HomeMy WebLinkAbout1975 Ordinance No. 004t •I . -~
• ORDINANCE NO. 4
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
SEWER REVENUE BONDS, SERIES 1975, OF THE
CITY OF ENGLEWOOD, COLORADO, IN THE
PRINCIPAL AMOUNT OF $1,550,000, FOR THE
PURPOSE OF EXTENDING AND IMPROVING THE
MUNICIPAL SANITARY SEWER SYSTEM OF THE
CITY; PRESCRIBING THE FORM OF SAID
BONDS AND PROVIDING FOR THE APPLICATION
OP THE NET REVENUE OF THE SANITARY
SEWER SYSTEM TO PAY THE BONDS AND THE
INTEREST THEREON, AND OTHER DETAILS IN
CONNECTION THEREWITH.
WllBREAS, the City Council has determined that it
is necessary to extend and improve the municipal sanitary
sewer system by constructing a sewage treatment facility to
be jointly owned and operated with the City of Littleton;
and
WHEREAS, the City Council has determined to issue • revenue bonds in the principal amou.a.of $1,550,000 for the •
City's share of the cost of such pr~t ; and
WHEREAS, the City has pre~usly authorized and
issued Refunding Sewer Revenue Bonds, Series 1962, dated
November 1, 1962, (hereafter referred to as the "1962 Bonds")
in the original principal amount of $1,022,000, which bonds
have a first and prior lien on the net income and revenue of
the sanitary sewer system of the City; and
WHEREAS the ordinance which authorized the issuance
of the 1962 Bonds, permits additional revenue bonds to be
issued having a first and prior lien on the net income and
revenue of the sanitary sewer system, on a parity with the
outstanding 1962 Bonds, provided thit the City has complied
with certain requirements concerni1'9t~e issuance of additional
parity lien bonds; and
WHEREAS, the City Counc~l has determined that such
requirements can be met, and that the Sewer Revenue Bonds
Series 1975, to be issued in the amount of $1,550,000 shall
have a lien on the net income and revenue of the sanitary
sewer system on a parity with the lien of the 1962 Bonds;
and
WHEREAS, the City Council has, by Resolution,
provided for the public sale of said bonds, and following
receipt of bids for the purchase of the bonds on January 27,
1975, the City Council will sell the bonds to the highest
and best bidder and to the best advantage of the City, in
accordance with the City Charter.
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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO:
Section 1. Authorization. That for the purpose of
extending and improving the municipal sanitary sewer system of
the City, there are hereby authorized Sewer Revenue Bonds,
Series 1975, of the City, in the total amount of $1,550,000,
(hereafter referred to as the "1975 Bonds", both the principal
thereof and the interest thereon to be payable solely .and only
out of the net income and revenue to be derived by th-City
from and through the operation of its sanitary sewer system,
and having a lien on such net income on a parity with the lien
of the 1962 Bonds. It is hereby determined that the estimated
life of the sanitary sewer facilities to be acquired by the
proceeds of this bond issue is not le•• than thirty years.
Section 2. Bond Details. The bonds shall be dated
March 1, 1975, will be numbered from 1 to 310, inclusive, and
will be in the denomination of $5,000 each. The net effective
interest rate of this issue of bonds shall not exceed 7. 50%•;
the specific interest rates shall be determined following
the award of the. bonds to the best bidder, and will be set
forth in a Resolution of the City Council to be considered and
passed prior to the issuance and delivery of the bonds. The
bonds shall bear interest payable on September 1, 1975 and
semi-annually thereafter on March l and September 1 each
year, and mature serially on September 1, as follows:
Amount Maturity
$ 65,000 1976
70,000 1977
75,000 1978
75,000 1979
80,000 1980
85,000 1981
95,000 1982
100,000 1983
105,000 1984
115,000 1985
120,000 1986
130,000 1987
135,000 1988
145,000 1989
155,000 1990
Bonds of this issue maturing on or before
September 1, 1984 shall not be redeemable prior to their
respect i ve maturity dates. Bonds maturing in the years
1985 and thereafter, shall be redeemable at the option of
the City on September 1, 1984, and on any interest payment
date thereafter, in inverse numerical order, upon payment of
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par and accrued interest. Notice of prior redemption shall
be given by publication at least one time in a newspaper
having general circulation in the City, not less than thirty
days prior to the date of redemption. Notice shall also be
·given by mailing a copy of the notice by registered, first
class mail, to the original purchaser of the bonds and also
to Hanifen, Imhoff & Samford, Inc., Denver, Colorado, at
least thirty (30) days prior to the date of redemption.
