722 - Laserfiche WebLink

Home Browse Search

``JW Pare 24 d in excess of t.e amount insured by the Federal Deposit Insurance Corporation i:nusc be continuously secured by direct obligations of, or obligations the principal of and interest on which are guaranteed by, the Unitad States Government, or by a corporate suety ;a; .-! acceptable to the Trustee; provided, however, any moneys invested in accordance with the provisions of this Ordinance nee, not be so secured. moneys in the Construction Fund shall be diSb,;-_sed solely in pay=ment of the cost of constructing the extensions, bettc=--nts and improvements to the System herein authorized, including :I l:.?ii..d, _egal and other necessary expenses incidental thereto and; to ---ha issuance of the bonds, but only on warrants, checks or vouchers signed by the Treasurer and one other person designated by t.e Waterworks Cormnission, briefly specifying the nature of the dis- bursemant and accompanied by a certificate of the engineer in charge of su,�ervision of the construction that an obligation in a stated amount has been incurred and to whom the obligation is owed, except that no such certificate shall be recuired before payment of engineer- ing fees, legal fees and the expenses of issuing the bonds. When the construction of the extensions, betterments and improvements to the System shall have been completed, this fact shall be evidenced by a certificate issued by the Mayor, one representative of the Waterworks Commission and by the Consulting Engineer in charge of t.e project, and a copy of said certificate shall be filed with the Trustee, a copy with the City Clerk, and a copy with the depository bank of the Const -ruction Fund. Thereafter, any remaining moneys in the Construction Fund may be used to redeem the bonds of this issue, with any amount not so used to be deposited in the Second Lien Revenue Bond Piund.