HomeMy WebLinkAbout1962 Ordinance No. 028.1
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IDaodaaed .. a till by CO.Ci1-n 1111••
••mun
ollDDl8cs m. 2a. ••m OI' 1962
AULL .. -oaDDINICS ADDIOUSDG Am •aovmma l'Oa auullDJm AllD
•U181 Wi8D8DQ anmua m ......... tll8 ....... DDiftD ,.._ tll8
~--0. ._. -ftft81 01' Ba CUI 0. •llDJOOD, OOU:.ADO. D ma
lllrl&Mi OI' fl.022.000r M»i&mUSD8 Ba DDOaft OI' NllD8 to _..&"f MID
•aww: MD •rn•an1mr novmma .ca ms 11...-. OI' urmoua •-uv:mu•
... D .. 1'0BL ••DICI•AL ~ 01' fl, 022' 000 IO& ~ I 1 '). ' MID OU'I'-
J " I • ' -UJ&ICZ ~ AllD .ca PUJm ._. COft8 AllD ....... ucm..-r
a •mor l90VlDDa tm .. •ure•: OI' ._. ftDCUAL OI' am m•m m
UlD ... , Am nac:aI•Da 01••• Dm•lLI D ca IE &'!'Im ih-11&.
1 ....... tbe City of Sn91...aacl. Arapaboe COmaty. Colorado, DOW owna
... wratea a mitary aw ay•temr ....
1 Mal, by Grdimae llo. 14, 8eri• of 1952, ldopted and approve4 on
~ 14, 1952, tbe City bu aatboriucl Ulll iaaaed lw an•ae Bomia
ia tbe want of f725,000, dated October 1, 1952, of wbiah want of 1'ond•
there are DOW oatataadiDtJ f6CM,OOO, bearing intere•t payal»l• on April 1
an4 Oct:ober 1 eaab year, and -turin9 on OctoMr 1, a• follow•a
• "tlllt Mggit;y Iater .. t '"'
fl8,000 1963 .... 1"4 3-1/2"
19,000 1965 ... 1161 3-1/2"
21,000 1967 ... 1911 3-1/2"
22.000 1969 3-1/2"
23.000 1970 ... 1971 3-1/2"
24.000 1972 3-1/2"
21,000 1973 and 1174 3-1/2"
27,000 1975 3-1/2'&.
28,000 1972 .... 1977 3-1/2"
30.000 1978 J-1/a
31,000 1979 3-1/2"
32.000 1980 3-1/2"
33,000 1981 3-1/2"
35,000 1982 3-1/2"
100,000 1983 3-1/2"
80Dcl• •taring in tbe year• 1963 an4 thereafter to be r .. •••bl•
at tbe option of the City on October 1, 1962, aad on any inter .. t payment
date thereafter at par, accraed intereat and pr-1-u followaa
If recl•••cl on October 1, 1962, to April 1, 1967, incluaive,
•of principalr
lf rede ... 1cl on Oct.ol»er 1, 1967, to April 1, 1972, inclaaive,
• of principalr
If rec1e ... 1cl on October 1, 1972, to April 1, 1983, inclaaive,
• of principalr ...
WH'MW. by Ordinance llo. 12, Seriea of 1954, adopted and approved on
J1aly 11, 1954, tbe City ba• farther aatboriae&I and i••ae&I ._r a.venue
8aDll•, 8er1-1954, in the 1moant of f50,000, dated A1199at 1, 1954, of
which 1moant of bonll• there are DOW oatatamlinl f28,000, beariDCJ intere•t
payable on l'ebraary 1 and AacJu•t 1 eacb year, an4 •turin9 on Aagu•t 1,
u followaa
fpJMt
... ooo
5,000
Mtvitv
1963 .... 1964
1965 to 19'8, incl.
lpter .. t Rate
3.4°"
3.4°"
80Dcl• •tvin9 in tb• year• 1958 an4 tber-fter to be red•••ble at
tbe option of the City on AG9118t 1, 1957, and on any intere•t payment date
tbereafter, at par and accraed intere•tr and
1 MW, by OrdiMace llo. 2. 8erie• lHO, adopted and approved on .,
aaamy 4. 1960, tbe City bu fart:her •tboriu4 and i•...t aw ..,, ....