The principal of and interest on said Bonds ~hall
be payable at ~he First. National Bank, in Englewood, Colorado.
Section 3. Form and Execution of Bonds. The
Bonda shall be siqned with the facsimile siqnature of the
Mayor of the City, sealed .with a facsimile of the seal of
the City, attested and countersigned by the manual signature
of the Director of Finance, ex-officio City Clerk-Treasurer,
and the interest coupons attached thereto shall bear the
facsimile signature of the Director of Finance. When issued
as aforesaid as part of said bonds, such interest coupons
shall be the binding obligations of the City according
to their import. Should any officer whose manual or
facsimile siqnature appears on said bonds, or the interest
coupons attached thereto, cease to be such officer before
delivery of the bonds to the purchaser, such manual or
facsimile signature shall nevertheless be valid and sufficient
for all purposes.
The bonds and interest coupons shall be in substantially
the following form:
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(Form of Bond)
UNITED STATES OF AMERICA
STATE OF COLORADO COUNTY OF ARAPAHOE
CITY OF ENGLEWOOD .
SEWER REVENUE BOND, SERIES 1975
Ho. $5,000
The City of Englewood, in the County of Arapahoe and
State of Colorado, hereby promises to pay to the bearer hereof,
out of the special fund or funds hereinafter designated, but
not otherwise, the principal sum of
FIVE THOUSAND DOLLARS
on the lat day of September, 19~, with interest thereon
at the rate · per cent um ( ') per
annum, payable on September 1, 1975 and semi-annually there-
after on the 1st day of March and the 1st day of September
each year, as evidenced by interest coupons attached hereto:
both principal and interest being payable in lawful money
of the United States of America, at the First National Bank,
in Englewood, Colorado, upon presentation and surrender
of the annexed coupons and this Bond as they severally become
due.
Bonda of this issue maturing on or before September,
1, 1984, shall not be redeemable prior to their respective
.. turity dates. Bonds maturing in the years 1985 and
thereafter, are redeemable at the option of the City,
in inverse numerical order, on September 1, 1984, and on
interest payment dates thereafter, upon payment of
par and accrued interest. Notice of such prior redemption
•hall be given in the time and manner as more particularly
aet forth in the Ordinance authorizing the issuance of
this Bond .
This Bond is issued by the City Council of the City
of Englewood, Colorado, for the purpose of extending and
improving the municipal sanitary sewer system of the City,
under the authority of and in full conformity with the
City Charter, the Constitution and Laws of the State of
Colorado, particularly the provisions of Title 31, Article
35, Part 4, Colorado Revised Statutes 1973, and all other
laws thereunto enabling, and pursuant to Ordinance No.
of said City, finally adopted and approved by the City
Council on February 3, 1975. Pursuant to Section 31-35-413
of said Part 4, such recital shall conclusively impart
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full compliance with all of the provisions of said Part 4,
and this bond issued containing such recital is incontestable
for any cause whatsoever after its delivery for value.
Both the principal of and the interest on this
·Bond are payable solely out of a special fund created in
full conformity with law and desiqnated as the "1975 Sewer
Revenue Bond and Interest Fund", of the City, into which
Fund the City covenants and agrees to deposit, from the •
net income and revenue of the sanitary sewer system, atnounts
sufficient to pay the principal of and interest on this
Bond, when the same become due and payable.
