1967-02-01-R - Laserfiche WebLink

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Section 2. The City agrees that the proceeds of the Note shall be deposited in a special account of the City designated "Construction Fund" in a bank that is a member of the Federal Deposit Insurance Corporation, with the amount thereof in excess of that insured by the Federal Deposit 'Insurance Corporation, to be secured by direct or fully guaranteed obligations of the United States of America. Expenditures therefrom shall be made solely for the purpose of paying the cost of said extensions, betterments and improvements to the Sewer System, including expenses incidental thereto, but only on checks, vouchers or warrants signed by the Treasurer and the managing officer of the Sewer System and accompanied by a certificate of the Consulting Engineer in charge of the supervision of said construction approving each expenditure. Section 3. That the provisions of this Resolution are hereby declared to be separable and if any section, phrase or provision shall for any reason be declared to be invalid., such declaration shall not affect the remainder of the sections, phrases and provisions . Section 4. That it is hereby ascertained and declared that there is an immediate need for the extensions, betterments and improvements to the Sewer System without which the public health, safety and welfare of the citizens of the City are in jeopardy and that said needed construction can be accomplished only by the issuance of the Note authorized by this Resolution. It is, therefore, declared that an emergency exists and this Resolution being necessary for the preservation of the public health, safety and welfare shall be in force and take effect immediately upon its passage. ADOPTED: 1� 1967. APPROVED: ATTEST: Mayor City Clerk (SEAL)