Authorizing and Providing for the Issuance of $2,000,000.00 Sewage Works (Revenue) Bonds for the Purpose of Defraying the Cost of Constructing a Sewage Treatment Works

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6. the adoption of this ordinance as may be and thereupon the City Controller and The Board of Public works are hereby authorized and directed to sell and enter into a contract for the sale of that portion of the authorized issue of $2,000,000 that might be necessary to complete the project upon terms and conditions acceptable to them, provided, however, none of said bonds shall be so delivered until the lapse of at least twenty days from the date this ordinance becomes effective as provided by law. The proceeds derived from the issuance of said bonds after the withdrawal of the sum provided in Section 4 hereof for�.nt =re shall used and paid out upon estimates and approval of the engineers li7/•rt� , or their successor, only for the purpose of defraying the cost of constructing the sewage system improve- ments for said City as referred to in the preamble of this ordinance. Pending expenditure for the purpose aforesaid, such proceeds shall be- deposited in a bank or banks which are members of the Federal Reserve System as a special construction fund account. Any surplus remaining after completion of such construction shall be paid into the "Sewage Works Bond and Interest Redemption Fund" as hereinbefore created. Section 10. That the rates to be charged for the several classes of users or property served by the municipal sewer system when said system is established as a revenue producing undertaking as hereinbefore provided are estimated as follows: -I -�-` G Said schedule of estimated bates shall be subject to revision at the time of establishment in the manner and form prescribed by law, and whenever in the opinion of the engineer for said City it is deemed necessary to classify any commercial institutions or industries by reason of the unusual purpose for which water is used or character of sewage discharge, or mhenever water meter readings may not be available, then the Common Council of said City may in its discretion, in the manner and form prescribed by law, establish special rates and charges, and at any event while any of the bonds hereby authorized are outstanding and said sewer system is operated as a revenue producing undertakings, rates and charges shall be established, revised and maintained so as to be sufficient in each year to produce sufficient funds for the payment of proper and reasonable expenses of operation, repair, replacement and maintenance of the sewer system and for the payment of the sums required to be paid into the "Sewage Works Bond and Interest Redemption Fund" as hereinbefore created.