...... .. iea ..-..ry 1. lHO, in tbe IRDUDt of f400,000, dated l'ebraary 1,
1960. of *lab s a•t of llonda there are DOW oatataading f390,000, bearin9
iaterMt payai.1e ..-..ry 1 .... AQc)u•t 1 Mala year, and -turin9 on ..-..ry 1, u followaa
p ;•\ •'visv Inttreat My
fl0.000
15,000
20,000
25.000
1963 to 1H7. incl.
1168 to 1973, incl.
1974 to 1978, incl.
1979 to 1994, incl.
4-1/2"
4-1/4"
4.4°"
4.4.
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8oad• •taring on or before l'ellrwy 1. 1170 to be red•••bl• at the
option of tbe City •ix 110Dtb8 prior to their n..-otive •tarity date• at
par. accz..S iatm.•t. plu a preai-of •ix 110ntb8 1 inter••t at the rate
..-ified in tbe ooapou attached to the bon4 or 1aold• bein9 called for
nd1 1tion. 8oad• •tarin9 in the~· 1171 and tb••fter being red--
Ml• at tbe option of tbe City on . ~ 1, 1170, and on intereat pay-
-t datea tber•fter in inwerM ordm-of their n•""ier•, at par, accrued
iatereat and prmiw u foliOW8a if red••..S on ..-aary 1, 1970, to and
incl.U.ng ~-1. 1974, at • of principals if red•••d on ..-aary 1,
1175. to and including Aap8t 1, 1971, at :C:Jrincipalr if recl•••d
on and after ~ 1, 1980, at par and intere•t only: and
11 ...... •NPt u above atated, tbe City baa not ple4fJed in any way
tbe reN-• deriwed and to be deri..S frca the operation of it• •9W9r
8Y•U.r and
W a.m. the interut rate on tbe outatandin9 IM»nd• to be refunded will
not be incr••ed by the i••aanc• of the r•f111Mlin9 mnd8 authorised berein1
and
W -au. tbe City Coancil bu fomad and detenined that 1-y the i••uance
of tbe r•f1m4inv 1aon48 aatboriaed herein and refalding and paying the oa~
atanlliDg •w r...._. mnd8 at their reapeot.ive •tariti•• ~r at the red--
ptioa datea. tbe City will .... a oouiderUl• •-in inter .. on the obliga-
Uou 18...S in aowction with tb• •w 8Y8Um of the Cityr and
WA.... ill order to wt the co•ta of refuldin9 and paying the de•i9-
nated outataa41Dg •w revenu 1aoa4• of the City and for apen••• incident
tmreto, the City council ha• deterained to i••• a.fading lw anenu
8oad•. Seri•• 1162, of the City in the want of fl,022,000, payable,
principal and intereat, from, and •• a fir•t lien on, the nmct rnnue• de-
ri..S and to be derived froa the operation of ita ~ ayaa., par•uant
t:o and in acaordance with the proviaiw of Cbapter lit, Article 52,
Color.SO ani..S •tatute• 1153, •• •mded, and the Charter of Aid Cityr ....
WH'*88. Aid •oant of bond•. after public notice of aale, baa been
~ to a. J. van JDgm and ei.p.ny, Inc., of.., Tork, the bi9beat and
beat bidder•, for C&8h at not lu• than par and accrued inter••tr
aa•noa. • rr mDAlllD nm CJft COU9ClL OP ma c1n or ~,ll'DOD.
COLmAD01
lection 1. ftat for tbe parpoM of refulding and paying tbe de•ipated
oatatanlliDg aw ~ bond• of the City of Sngl~ad, and to pay th•
008ta and ..-•• incident thereto, tbs• are bereby authorised a.fandin9 aw • ..._ 8oad•. 8eri• 1162, of tbe City of Snfll•aall, in the want
of fl,022.000, mth the principal tber•f .... the intere•t thereon to be
payMle •l•ly and only oat of tb• net r--• to be derived by the City
fna and throagb tbe operation of ita •w 8Y•U..
Section 2. ftat Aid mnd• hereby aatboriaed 8ball be dated llov•ber 1,
1962, 8ball be in the deno.ination of fl,000 each, •ball be payable to
bear•, aball bear inter••t pay .. le -i-annaally on th• lat day of llay
and tbe lat day of llcwmMr INlcb year, and •ball ba•• ooapona attached
tbereto aipell with the faoaillil• aignatare of the City 'l'reaaurer, evidenc-
ing Aid interut. 8aid bond• •ball be uecated with t.be facaillil• aigna-
tare of tbe llayor, with a fac•illil• of the -1 of the City thereto affixed,
attuted and coanteraigned by tb• manual •ignatare of th• City Clerk and
.,....._._.. Sboald any officer whoM •ivnatun or fao•illil• aignature
.,. ••• on :Aid m...S. or the coapon• thereto attaaW ceaM to be aacb
officer before delivery of tb• bond• to the parcbuer, aac\i •ignatare or
f&o8illil• aignatare aball nevertbel .. • be valid and •af f icient for all
Dm:DO•ea.
