Ordinance 795-81 - Laserfiche WebLink

I i construction and installation of sewage collection and interceptor lines, pump station, manholes and appurtenances more specifically described in Exhibit A, attached hereto and by this reference made a part hereof. The City may modify the details of the foregoing system or plan where such modifications do not substantially alter the purposes of that system or plan. Section 2 . The life of the foregoing additions to and betterments and extensions of the sanitary sewer facilities of the System is declared to be at least thirty years. Section 3 . The estimated cost of the acquisition, con- struction and installation of the above-described improvements is declared to be $28 , 120 ,000 . Section 4 . The cost of acquiring , constructing and making the foregoing additions to and betterments and extensions of the sanitary sewer faciities of the System shall be paid from the pro- ceeds received from the issuance and sale of water and sewer revenue bonds in the amount of approximately $21 ,900 ,000 to include capital- ized reserve and capitalized interest, from the proceeds of state and federal grants received by the City therefor and from other money of the City made available therefor. The bonds shall be named; shall bear interest at such rate or rates not to exceed the maximum rate permitted by law; shall be issued in such series; shall be in such denominations and form; shall bear such date or dates; shall be payable at such place or places; shall mature serially in accordance with such schedule ending not later than thirty years after the date of issuance or shall be term bonds; shall have such option of payment prior to maturity; shall guarantee such coverage and collection of rates; shall provide for such additional funds and accounts; shall be payable out of such special water and sewer revenue bond fund and shall contain and be subject to such provi- sions or covenants as shall be hereafter provided by ordinance . 2