If necessary payment of principal and interest
shall be made from the reserve fund created for such
purpose, all as is more particularly set forth in the
ordinance authorizing the issuance of this Bond. The
boncla of this issue are equitably and ratably secured
by a lien on the net income and revenue of the sanitary
sewer system, and censtitute an irrevocable and first
• lien· (but not necessarily an exclusive first lien) on
the net income and revenue, on a parity with the lien of
the outstanding Refunding Sewer Revenue Bonds, Series
1962, of the City, dated November 1, 1962.
It i• hereby recited, certified and warranted that •
for the payment of this Bond, the City of Enqlewood has
created and will maintain said Fund and will deposit therein
the amounts and revenue specified in said ordinance, and out
of said Fund, as an irrevocable charqe thereon, will pay
this Bond and the interest thereon, in the manner provided
by said ordinance. For a description of said Fund and the
nature and extent of the security afforded thereby for the
payment of this Bond, reference is made to that ordinance.
This Bond does not constitute a debt or indebtedness
of the City of Enqlewood within the meaninq of any charter,
·• constitutional or statutory limitation, and shall not be
considered or held to be a general obligation of the City.
It is hereby certified and recited that all the
requirements of law have been fully complied with by the
proper officers of the City in the issuance of this Bond.
For the payment of this Bond and the interest
thereon, the City of Englewood pledges the exercise of all
its lawful powers.
IN TESTIMONY WHEREOF, the City Council of the City
of Englewood, Colorado, has caused this Bond to be signed
with the facsimile signature of the Mayor, sealed with a
fucsimile of the seal of the City, attested and counter-
aigned by the manual signature of the Director of Finance,
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ex-officio City Clerk-Treasurer, and the attached coupons to
be signed with the facsimile signature of the Director of
Finance, as of the 1st day of March, 1975.
· (FACSIMILE
S E A L )
ATTEST AND COUNTERSIGNED:
Director o Finance
By
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CITY OF ENGLEWOOD, COLORADO
(Facsimile Signatute)
Mayor
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(Form of Interest Coupon>
No.
March,
On the 1st day of September, 19 ~' unless the
Bond to which this coupon is attached, if redeemable, has
been called for prior redemption, the City of Englewood, in
the County of Arapahoe and State of Colorado, will pa~ to
bearer the amount shown hereon in lawful! money of the
United States of America, at the First National Bank,
in Enqlewood, Colorado, out of the Special Fund or Funds
referred to in said Bond, but not otherwise, being interest
then due on its Sewer Revenue Bond, Series 1975, Dated
March 1, 1975, bearinq No.
(Facsimile Si~nature)
Director of Finance •
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• Section 4. Disposition of Bond Proceeds. The
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Bonds shall be sold and delivered to the purchaser, solely to
provide the City with money for the purpose hereinbefore stated.
All or any portion of the bond proceeds may be
. temporarily invested, or reinvested, pending such use, in
securities or obligations which are lawful investments for such
municipalities in the State of Colorado. It is hereby
covenanted and agreed by the City that the temporary investment
or reinvestment of the bond proceeds, or any portion thereof,
ahall be of such nature and extent, and for such period, that
the bonds of the City shall not ·be or become "arbitrage
bonds• within the meaning of Section 103(d) of the Internal
.. venue Code, and pertine~t regulations, and such proceeds,
if ao invested or reinvested, shall be subject to the
limitations and restrictions of said Section 103(d), as the
aame now exists or may later be amended, and shall further
be subject to any applicable regulations of the Internal
Revenue Service. •
Neither the purchaser of said bonds, nor the sub-
aequent holders of any of them shall be responsible for the
application or disposal by the City or any of its officers
of the funds derived from the sale thereof.
The issue of said bonds by the City shall constitute
a warranty by and on behalf of the City for the benefit of
each and every holder of any of said bonds, that the bonds
have been issued for a valuable consideration in full con-
formity with law.
