Ordinance 4201 - Laserfiche WebLink

$2 , 500 ,000, $1,227 ,500 of which will be paid by a grant from the United States Government . The remaining $1,272 ,500 of such cost shall be pro- vided from any other moneys which the City may now or later have on hand and legally available for such purposes and from the proceeds of sale of water revenue bonds of the City in the principal amount of not to exceed $1,272 ,500. As an integral part of the plan for acquiring, constructing and installing the above-described additions and improvements to and extensions of such system, the City shall issue and sell its water revenue bonds in such amount or amounts and at such time or times as the Council may determine to be to the best interest of the City . The exact date or dates , form, terms , maturities and covenants of such bonds shall be as hereafter fixed by ordinance or ordinances of the City. Section 3 . That there be and is hereby created a special fund of the City to be known as the "1967 Water System Construction Fund, " into which shall be paid (except for accrued interest ) all of the pro- ceeds of sale of the above-mentioned water revenue bonds and all other moneys which may be received, transferred or set aside for the payment of the cost of the improvements described in Section 1 hereof. It is hereby provided, however, that in the event any other Funds or Accounts of the City have advanced moneys to pay any part or all of the cost of or Accounts such improvements or any of them, such Funds/may be reimbursed di- rectly out of the proceeds of sale of such bonds, such grants or other moneys , or out of the proceeds of sale of any warrants drawn on the Construction Fund created in this section. Warrants in the total principal amount of not to exceed 2,500 ,000 , bearing interest at a rate to be later fixed by ordinance or resolution of the City Council payable from the date of issuance thereof to date of redemption, may be drawn upon said Construction Fund from time to time on the authorization of the City Council, upon receipt by it of bills approved by the Water Superintendent of the City , for the purpose of providing funds to pay the cost of part or all of the 4 .