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Ord 1987-001
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Ord 1987-001
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Last modified
8/15/2007 12:50:19 PM
Creation date
8/15/2007 12:48:05 PM
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Template:
City Clerk
City Clerk - Document
Ordinances
City Clerk - Type
Certificates of Obligation
Number
1987-1
Date
1/7/1987
Volume Book
85
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<br />"Surplus Revenues" means the revenues of the City's combined Waterworks <br />and Sewer System, not to exceed $10,000, available after deduction of the <br />reasonable expenses of operation and maintenance of said System and payment of all <br />debt service, reserve and other requirements with respect to all of the City's <br />revenue bonds and other obligations, now outstanding or hereafter issued, that are <br />payable from and secured by a lien on and pledge of all or part of the net revenues <br />of said System. <br /> <br />Section 1.02. Other Definitions. <br /> <br />The term "City" shall have the meaning assigned in the preamble to this <br />Ordinance. <br /> <br />Section 1.03. Findings. <br /> <br />The declarations, determinations and findings declared, made and found in <br />the preamble to this Ordinance are hereby adopted, restated and made a part of the <br />operative provisions hereof. <br /> <br />Section 1.04. Table of Contents. Titles and Headings. <br /> <br />The table of contents, titles and headings of the Articles and Sections of this <br />Ordinance have been inserted for convenience of reference only and are not to be <br />considered a part hereof and shall not in any way modify or restrict any of the terms <br />or provisions hereof and shall never be considered or given any effect in construing <br />this Ordinance or any provision hereof or in ascertaining intent, if any question of <br />intent should arise. <br /> <br />Section 1.05. Interpretation. <br /> <br />(a) Unless the context requires otherwise, words of the masculine gender <br />shall be construed to include correlative words of the feminine and neuter genders <br />and vice versa, and words of the singular number shall be construed to include <br />correIa tive words of the plural number and vice versa. <br /> <br />(b) This Ordinance and all the terms and prOVISIons hereof shall be <br />liberally construed to effectuate the purposes set forth herein to sustain the validity <br />of this Ordinance. <br /> <br />ARTICLE II <br />SECURITY FOR THE CERTIFICATES <br /> <br />Section 2.01. Tax Levy for Payment of the Certificates. <br /> <br />(a) The City Council hereby declares and covenants that it will provide <br />and levy a tax legally and fully sufficient for payment of the Certificates, it having <br />been determined that the existing and available taxing authority of the City for such <br /> <br />l434f <br /> <br />-3- <br />
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