Section 5. Incontestable Recital in Bonds. Each
Bond shall recite that it is issued under the authority of
Title 31, Article 35, Part 4, Colorado Revised Statutes,
1973, and such recital shall conclusively impart full com-
pliance with all of the provisions of said article, and all
bonds issued containing such recital shall be incontestable
for any cause whatsoever after their delivery for value.
Section 6. Payment of Interest During Construction.
If necessary, the interest due on said bonds during the con-
struction of the extensions and improvements shall be
advanced from any fund of the City available therefor, said
amount to be later reimbursed from the net income and
revenue of the sanitary sewer system. The principal of and
interest on said bonds shall be payable solely out of the net
income and revenue to be derived by the City from the opera-
tion of the sanitary sewer system as specified in this Or-
dinance . The term "sanitary sewer system", as herein
uaed, shall include not only the property comprising
the sanitary sewer system at the present time, but all
additions and betterments thereto and improvements and ex-
tensions hereafter constructed or acquired by the City.
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Section 7. Rates and Charges For Service by
the Sanitary Sewer System. The City Council of the City
covenants that it will establish, maintain and enforce rates
and charges for services rendered by the sanitary sewer
.ayat to create income and revenue each year sufficient to
pay the following:
(a) The coats and expenses of the operation and
.. intenance of the sanitary sewer system.
(b) The amount necessary to pay the principal and
intereat of the 1962 Bonda and the 1975 Bonds · each year.
(c) For the required payments to the reserve fund
and other funds established by .the ordinance authorizing' the
1962 Bonda and by this ord~nance.
It shall be the duty of the City to establish,
.. intain and enforce such rates continuously until all of
aaid bond• and the interest thereon have been fully paid and
diacharged. In the event that such sewer rates and charges
at any time should not be sufficient to meet such payments, •
the City will increase its sewer rates and charges to such
an extent •• to insure the payments and accumulations required
by the provisions of this ordinance.
Section 8. Payment of Principal and Interest. The
City Council has, by Ordinance No. 28, Series 1962, finally
adopted and approved on October 15, 1962, authorized the
iasuance of the 1962 Bonda in the principal amount of $1,022,000,
dated November 1, 1962. For the payment of principal of and
intereat on said bonds, the City has created a special fund
designated as the "Refunding Sewer Revenue Bond Fund of .
1962", which shall contain all of the income and revenue
derived by the City from the operation of the sanitary sewer
ayatem. The Ordinance provides tha_t such income and revenue
shall f irat be used for the payment of the necessa·ry and
proper coats and expenses of the efficient and economical
operation and maintenance of the system, for the payment of
the principal and interest on the 1962 Bonds, for payments
to a reserve fund, and finally for payments to a Repair and
Replacement Sewer System Fund.
The 1975 Bonds shall have a first and prior lien
on the net income and revenue of the sanitary sewer system
of the City, on a parity with the outstanding 1962 Bonds.
Accordingly, there shall be deposited to a special fund
hereby created and designated as the "1975 Sewer Revenue
Bond and Interest Fund", on or before the 15th day of February
and Auqust each year, an amount not less than the next in-
stallment of interest due on the outstanding 1975 Bonds, and
in addition on or before the 15th day of August each year
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Section 7. Rates and Charges For Service by
the Sanitary Sewer System. The City Council of the City
covenants that it will establish, maintain and enforce rates
and charges for services rendered by the sanitary sewer
.system to create income and revenue each year sufficient to
pay the following:
(a) The coats and expenses of the operation and
.. intenance of the sanitary sewer system.
(b) The amount necessary to pay the principel and
interest of the 1962 Bonds and the 1975 Bonds each year.