•tb · principal of and intereat on Aid IM»nd• •ball be payable in
1awfal 110ney of the united State• of Amri•, at the office of th• City
'frwar•, in SIM.fl~. Color.SO.
laid 1aonda •hall be nm bared conMCNtively fr• 1 to 1022, inclaaive,
•ball -ture on llcwmber 1, and aball bear intereat, u followa 1
'pnapt .• ,. lntBHt .. te
f40,000 1963 3
42,000 1964 3
45,000 1965 3
45,000 1916 3
45,000 1967 2 3/4
50,000 1968 2 3/4
50,000 1961 2 3/4
55,000 1970 2 3/4
55,000 1971 2 3/4
_55,000 1972 2 3/4
60,000 1973 2 3/4
60,000 1974 2 3/4
65,000 1975 3
65,000 1976 3
70,000 1977 3
70,000 1978 3
75,000 1979 3
75,000 1980 3
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Bonda of thi• i••• -turiDfJ in the year• 1963 to 1972, inclu•ive, •hall
be r.S•w•bl• at tbe option of the City •iJc mntha prior to their re•pective
-tarity date• at par, accrued inter .. t, plu a pr-1• of •ill month•' in-
ter .. t at the rate •pecif ied in the co-.on• attached to the bond or bond•
being called for redr ption. 9oad• -t11rin9 in tbe year• 1973 and there-
after 8ball be redew•bl• at the option of the City on llo9wber l, 1972,
and on inter .. t paJ11•nt date8 tberMf ter in tbe inverH order of thier
n_,,_•, at par, accra.S intere•t and a pr-1• of • of principal.
If tbe City ahall elect to redew any part or all of Aid bond• prior
to -tarity, notice tbereof •ball be 9i"n by publication in a ..-paper
of 91.-ral circalation in the City and in a nsnpaper of ••neral circulation
in Diner, COior.do. 8ach pablicationa •hall oaaar not l••• tban thirty
(JI) day• nor more than forty (40) day• prior to tbe time fixed for the
rel 1 u tion 111111 paywt of Rab bonda. CDpie• of all •uab publi•hed notice•
Mall be -iled by the City t'lleanrer to the ori9inal parcba•• of Aid .......
8ection 3. 8aid .. f1mdin9 IW ...__ a.d8, 8eriM 1962, and tbe
inter•t coapon• thereto attached •hall be in 8UMtantially the followin9
fora, to-vita
..,_. or coua..-'DO
llo •. ______ _
VDBD ftAm fa •mCA
cxn or ,... FIDGD
WVllDim ._ anmoa ..,
Sm-le• 1962
COUii!£ OP AllAPAIK»B
fl,000
919 City of Sn919Yaad, in ~ Coanty of Arapmiboe and Stat• of ColorlMlo,
a.-..i-rw~wed. ber9by .-~•••• to pay to ~bearer i..r.o~. oa~ o~ ~
••aia1 ca « ~ ileitAr·w. --~ .ot ~i.ee. ta.. -o~
OllS 'l'llOUUR nor.r.uta
in lwfal llDD8Y of tbe Vllitell 8t:ate8 of A•ariaa, on the lat clay of llov-'ier,
19 • witb interest thereon fzoa date mtil paid at tbe rate of.._. ___ _
.._.-a.am ( --"> per ann•, payable -i-maally on the l•t Ly of
•Y and tbe lat LY of lkwwb>er -ch ~. lloth principal an4 intereat Wnc1
payable at the office of the City 'IT.....rer, in SncJl..aad, Colorlldo, upon
pre-tation and Arrender of tbe maed coapou an4 thi• Bond a• they
•••.rally beaa•• ••·
9DD48 of tbi• i•--taring in tbe year• 1963 to 1972, incluive,
8ball be redewmltl• at th• option of tbe City •iJc month• prior to their
rMpective -tarity date• at par, accrmd inter .. t, plu• a pr-ium of •ix
11Dntb8 1 intereet at the rate apecified in the coapon• attaaW to th• bond
or 11oad• being called for redr rtion. 8ond8 of thi• i•--turin9 in th•
year• 1973 and tb••fter •hall be redaw'bl• at tbe option of the City on
llow1 .,_ 1, 1972, an4 on interMt ~t .. tea tberMfter in the inverH
oEder of their meber•, at par, accrued in~Mt and a pr-1• of • of
principal.
