[Adopted 6-18-1965, Sp. Laws 1965, No. 193]
The Second 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 $1,250,000, 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 25 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 amount 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 limitation of Section 1 of this act,[1] 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 specified in this act.
The Commissioners of said 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, taxes need not 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.