(c) For the required payments to the reserve fund
and other funds established by .the ordinance authorizing the
1962 Bonch and by this ord.inance.
It shall be the duty of the City to establish,
.. intain and enforce such rates continuously until all of
said bonds and the interest thereon have been fully paid and
discharged. In the event that such sewer rates and charges
at any time should not be sufficient to meet such payments, •
the City will increase its sewer rates and charges to such
an extent as to insure the payments and accumulations required
by the provisions of this ordinance.
Section 8. Payment of Principal and Interest. The
City council has, by Ordinance No. 28, Series 1962, finally
adopted and approved on October 15, 1962, authorized the
issuance of the 1962 Bonda in the principal amount of $1,022,000,
dated Rovember 1, 1962. For the payment of principal of and
interest on said bonds, the City has created a special fund
designated as the •Refunding Sewer Revenue Bond Fund of .
1962•, which shall contain all of the income and revenue
derived by the City from the operation of the sanitary sewer
system. The Ordinance provides tha.t such income and revenue
shall f irat be used for the payment of the necessary and
proper costs and expenses of the efficient and economical
operation and maintenance of the system, for the payment of
the principal and interest on the 1962 Bonds, for payments
to a reserve fund, and finally for payments to a Repair and
Replacement Sewer System Fund.
The 1975 Bonds shall have a first and prior lien
on the net income and revenue of the sanitary sewer system
of the City, on a parity with the outstanding 1962 Bonds.
Accordingly, there shall be deposited to a special fund
hereby created and designated as the "1975 Sewer Revenue
Bond and Interest Fund", on or before the 15th day of February
and August each year, an amount not less than the next in-
stallment of interest due on the outstanding 1975 Bonds, and
in addition on or before the 15th day of August each year
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an amount not less than the next installment of principal of
•aid Bonds. Such deposits shall be made concurrently with
the required payments of principal and interest for the 1962
Bonds.
The amounts credited to the Bond and Interest Fund
ahall be uaed to pay the principal of and interest on all of
the 1975 Bonda as the •ame hereafter become due and payable.
Any additional Parity Lien Bonds hereafter issued shall be
payable from the same Bond and Interest Fund, and provision
shall be made in the ordinance or ordinances authorizi"g the
iaauance of said additional Parity Lien Bonds for further
payments into said Bond Fund, ·beyond those required above,
at leaat sufficient in time and amount to pay the additional
UIOunta of principal and interest. Any subordinate lien
bonds hereafter isaued, •hall be payable from a separate
fund or fund• into which deposits shall be made and subject
to the depoaits and payments required ·or permitted to be
.. de for the payment of the 1962 Bonds, the 1975 Bonds, and
any other out•tandin9. parity lien bonds •
• After the payment of the costs and expenses of the
operation and maintenance of the sanitary sewer system, and
tbe required payments of principal of and interest on the .
1962 Bond• and the 1975 Bonds, but concurrently with the
deposits required, if any, to the reserve fund created as
additional aecurity for the 1962 Bonds, payments shall be
.. de to the Re•erve Pund for the 1975 Bonds, as more
particularly set forth in the followinq section.
After the payments required as indicated above,
tbe income and revenue of the sanitary sewer system may be
uaed for the payment of t~e principal of and interest on
bonds havinq a lien which is subordinate to the lien of the
1962 Bonda and the 1975 Bonds, or any additional parity lien
bonds.
Any remaining income and revenue may be used for
the deposits to the Repair and Replacement Sewer System
Pund, as required by said Ordinance No. 28, Series 1962, for
any additi onal extensions, improvements and betterments to
the system, for callinq, redeeminq or purchasinq any of the
outstanding 1962 Bonds or the 1975 Bonds, or for any other
lawful purpose of the City.
Section 9. Sewer Revenue Bond Reserve Fund, 1975.