ftia 9oad i8 iaaaed by the City of -1..-ood for the parpo•• of pro-
•iding for the payiDCJ and refan4in9 of ouUtaDlliDCJ aw rnmue bond8 of
tbe Cit.y, all in conforaity with Cbapter 139, Article 52, COlorlMlo a..iaed
8tabate8 1953, u ••nded, tbe Cbarter of •id City, and par•aant to an
Ozdinaw of tbe City daly adopted and approw .. prior to th• i•nanc• here-It
of, and both tbe principal. of thi• 8on4 and tbe in~-t herlfn ~able
8o1eiy oat of 8bl conatitate a fir•t aal prior li':'f&a ..,ea al
created in full aonfonaity with law and de•i9Mted • ... fan4iDCJ 8ewer
...._ ....... of 1962•, o~ Aid City, .. pcoyided in Aid Ordinance.
'llai8 9oad dcl• not ooutitate a debt of tbe Clt.y of 8nglmraod witbin the
•••nina of any COD8titational, autatory or c:barter lillitation.
It i• hereby certified, recited and warranted tbat for the pa,._t of
thi• Bond tbe City of Sngl..-oad ba• cr•ted and will -int:ain Aid l'UDd
and will depo•it therein, oat of the r..-a of it• •w 8)'•tw, the wunt•
and rnen• 8pecified in Aid Ordinance, and oat of Aid had, and a• an
irr•ocable cbar9e tbereon, will pay thi• 9aDd and the inter•t hereon,
in tbe --•r pEOVided by Aid Ordinance.
It i• further recited and certified that all requir•ant• of law and
all oon4itiou precedent bave bem fully C011Plied with by the proper
officer• of Aid City in tbe i••uance of thi• 8on4.
D ~m:llMml ••nmr. the City of Sngl.aod, Colorlldo, ba• cau•ed thi•
8oad to i. •i..-S with the fac•illile •i9D1atare of it• .. yor, -led with a
faceillil• of tbe ..i of the City, atte8ted and counter•iCJDed by th• ~•l
•i9D1atare of da9City Clerk and Trea•arer, and tbe inten•tl ron• hereto
ann...S to be •i..-S with the fac•illil• •i9Mtar• of the City 'l'r••urer,
U Of tbe l8t day Of llovmber, 1962.
C•WDJL8) Crac•'e'l• Signature)
(8SAL) .. yor
AllaanD MID COUlllmI•Da
CltY clerk iliil 'IT••••
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-to: ":-\ ... '-"'-._. .~ . .
(rora of Coupon)
llo • ._ _____ _ '---
on the lat day of =!:~ 19 • (unl••• th• bond to which thi•
coupon i• attached bu~ied iOr prior red I 1•tion,) the City of
8DcJlnaotl, in the Coanty of Arapahoe and State of Colorado, will pay to
bearer hereof
D0'·'Alt8 ------------------------------
in 1awf1l1 money of th• United State• of Jllerica, at the office of the
City City lfreaaarer, in SnglMIOOd, Colorado, out of the .. fandin9 aw
•--• 9olMI Wand of 1962 of Aid City, 1Nt not otherwiM, being •ix
rontba' lnter .. t on it• a.faatlin9 aw -...nae Bond, &eri•• 1962, dated llow.... 1, 1962, bearift9
llo •. _______________ __
ll'aaaillih •J.aaatar•>
City lfr•nrer
•(Bai• ClaaM to appear in coupon• -turilMJ May 1, 1973, and therMfter)
8ection 4. 8aid bond• ahall be iaaaed and aold for caeh, at not l•••
than par and accrued inter••t to elate of delivery, .olely to provide tb•
City with money• for th• parpo•• therein apecified, 1Nt neither th• pur-
cbaaera of Aid bond• nor the aabaequent bolder of any of th-•hall be
reaponaibl• for th• application or 4iapoaal by th• City or any of it•
officer• of the fwd• clerived fl'Oll tbe aale thereof. -a. ia•uance of •aid
bonda by tbe City aball conatitute a "9rranty by and on Hhalf of th• City
for the Mnef it of Mell and every holds of Aid bonda that Aid bond• ha••
ll••n i•....S for a valuable conaideration in fall conformity with law.
