[Adopted 7-7-1961, Sp. Laws 1961, No. 409]
The First Taxing District of the City of Norwalk, acting through
the Commissioners and Treasurer of said district, may issue bonds,
notes or certificates of indebtedness of said district, to an amount
not exceeding $300,000, in coupon form, or otherwise, with privilege
of registration and reconversion into coupon form, bearing interest
at a rate or rates not greater than 6% per annum, payable semiannually,
which bonds, notes or certificates of indebtedness shall be sold at
not less than par and accrued interest and shall be in serial form
payable in substantially equal installments beginning not more than
two years from the date of issue, in such sums that the entire amount
thereof shall be paid within a period of not more than 15 years from
their date. The proceeds of such bonds, notes or certificates of indebtedness
shall be used for the purpose of lands and rights-of-way to be acquired
by the district for water purposes, by condemnation proceedings or
otherwise, and for extensions, additional installations, reinforcements,
enlargements and improvements of the water system of the district.
Such bonds, notes or certificates of indebtedness may be issued from
time to time, and nothing herein contained shall require the whole
amount of such bonds, notes or certificates of indebtedness to be
issued or prevent their issuance in amounts less than the total authorized
issue, as may be deemed expedient, in which case each authorized issue
shall constitute a separate loan and each loan shall be payable in
annual installments and within the period of time specified from the
date of issue.
The Commissioners and Treasurer of said district shall determine,
subject to the foregoing limitations, the amount and date of maturity
of such bonds, notes or certificates of indebtedness, and the annual
rate of interest and other particulars of the form of such bonds,
notes or certificates of indebtedness and the manner of issuance not
determined hereby.
The Commissioners of the district are authorized to fix rates
for water which shall be sufficient for the maintenance and operation
of the water system of the district and the payment of the principal
of and interest on the indebtedness of the district, including the
obligations authorized hereby. The bonds, notes or certificates of
indebtedness authorized hereby shall be general obligations of the
district and, for the payment of principal of and interest on the
bonds, notes or certificates of indebtedness, taxes may be levied
upon all of the taxable property in the district without limitation
as to rate or amount; provided that to the extent revenues derived
from the operation of the water system of the district are available
and sufficient for the payment of the principal of and interest on
the bonds, notes or certificates of indebtedness when the same become
due, it shall not be necessary that taxes be levied for that purpose.
Such bonds, notes or certificates of indebtedness when executed
and delivered shall be obligatory upon said district and the inhabitants
thereof according to the tenor and purport of the same.
Such bonds, notes or certificates of indebtedness shall be deemed
to be issued for water purposes and to be exempt from any limitations
imposed by statute.
[Adopted 6-18-1965, Sp. Laws 1965, No. 194, § 1]
The First Taxing District of the City of Norwalk, acting through
the Commissioner and Treasurer of said district, may issue bonds,
notes or certificates of indebtedness of said district to an amount
not exceeding $600,000, in coupon form, or otherwise, with privilege
of registration and reconversion into coupon form, bearing interest
at a rate or rates not greater than 6% per annum, payable semiannually,
which bonds, notes or certificates of indebtedness shall be sold at
not less than par and accrued interest and shall be in serial form
payable in substantially equal installments beginning not more than
two years from the date of issue, in such sums that the entire amount
thereof shall be paid within a period of not more than 15 years from
their date. The proceeds of such bonds, notes or certificates of indebtedness
shall be used for the purchase of lands and rights of way to be acquired
by the district for water purposes, by condemnation proceedings or
otherwise, and for extensions, additional installations, reinforcements,
enlargements and improvements of the water system of the district.
Such bonds, notes or certificates of indebtedness may be issued from
time to time, and nothing herein contained shall require the whole
amount of such bonds, notes or certificates of indebtedness to be
issued or prevent their issuance in amounts less than the total authorized
issue, as may be deemed expedient, in which case each authorized issue
shall constitute a separate loan and each loan shall be payable in
annual installments and within the period of time specified from the
date of issue.
[Adopted 6-18-1965, Sp. Laws 1965, No. 194, § 2]
The Commissioners and Treasurer of said district shall determine,
subject to the foregoing limitations, the amount and date of maturity
of such bonds, notes or certificates of indebtedness, and the annual
rate of interest and other particulars of the form of such bonds,
notes or certificates of indebtedness and the manner of issuance not
determined hereby.