There is hereby created a special fund desiqnated as the
•sewer Revenue Bond Reserve Fund, 1975" for the purpose, if
necessary, of paying the principal of or interest on the
bonds authorized by this ordinance. The Reserve Fund shall
be accumulated in the total amount of $170,000, by the
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deposit annually to such Fund of an amount not less than
$35,000. The annual deposits shall be made on or before
December 31 each year, beginning in the year 1975. The Reserv~
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Fund shall be maintained until such time as the amount therein !
will be •uff icient to pay all of the outstanding 1975 Bonds
and the interest thereon. The money in the Reserve Fund may
be uaed to prevent defaults in the payment of the
bond• herein authorized and interest thereon, but if used for
such purpose, it shall be restored to the fund as sooo as
possible. Moneys in the Reserve Fund may be invested in direct
obligations of the United States Government or in obligations
or .. curitiea of any agency or instrumentality thereof, and the
interest from any such investments shall be considered as
revenues of the sanitary sewer system.
Section 10. Covenants of the City. The City
hereby further irrevocably covenants and agrees with each
and every holder of the 1975 Bonds issued under the provisions
of this Ordinance, that so long as any of said Bonds remain•
outstanding:
(a) It will continue to operate and manage the
sanitary sewer system in an efficient and economical manner
and keep and maintain separate accounts of the receipts and
disbursements of the system in such manner that the income
and revenue thereof, payable into the Refunding Sewer Revenue
Bond Fund of 1962, may at all times be readily and accurately
determined.
(b) It will, through appropriate action of the
City Council, establish, maintain and enforce a schedule of
rate• and charges for sanitary sewer services furnished by
said system sufficient to insure the payments and accumulations
required by the provisions of this Ordinance.
(c) It will not sell or alienate any of the
property constituting any part or all of the sanitary sewer
system in any manner or to any extent as might reduce the
security provided for the payment of the bonds authorized
herein, but the City may sell any portion of such property
which shall have been replaced by other similar property of
at least equal value, or which shall cease to be necessary
for the efficient operation of said system; provided, however,
that in the event of any sale or sales, as aforesaid, where
the aggregate consideration exceeds the sum of $1,000, such
consideration shall be paid into the Refunding Sewer Revenue
Bond Fund of 1962, or into the Repair and Replacement Sewer
System Fund, at the discretion of the City, and shall be
uaed for the purposes of the Fund into which it is deposited.
(d) At regular periods each year, it will render
bill• for sanitary sewer services furnished. If the City is
providing water service, such sewer bills shall appear on
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and be a part of water bills rendered. Until paid, all
sanitary sewer rates and charges shall constitute a lien on
the property served and the City shall take whatever action
is legally permissible promptly to enforce and collect
.delinquent sanitary sewer charges, and if water service is
provided, it shall shut off such water service from property
delinquent in the payment of the sanitary sewer rates and
charges.
(e) At least once each year it will furnisq the
original purchasers of the 1975 Bonds a complete statement
of the receipts and disbursements of and for its sanitary
aewer aystem for the fiscal year immediately preceding such
atatement.
(f) It will carry workmen's compensation, public
liability and other forms of insurance on insurable sanitary
aewer aystem property as would ordinarily be carried by utilities
having aimilar properties of equal value, such insurance being
in auch amounts as will protect the system and its operatiOh.
(g) It will furnish no free sanitary sewer service
and, if it elects to uae sewer services for municipal purposes,
it will make provision to pay therefor at the same rate as is
charged others for like or similar service.
(h) For the protection of the health of the in-
habitants of the City, it will, by appropriate action,
compel all the owners of occupied properties capable of being
served by the sanitary sewer system, to connect their premises
with such system.
Section 11. Additional Bonds, Requirements and
Limitations. No additional bonds shall be issued payable from
the income and revenue of the sanitary sewer system and
having a lien upon such income and revenue which is superior
to the lien of the 1962 Bonds or the 1975 Bonds.