Section 5. 'lbe terr • ...r ayatea• a• herein uaed •ball include not
only tbe property cr.priaing Aid aw ayat. at tbe pr•ent time, but
all .ttlitiont and betterllentt thereto and improvwnta and atenaion•
ber•fter conatructed or acqairetl by tbe City.
Section 5. 'lbe terr •aawer •Y•tea• aa herein uaed •hall include not
only the property ccmpriaing aaid •w ayatea at 9be pr .. ent time, but
all .sdition• and betterment• thereto and irprov--t• and atenaion• here-
after conatructed or acquired by the City.
&ection 6. IJ'be proceeda derived fl'Oll the Ale of the laond• authorised
herein, in an ..oant not l .. • than fl,122,000, aball be clepo•itecl with the
l'irtt •tional •u, mngl9UOOcl, COlorado (hereinafter called the ••n11•),
in a aeparate fund and ••crow accoant bereby created and known aa City of
11D91-..ao4 .. fandin9 ........... Bond, a.fanding sacrow Acaoant•, berein
cleai911&ted aa the ... fwMlinv sacrow Account•, wbich Account •ball be at
all tmea aafficient, to9•ther with any intereat to be clerivetl frOTI the
inv•tamt and any t1mporary rein ... tr•t of the clepoaita, or any part
thereof, in intereat bearing aecariti .. of the United State• of America, .
to pay tile principal of and intereat on the oatatandin9 aw Jtevenue Bonda
to be retired at their reapectiv• -tariti .. , or on tb• re41•ption date•
-deaiC)Dllted herein • .
oatatantling aw Jteven• llon4• of Aid City to be refun4ed witb th•
proceetl• of tb• bonda authorised herein aball be retired in tbe following
manner a
<•> ·--dr'98" load!· &eri•• 1954. clatld Apaglt 1. 1954. All Bonda
of thi• i•aa• • ibe paid and retired at their reapectiv• -turity date•.
(C) IP.If Ina• lop4t Itri• l!br!I" 1, 1961, 4at!d NprMry 1, 1960.
Bonda of tha •--turin9 in tb• year• 163 to l97 , incluaive, •ball be
paid and retired at their reapec:tiv• -turity date•. Bond• of thi• i••••
-taring in the year• 1973 and thereafter •hall be called for red.-ption
and paid on ftbruary 1, 1972, which date i• hereby cleaipated a• tb• prior
red1 1tion date for Aid Bonda.
'!be •Dk alall withdraw aw fzoa the Aid .. fundiDCJ Account in auffi-
ci•t time and in auf ficient amount• ao •• to perait payment of •uch principal
and int_...t. Any money• r-inin9 in the .. fundin9 Account af nt
and redtnS)tion in full of all of tb• outatandift9 aw Jteven , her•
after Mt forth. '1'he officer• of the City ahall, and tb9Y are ereby
aathoriaed and clir4'Cted to take all neceaaary or appropriate action toward
tbe aecation of an sacrow A9r•••nt with th• Bank concerniftCJ the depo•it•
to be r·de in the a.fwdiDCJ Account and auch other &9r•••nt• •• -Y be nec-
Maary or cl•irule to effect the provi•ion• of thi• Orclinance.
•llonda •ball be depoaited in the .. fanding Band a.aerve
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lectjon 7. If the a.fandin9 Accoant •ball at any time be inaufficient
for tbe paywau required in tbe prwtling 8eatian, the City •ball forthwith.
fZOll tbe f ir•t aftilUl• Mt rev•... from tbe operation of the aMMr ayaaa
of tbe City, depoait in the .. fanting Accoant at 1-t •ach 161itional ._.
u aball i. neceaury to pay the cleaitD&ted moanta of principal and intereat
of Aid oatatan4ing S.Wr ..._ •• 8on4a.
a.ction 8. '!be officer• of tbe City •ball, and tbey are bereby aathori..S
aa4 directed to 9iv• notice of prior red..,tion of Aid oatatanding aw
..,,_.. Bond• by publication once in a .._..,..._. of 99ftU'•l circulation in
tb• City of -l&Jaall, an4 in a nwapaper of 99ftU'al circalation in Denver.
COlorlldo, aada pa)»lication• to occar not l•• than thirty nor.90re tban forttr
4aya prior to tbe reapective prior r.Stm('tion datea. A copy of ••cb llotice
aball 1--iled to Coagblin • Co., of Denwer, COlorldo.