[Adopted 6-18-1965, Sp. Laws 1965, No. 194, § 3]
The Commissioners of the district are authorized to fix rates
for water which shall be sufficient for the maintenance and operation
of the water system of the district and the payment of the principal
of and interest on the indebtedness of the district, including the
obligations authorized hereby. The bonds, notes or certificates of
indebtedness authorized hereby shall be general obligations of the
district and for the payment of principal of and interest on the bonds,
notes or certificates of indebtedness, taxes may be levied upon all
of the taxable property in the district without limitations as to
rate or amount, provided that to the extent revenues derived from
the operation of the water system of the district are available and
sufficient for the payment of the principal of and interest on the
bonds, notes or certificates of indebtedness when the same become
due, it shall not be necessary that taxes be levied for that purpose.
[Adopted 6-18-1965, Sp. Laws 1965, No. 194, § 4]
Such bonds, notes or certificates of indebtedness when executed
and delivered shall be obligatory upon said district and the inhabitants
thereof according to the tenor and purport of the same.
[Adopted 6-26-1975, Sp. Laws 1975, No. 57, § 1]
Notwithstanding the provisions of Section 2-14 of the General
Statutes, the First Taxing District of the City of Norwalk, acting
through the Commissioners and Treasurer of said district, is authorized
to issue its bonds, notes or certificates of indebtedness upon approval
by the electors of said district at a meeting of the district. The
bonds, notes or certificates may be issued from time to time in such
amounts as are approved by said electors for the purpose of paying
the cost of lands and rights-of-way to be acquired by the district
for water purposes, by condemnation proceedings or otherwise and for
extensions, additional installations, reinforcements, enlargements
and improvements of the water system of the district.
[Adopted 6-26-1975, Sp. Laws 1975, No. 57, § 2]
The Commissioners and Treasurer of the district shall fix the
date of the bonds, notes or certificates of indebtedness, the denominations,
the maturity or maturities, the rate or rates of interest and the
place and manner of payment, and shall determine whether the bonds,
notes or certificates of indebtedness are to be issued in registered
or coupon form, the redemption terms, if any, the registration and
conversion privileges, if any, the manner of execution, and the signatures
required. If an officer whose signature appears on the bonds, notes
or certificates of indebtedness or the coupons attached thereto ceases
to be an officer before delivery of the bonds, notes or certificates
of indebtedness, his signature is valid as if he had remained in office
until delivery. The bonds, notes or certificates of indebtedness shall
bear interest payable annually or semiannually at such rate or rates
or shall be determined by the commissioners and treasurer of the district,
notwithstanding any provision of law or charter limiting the rate
of interest such bonds, notes or certificate of indebtedness may bear.
[Adopted 6-26-1975, Sp. Laws 1975, No. 57, § 3]
The bonds, notes or certificates of indebtedness shall be in
serial form, shall mature in substantially equal installments or shall
mature so that no installment payable in any year shall be less than
the amount of any installment payable in any subsequent year. The
first installment of any series of bonds, notes or other evidences
of indebtedness shall mature not later than two years from their date
and the last installment shall mature not later than 20 years from
their date.
[Adopted 6-26-1975, Sp. Laws 1975, No. 57, § 4]
The bonds, notes or certificates of indebtedness shall be sold
at not less than their par value plus accrued interest in the manner
determined by the Commissioners of the district.
[Adopted 6-26-1975, Sp. Laws 1975, No. 57, § 5]
The Commissioners of the district are authorized to fix rates
for water which shall be sufficient for the maintenance and operation
of the water system of the district and the payment of the principal
of and interest on the indebtedness of the district. The bonds, notes
or certificates of indebtedness issued hereunder shall be general
obligations of the district, and for the payment of principal of and
interest on the bonds, notes or certificates of indebtedness, taxes
may be levied upon all of the taxable property in the district without
limitation as to rate or amount, provided that to the extent revenues
derived from the operation of the water system of the district are
available and sufficient for the payment of the principal of and interest
on the bonds, notes or certificates of indebtedness when the same
become due, it shall not be necessary that taxes be levied for that
purpose.
[Adopted 6-26-1975, Sp. Laws 1975, No. 57, § 6]
Such bonds, notes or certificates of indebtedness when executed
and delivered shall be obligatory upon said district and the inhabitants
thereof according to the tenor and purport of the same.
[Adopted 6-26-1975, Sp. Laws 1975, No. 57, § 7]
Such bonds, notes or certificates of indebtedness shall be deemed
to be issued for water purposes and to be exempt from any limitations
imposed by statute.
[Adopted 6-26-1975, Sp. Laws 1975, No. 57, § 8]
The amount of indebtedness of the district including any prior
indebtedness shall not exceed 5% of the grand list of the district
as defined in Section 7-374 of the General Statutes and shall otherwise
be limited as set forth in said Section 7-374.