However, nothing contained in this Ordinance shall
be construed in such manner as to prevent the issuance by the
City of additional bonds payable from the net income and
revenue derived from the operation of the sanitary sewer
system and constituting a lien upon said revenues equal to
or on a parity with the lien of the 1962 Bonds or the 1975
Bonda, as long as the following requireme~ts are met:
(a) The City is current in the payment of all
principal and interest of the 1962 Bonds, and the 1975 Bonds,
and the deposit and accumulation to the Refunding Sewer
Revenue Bond Reserve Fund of 1962, the Sewer Revenue Bond
Reserve Fund, 1975, and the Repair and Replacement Sewer
System Fund, authorized by Ordinance No. 28, Series 1962.
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(b) The net income and revenue of the sanitary
sewer system received in the preceding fiscal year shall
have been equal to 1.5 times the maximum annual requirements
for .principal and interest on all outstanding 1962 Bonds,
~lus 1.5 times the maximum annual requirements for principal
and inte~est of the 1975 Bonds, plus 1.5 times the maximum
annual requirements for principal and interest on the proposed
bond• to be issued.
However, if all of the 1962 Bonds have been eaid
and cancelled and are no longer outstanding, then additional
bonds payable from the net income and revenue of the sanitary
•ewer •y•tem and having a lien on such net income and revenue
on a parity with the 1975 Bonds and any other outstanding
parity lien bonds, may be issued provided -
(i) that the City is current in the · payment
of all principal and interest of the 1975 Bonds and all
other parity lien bonds which are outstanding and is current
in the deposit and accumulation of all funds and payments •
required by the 1975 Bond Ordinance and any other ordinance
which authorized the issuance of any outstanding parity lien
bond•:
(ii) that the net income and revenue of the
•anitary sewer system received in the preceding fiscal year
shall have been equal to 1.25 times the average annual
principal and interest requirements of the 1975 Bonds, any
additional outstanding parity lien bonds, and the proposed
parity lien bonds to be issued.
If rates and charges for sanitary sewer
•ervice have been increased during the preceding fiscal
year, then the net income and revenue can be determined by
applying the new rates and charges to the quantities of
service actually furnished during such year.
Nothing herein shall prevent the City from
issuing additional bonds h a ving a junior or subordinate lien
on the net income and revenue of the sanitary sewer system,
provided that all payments and accumulations required to be
made by th i s ordinance are current.
Section 12. Payment of costs of Issuing Bonds.
All costs and expenses incurred in connection with the issuance
and payment of the 1975 Bonds authorized herein, shall be
paid exclusively from the proceeds of said bonds or from
the net i ncome and revenue of the sanitary sewer system, and
in no event shall any of such costs or expenses or the princi-
pal of or i nterest on said bonds be paid out of or charged to
the General funds or tax levies of the City.
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Section 13. Severability. That if any one or
more sections or parts of this Ordinance shall be adjudged
unenforceable or invalid, such judgment shall not affect,
impair or invalidate the remaining provisio.ns of this
Ordinance, it being the intention that the various pro-
visions hereof are severable.
Section 14. Repealer. All ordinances or parts
thereof in conflict with this Ordinance are hereby repealed.
Section 15. Ordinance Irrepealable. After ~aid
bonds are issued, this Ordinance shall be and remain irre-
pealable until said bonds and the interest thereon shall
have been fully paid, satisfied and discharged.
Section 16. Hearing. In accordance with Section
40 of the City Charter, the City Council shall hold a public
hearing on this ordinance, before final passage at 8:00 P.M.
on Monday, February 3, 1975.
Section 17. Publication and Effective Date. This
Ordinance, after it• .. final passage, shall be numbered and
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recorded, and the adoption and publication shall be authenticated
by the signature of the Mayor and the Director of Finance,
ex-officio City Clerk, and by the Certificate of Publication.
This ordinance shall become effective thirty (30) days after
publication following final passage.
INTRODUCED AND READ This 20th day of January,
1975.
(SEAL)
ATTEST:
Director of Finance
*FINALLY PASSED AND ADOPTED This 3rd day of February,
1975.
(SEAL)
ATTEST:
Director of Finance
*(The following to be omitted from publication following first
reading and to be inserted in the publication following final
passage.)
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