Section 9. All of tbe inco•• and revenae to i. deri•ed by th• City frOll
tbe operation of ita aMMr ayaaa ahall be depoaited in a fand to be known
u ... fanding aw...,... .. Bond "'1nd of 1962•, to 1-kept aeparate and apart
frGll all otber fanda of tb• City. 8ach inoa•• rw• aball i. known a• and
terllell tbe •CJZ08• reven•• of Aid ..,.r ayatm and aucb reven• i• hereby
irrewocably pl-'9ed for th• following purpow and •ball be diabur•ed in tbe
following ord••
(a) Wor all neceaury and proper coat• and eqma•• of tbe •ff icient
and ....,..ical operation and -intwnce of Aid aw ayatm. •> 'lbere aball be diabar...S from t.be .. fandin9 aw ...,..... 8oDd hnll
of ltU moaata aaffici•t for the prcmpt payment of tb• inter•t on and the
principal of Aid .. fandinv ..,_. -...n• 9oada, &eri• 1962, when and a• th•
••• aball ~·• d .. and payule, reapectively. '!be owner• and bolder• of
.. id IM>ade aball ba" a firat and prior li• on all of the net r...a••• of
aald ayatm.
(c) After fall empliance with nlMli•i•ion• (a) an4 (b) of thi• 8ec:t.ion
9, tbere aball i. clepoaited in a aeparate fand hereby created to i. known a•
·~ lw ..._. Bond ... ,..,. ~ of 1912• •ntbly paJ11enta of not
1-t:ban fl250.00, bevinninv Decw1w= 1, 1962.and aontinaing not. loDCJer than
Deawber 1, 1967, or until aac:b time u tbe •-of f75,000 i• on clepoait tb_..-
in. a.~ in Aid ...... had -Y be ued to pc..-t .. faalta in tbe
paJW•nt of tbe i.ond• •tboriaed mrein and inter••t thereon, and if •Dey be
ued for aac:h purpoM, it. •ball be r•tored to Aid had &all the firat fanda
aftil.able. 8aid ...... bnd aball be -int:ained in the ..oant of f75,000 or
more, antil a1ICb t1-u the momt therein will i. •affici•t to pay all of
tbe Aid .. fandiDCJ IW ~--· 9onda, &eriM 1962, dated lloYI illez' 1, 1962,
oataandiDf, and tbe inter•t thereon, at wbicb U.. Aid a»ada may be red••••d
and paid prior to their -t.arity or -Y be paid at tbeir reapecti•• -tariti•
fftlll tbe famla on band in Aid ...... had.
(d) After fall oet11liance with •Udi•i•iona (a), (b) an4 (c) of tbi•
Section 9, there •ball be depoaited in a aeparate fund hereby cr•ted, to be
1mown u •a.pair and &eplac••nt. -. Syaaa flaDll• , monthly pap•U of not.
i ... t:ban f625.00 bevinnilMJ Decrber 1. 1962. and conti•ing until all
.. fandiag aw ...__ Bolllla, a.ri .. 1962, and inter•t thereon, ba•• la••
paid in fall anll diacbllr994. '!be moMy in Aid -.pair and 118plaa••nt rand
-Y be withdrawn and ued for any capital illpzo.•ent to tbe aw ayatm of
Aid City, whicb illpzo••••nt. i• not normally conaidered to i. a -intenance
or operation eiq1enM, at any time d•••d ..S.iaabl• or nwaaary by •id City.
(•) If tb• City i• carr•t in all _... payment• reriaired to be •IMI• by
nladiviaiona (a), (b), (c) and C•> above, and all other nqair••nta mreof
ba" la•• falfilled, any r-iniDCJ revenue• of th• aw ayaaa •Y be u...S
for 161itional atm•iona, illprov-.u and bet.ter11ent• of Aid ayatm, or
for calling and r.S••ing oatatandin9 .. fulding aw ..._ ... Bon.ta, Seri••
1962, or for parchaaing outatanding .. fanding a.wer ....... llolllla, &eri•• 1962,
on the open market at a price not exceedin9 par and accraed intereat, plu•
•of the principal, or for any other lawful purpoH. ·
a.c:tion 10. '!be City hereby farther irrevoc:Uly covenant.a and agr-•
witb ••cb and every bold• of .. fanclin9 aw a..en• Banda, &eri•• 1962,
ia....S under the proviaion• of thi• Ordinance, that. ao lODCJ u any of aaid
i.ond• r•ein oatatandin91
(a) It will continue to operate and Mnav• it• aw ayatm in an
efficient and econa11ical manner and keep and -intain aeparate account.• of
tbe receipt.a and diaburawt.• thereof in aucb Mnw that. th• revenue•
thereof, payul• into Aid .. fancli119 aw a..enu• Bond hn4 of 1962, -Y
at all time• be r..Sily and accurately det.enained.
