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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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9/24/2009 2:28:11 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/1997
Ord-Res Number
8801-97
Bill Number
52-97
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utility. The City shall maintain on file the audited financial statements of the utility prepared by <br />the State Board of Accounts. There shall be furnished, upon written request, to any owner of the <br />1997 Bonds, the most recent copy of the audited financial statements of the utility prepared by the <br />State Board of Accounts. Copies of all such statements and reports shall be kept on file in the <br />office of the Fiscal Officer. <br />SECTION 18. Rate~ovenant. The City, by and through the Board and to the <br />fullest extent permitted by law, shall establish, fix, maintain and collect reasonable and just rates <br />and charges for the use of and the services rendered by the works so that such rates and charges <br />shall produce revenues at least sufficient in each year to (a) pay all the legal and other necessary <br />expenses incident to the operation of the works, including maintenance costs, operating charges, <br />upkeep, repairs, and interest charges on bonds or other obligations, including leases; (b) provide <br />a sinking fund for the liquidation of bonds or other obligations, including leases; (c) provide a <br />debt service reserve on bonds or other obligations, including leases, as required by the terms of <br />such obligations; (d) prove adequate money for working capital; (e) provide adequate money for <br />making extensions and replacements; and (f) provide money for the payment of any taxes that may <br />be assessed against the works. So long as any of the 1997 Bonds are outstanding, none of the <br />facilities and services afforded by the works shall be furnished without a reasonable and just <br />charge being made therefor. <br />SECTION 19. Defeasance. If, when the 1997 Bonds or a portion thereof shall <br />have become due and payable in accordance with their terms or shall have been duly called for <br />redemption or irrevocable instructions to call the 1997 Bonds or a portion thereof for redemption <br />shall have been given, and the whole amount of the principal, premium, if any, and the interest <br />so due and payable upon such 1997 Bonds or any portion thereof then outstanding shall be paid, <br />or (i) cash, (ii) direct non-callable obligations of (including obligations issued or held in book- <br />entry form on the books of) tl~e U.S. Department of the Treasury, the principal of and the interest <br />on which when due without reinvestment will provide sufficient money, or (iii) any combination <br />of the foregoing, shall be held irrevocably in tn~st for such purpose, and provision shall also be <br />made for paying all fees and expenses for the payment, then and in that case the 1997 Bonds or <br />such designated portion thereof shall no longer be deemed outstanding or secured by this <br />Ordinance or entitled to the pledge of the Net Revenues. <br />SECTION 20. Additional~onds. The City reserves the right to issue additional <br />bonds payable out of the Net Revenues ranking on a parity with the 1997 Bonds for the purpose <br />of financing the cost of future additions, extensions and improvements to the works, or after the <br />Parity Bonds are no longer outstanding to provide for a complete or partial refunding of <br />obligations, subject to the following conditions precedent: <br />(a) The interest on and principal of all bonds payable from the Net <br />Revenues shall have been paid to date in accordance with the terms thereof, and <br />all required payments into the Sinking Fund required by this Ordinance shall have <br />been made. <br />-20- <br />
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