation <br />thereof, in establishing a depreciation account, and payment of the <br />bonds authorized by this ordinance and the interest thereon. The pro- <br />portion of the gross revenues of said waterworks that shall be paid <br />into the several accounts of said special fund, as provided by said <br />Act, is hereby fixed and determined as follows: <br />(a) Operation and Maintenance Account. Sixty -seven per cent <br />(67%) of the gross revenues of said waterworks shall be set aside into <br />the Operation and Maintenance Account and shall be used to pay the neces- <br />sary cost of the reasonable and proper operation and maintenance o f the <br />waterworks, including any taxes required to be paid. The sum so set <br />aside for operation and maintenance shall be applied exclusively to that <br />purpose until a surplus shall have been accumulated in the Operation and <br />Maintenance Account which shall be equal to the cost of maintaining and <br />operating the waterworks during the remainder of the calendar, operating <br />or fiscal year then current and the cost of maintaining and operating the <br />waterworks during the calendar, operating or fiscal year then next ensu- <br />ing. Any excess over such surplus may be transferred to either the De- <br />preciation Account or the Bond and Interest Redemption Account. <br />(b) Depreciation Account. Eleven per cent (11'%) of the gross <br />revenues of said waterworks shall be set aside into the Depreciation Ao- <br />count and shall be expended in making good depreciation in the waterworks, <br />- 3 - <br />
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