Cb) It will, throuCJh appropriate act.ion of ita Council, ••talali•h.
-intain and enforce a acbedul• of rate• and cbar99• for aw aervice• fur-
nillbed by Aid ayaaa auf f icient. to iaaare th• payment.a and accuaulat.ion• re-
qaired by the proviaion• of thi• Ordinance.
HtaJS. . . -.
-ao •• • •
(c) It will not Hll or alienate any of the property con•titating any
part or all of Aid my•U. in any manner or to any atent •• ai9ht reduce the
..aarity provided for th• payment of th• a.fundin9 aw a.venue Bond•,
leri• 1962, authorised herein, bat th• City -y Hll any portion of •ach property
wbicb aball bave been replaced by other •iailar property of at l••t equal
ftlae, or which ahall ce&H to be nece•ury for the efficient operation of Aid
my•temr provided, hotMver, that in the event of any Al• or Al••· •• afose-
Aid, Wiier• the agp-~te conaideration aceeda the -of fl,000, •uch con-
•idsation ahall be paid into Aid aefundincJ aw a..en• Bond Panel of 1962,
or into t.be a.pair and lleplac•ant aw Sy•tem ran.I, at th• di•cretion of
Aid City, and •ball be ued for th• parpow of the hn4 into which it i•
4-o•ited.
(d) At replar period• •ch yar, it will renller bill• for HWV Hr-
•iaea hrniabed. If tbe City i• providing water Hrvice, auch HWV bill•
aball appear on and be a part of water bill• rendered. Until paid, all •w
rat:ea and cbarCJM aball conatitute a lien on tbe property Hrved and :the
City 8ball take mat.er action i• l~lly pezaiaaibl• pro11ptly to enforce and
collect delinquent ~ charge• and lien•, and if water 8erYic• i• provided,
it ahall abut off •ach water 8er¥ice froa . property delinquent in the payment
of aw rat.a and cbarg••·
(•) At lMat once each yar it will farni•h the ori9inal parcha•er• of
•14 .. f1ml1ng ..._ ... amda, Seri .. 1962, a ca11plete atat••nt of th• re-
oeipta and diabar•••nta of and for it• ..-r myatem for the fiacal year
t adiately precedilMJ •uch •tat•ant. ·
(f) It will carry '90r1man'• ODllpeftAtion, public liability and other !••• of iuarance on inaurabl• ..-r myatem property, in •ach mount• •• i•
cnaatomarily carried on prwlently operated my•U.. of like character.
(9) It will farniah no fr .. •-.r Hrvice and, if it elect• to UH ••--.r ••wioea for -icipal purpow, it will aak• proviaion• to pay there-
for at tbe ••• rate a• i• cbar«Jed other• for like or •illilar HrYice.
(la) WOr the protection of the health of thtli.nhal»itant• of the City, it
will. -...,ropriate action, ccimpel all tbe owDU-~ of occapied properti••
-...1. of Ming Hrved by ••id •w myaU., to connect their pr-1H• with
--aptem.
