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Title XV LANDS, LEVEES, DRAINAGE, SEWERS AND PUBLIC WATER SUPPLY

Chapter 250

previous next Effective - 28 Aug 1951bottom

  250.160.  Ordinance authorizing revenue bonds — classification of accounts. — 1.  It shall be lawful for any ordinance authorizing the issuance of revenue bonds under the authority of this chapter to provide that periodic allocations of the revenues to be derived from the operation of the system for the benefit of which such bonds are issued shall be made into such separate accounts as shall be deemed to be advisable to assure the proper operation and maintenance of the system and the prompt payment of the indebtedness chargeable to the revenues of such system.  Such accounts may include, but shall not be limited to:

  (1)  An account for the purpose of providing funds for the operation and maintenance of the system;

  (2)  An account to provide funds for the payment of the bonds as to principal and interest as they come due;

  (3)  An account to provide an adequate reserve for depreciation, to be expended for replacements of said system;

  (4)  An account for the accumulation of a reserve to assure the prompt payment of the bonds and the interest thereon whenever and to the extent that other funds are not available for the purpose;

  (5)  An account to provide funds for contingent expenses in the operation of such system;

  (6)  An account to provide for the accumulation of funds for the construction of extensions and improvements to the system; and

  (7)  Such other accounts as may be desirable in the judgment of the governing body of such city, town or village or sewer district.

  2.   It shall be lawful for any city, town or village or sewer district to provide that the sums to be held in any account for the payment of any bonds or the interest thereon or for the establishment of any reserve for that purpose may be held in deposit in a bank or trust company located within or without this state as a trust account for the payment of the bonds and the interest thereon.

  3.   Such ordinance may establish such limitations as may be expedient upon the issuance of additional bonds, payable from the revenues of the system, or upon the rights of the holders of such additional bonds.  Such ordinance may include other agreements with the holders of the bonds or covenants or restrictions necessary or desirable to safeguard the interests of the bondholder and to secure the payment of the bonds and the interest thereon.

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(L. 1951 p. 638 § 15)


---- end of effective   28 Aug 1951 ----

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