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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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6/25/2009 8:45:24 AM
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6/25/2009 8:45:23 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/22/1998
Ord-Res Number
8919-98
Bill Number
51-98
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(f) If the 1998 Bonds are sold to the Bond Bank or the State, the City <br />shall not borrow any money, enter into any contract or agreement or incur any other liabilities <br />in connection with the Sewage Works, other than for normal operating expenditures, without <br />the prior written consent of the State if such undertaking would involve, commit, or use the <br />revenues of the Sewage Works. <br />(g) Except as hereinbefore provided in Section 16 hereof, so long as any <br />of the bonds herein authorized are outstanding, no additional bonds or other obligations <br />pledging any portion of the revenues of said Sewage Works shall be authorized, executed or <br />issued by the City except such as shall be made subordinate and junior in all respects to the <br />bonds herein authorized, unless all of the bonds herein authorized are redeemed, retired or <br />defeased pursuant to Section 15 hereof coincidentally with the delivery of such additional <br />bonds or other obligations. <br />(h) The City shall take all action or proceedings necessary and proper to <br />require connection of all property where liquid and solid waste, sewage, night soil, or <br />industrial waste is produced with available sanitary sewers. The City shall, insofar as <br />possible, cause all such sanitary sewers to be connected with said Sewage Works. <br />(i) The provisions of this Ordinance shall constitute a contract by and <br />between the City and the owners of the sewage works revenue bonds herein authorized, and <br />after the issuance of said bonds, this Ordinance shall not be repealed or amended in any <br />respect which will adversely affect the rights of the owners of said bonds, nor shall the <br />Common Council adopt any law, ordinance or resolution which in any way adversely affects <br />the rights of such owners so long as any of said bonds or the interest thereon remains unpaid. <br />(j) The provisions of this Ordinance shall be construed to create a trust <br />in the proceeds of the sale of the bonds herein authorized for the uses and purposes herein <br />set forth, and the owners of the bonds shall retain a lien on such respective proceeds until the <br />same are applied in accordance with the provisions of this Ordinance and of the Act. The <br />provisions of this Ordinance shall also be construed to create a trust in the portion of the net <br />revenues herein directed to be set apart and paid into the Sewage Works Sinking Fund for <br />the uses and purposes of said fund as in this Ordinance set forth. The owner of said bonds <br />shall have all of the rights, remedies and privileges set forth in the provisions of the Act, <br />-24- <br />ODMA\PCDOCS\SBDOCS 1\1494713 <br />
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