8ecUon 11. eat nothin9 in thi• Ord1nallCe ahall be conauaed in aach
.... .. to pr••t tbe i••aance by the City of 8DglMfDG.S Of lldditional 'boncla
payaltle fnll tbe 1noa•• deri..S froll tbe operation of Aid aw ayaU.r pro-
•idell • ...,.,. .. , (a) tbat, while any of tbe .. fa41n9 lw ...__ 8on4a,
8er1-ltU, authoriae4 by th1• Ozdinanoe, are oatatandin9 no lldditional bond•
~ fnll Aid iaaaaa and ba•in9 a lien prior or aaperior to tbe lien of th•
8oalla • ._i• 1962, autboriaed hereby, aball be iaaaeds (b) that while any
of Aid lload• authorised by thi• Ordinance are outatanllinCJ, the City •hall
not i•-any •ildltio•l boiMI• payable fraa tbe incme of the aw ayatea and
ba91Dg a li• on Reh i.nea•• on a parity with the lien on the 'bond• authorised
laseln, al••• the •t reven•• of tbe ayatem received in the precedin9 fiacal
yeu-allall 1aa .. b•• eqaal to 1.5 tmu tbe ••i-annal reqair-nt• for
priaoipal. and inter .. t on all outataad1n9 aw-. ... 8on4a, plu 1.5 t1-9
tbe •••i-annal principal and inter.at reqair•anu on the 'bond• propoHd
to M ia...sr and ,_,.i.ded farther, no •aah parity bon4a ahall be i••ued un-
1-tbe City i• aarrmat in the paJ11•t of pr1nc:ipel and inter•t on all out-
•t:ellllliDI .. ,...,, .. aw ...,_ .. 8Dllda, &eri• 1962, nor unl•• th• City i•
a.K•t in all otb• paymanta and w..alation• ref111i,red to be •-'• under
tlai8 Ordi.Maoer (c) tlaat •tlainv b9re1n aball prwt the i••aance of junior
or ~ior li• baada, ao long u the City i• current in all payment• and
w•mlationa ref111i,re4 by thia Ordinance.
a.ction 12. All aoata llnd -..n•• incurred 1n connection with th• i••a-
--..S payment of tbe bond• authorised h9re1n ahall be paid excluaively from
tbe ~ of •id aw ayatem, and 1n no ..,_t alaall any of aach coat• or -..n••. or tbe principal of or intere•t on Aid 'bond•. be paid oat of or
abarv-1 to tbe general f1IDda or tax levi• of aaid City.
n.re are laseby appropriated and Mt uide froll the reHwa.-,of .. id
•w ayatem tbe mount or want• neaeaury to pay all co•u and apen•••
iaoit•t to tbe i•nance of Aid .. ,.. ... ,..., aw ...,... .. Bonda, Seri•• 1962, _.to tbe refalld1ng of Aid oat•tanlin9 lw ...__ monb, incl.Sing, bat
•t 1-iag lilli.ted to publication, leval, eng1neerin9 and fiacal agent ........
lectioa 13. All ordinancea or parta ta.reof _ · in conflict herwitb are
laseby r .. aaled. In tbe ..,_t tbat ;any part or provi•ion of thi• Ordinance
aboald be j.Sicially beld in-1.id or :awaforcaable, Reh ruling uall not
affect tb• r•alning parta and proyiaiou bereof, the intmtion being that
-ab part and DZOYiaion ia ... erable.
lection 14. "'1• Ozdlnance, after ita final paaaave, •ball be recorded
in a book kept for tbat parpoMs aball be authenticated by the aignatarea of
tbe 11aJOr and City Clerks aball be pabliahed •• provided in the Charter of the
Cityr and after lleaa.ing effective ahall be irr•••labl• until the 'bond8
•tboriaeil benin aball be paid in fall.
I
a.ction 15. A Public BMring on thi• Ordinance will be held in tile
CcMmcil Cbs '-'• 1n the City Ball on llondalf, the 15tb day of OctMer, 1162,
at tbe boar of 8100 o'clock P.11., and llotice of ncb a.aring i• hermy aatbori...S
to • 9iYeD 1-y pabliaation in the Sngl...aall a.rald and Snterpci•, in ita i•-of October 4, 1H2.
a.ction 16. fti• Ordiunce aball take effect thrity (30) day• after pab-
liaation followinf final p&aA9•· . .. . ' ' ~ . ' U a 9111 and r_. thi• lat day of October, 1962.
n-•u ADOPl'ID am unowww !hi• 15th day of October, 1962.
it1£_d~/:
--~· ~-...-~ .. yor
( 8 8 AL)
&ila'ra
1. a. o. -••DtJ• City Clerk-tirMRrer, City of llngl.-ood, County of
Anpalloe. 8tate of Color.SO, do hereby certify tbat the above and foregoing
ozd1Mnae "98 introdaced, r...S, pu..S and orclere4 pabliahed •• a bill in
tbe -1~ Berald and 8Dt.rpri• at a regalar wtin9 of the City Coancil
laeld on the lat day Of october, A.D., 1962, and tbat at 1-t 7 day• after
alla•• pabli•tion u a bill the UoY9 ordinance .._ appzowed, adoptecl and
...... pal»liebecl in Aid legal DMfapapez' i.y the City CD•cil at • regular
~ laeld on the 15tla day .. October, A.D., 1H2, a• Ordinance llo. 28,
8-i• of 1962, of Aid City.
Ai Ima
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