[Comp. Ords. 1995, § 25.004; Ord.
No. 94, 5-7-1979]
The following words, terms and phrases, when used in this division,
shall have the meanings ascribed to them in this section, except where
the context clearly indicates a different meaning:
Includes acquisition by purchase, construction or by any
other method.
The Farmers Home Administration, an agency of the United
States Department of Agriculture.
The government of the United States of America.
The Village and its Village Council.
The improvements authorized to be acquired and constructed
under the provisions of this division.
Have the meanings as defined in Section 3, Public Act No.
94 of 1933 (MCL 141.103).
The issuer's water system and all extensions and improvements
thereto hereafter made.
[Comp. Ords. 1995, § 25.001; Ord.
No. 94, 5-7-1979]
It is hereby determined to be necessary for the public health
and welfare of the Village (the "issuer") to proceed to acquire and
construct, in accordance with detailed maps, plans and specifications
therefor prepared by Wightman and Associates, Inc., consulting engineers
of St. Joseph, Michigan (the "engineer"), improvements to the Village's
water system consisting of supply and distribution improvements, together
with the necessary appurtenances and attachments thereto (the "project").
[Comp. Ords. 1995, § 25.002; Ord.
No. 94, 5-7-1979]
The cost of the public improvements deemed necessary in § 32-43 has been estimated by said engineer to be $300,000, including the payment of incidental expenses as specified in § 32-45, which estimate of cost is hereby approved and confirmed, and the period of usefulness of said public improvements is estimated to be not less than 40 years.
[Comp. Ords. 1995, § 25.003; Ord.
No. 94, 5-7-1979]
To pay part of the cost of acquiring and constructing the project,
including the payment of legal, engineering and financial expenses,
and other expenses incident thereto and incident to the issuance and
sale of the bonds, it is hereby determined that the issuer borrow
the sum of $300,000 and that revenue bonds be issued therefor pursuant
to the provisions of Public Act No. 94 of 1933 (MCL 141.101 et seq.).
[Comp. Ords. 1995, § 25.005; Ord.
No. 94, 5-7-1979]
(a)
Said bonds shall be designated Water System Revenue Bonds, hereinafter
sometimes referred to as "bonds," shall be dated as of the date of
delivery, shall consist of 20 bonds in the denomination of $1,000
each and 56 bonds in the denomination of $5,000 each and shall be
numbered from one upwards.
(b)
The bonds will bear interest not exceeding 5% per annum, from the
date of registration, all interest to be payable on the first January
1 or July 1 following the date of delivery of the bonds, and semiannually
thereafter on January 1 and July 1 of each year until payment of the
principal amount of such bond. Said bonds shall be numbered in direct
order of maturity from one upwards, and shall mature serially on January
1 of each year in the following manner:
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$3,000
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1980
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$5,000
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1981
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$6,000
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1982 and 1983
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$5,000
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1984 through 1999, inclusive
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$10,000
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2000 through 2019, inclusive
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(c)
Said bonds shall be signed by the Village President and countersigned
by the Clerk and shall have the corporate seal of the issuer impressed
thereon, and in the event of interest coupons, said interest coupons
shall bear the facsimile signatures of the same officials. After execution,
the bonds shall be held by Treasurer for delivery to the purchaser.
(d)
Both principal and interest shall be payable in lawful money of the
United States of America to the registered holder as shown on the
registration books of the issuer kept by its Treasurer as bond registrar
at the issuer's office. The bonds shall be registered as to principal
and interest. Transferability by delivery may be achieved, at the
expense of the holder, by registration to bearer and the attachment
of interest coupons reflecting interest not due and payable at said
time, or surrender of the bond and issuance of a new coupon bond with
appropriate interest coupons attached thereto, in which cases the
issuer shall name a paying agent bank or trust company qualified under
state law to act as such and situated in the county.
[Comp. Ords. 1995, § 25.006; Ord.
No. 94, 5-7-1979]
The form and tenor of said bonds shall be substantially as follows:
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UNITED STATES OF AMERICA
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STATE OF MICHIGAN
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COUNTY OF BERRIEN
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VILLAGE OF BARODA
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WATER SYSTEM REVENUE BOND
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No. R- _____
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$_____
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KNOW ALL MEN BY THESE PRESENTS that the Village of Baroda, County
of Berrien, State of Michigan (the "Issuer"), for value received,
hereby promises to pay to the registered holder hereof, but only out
of the revenues of the Issuer's Water System (the "System"); including
all appurtenances, additions, extensions and improvements thereto,
the sum of
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_____THOUSAND DOLLARS
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On the first day of January, A.D., _____, with interest thereon
from the date hereof until paid at the rate of 5% per annum, payable
on January 1, 1980, and semiannually thereafter on the first day of
July and January of each year. Both principal of and interest on this
bond are payable in lawful money of the United States of America at
the Issuer's offices to the registered holder hereof as shown on the
Issuer's registration books and for the prompt payment thereof, the
gross revenues of the System including all appurtenances, additions,
extensions and improvements thereto, after provision has been made
for reasonable and necessary expenses of operation, administration
and maintenance are hereby irrevocably pledged and a statutory first
lien thereon is hereby created.
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This bond is one of a series of 76 bonds of even date and like
tenor, except as to denomination and date of maturity, aggregating
the principal sum of $300,000, numbered consecutively in direct order
of maturity from one upwards, issued pursuant to Ordinance No. __________,
duly adopted by the Issuer on __________, 1979, and under and in substantial
compliance with the constitution and statutes of the State of Michigan,
including specifically Public Act No. 94 1933 (MCL 141.101 et seq.),
as amended, for the purpose of defraying the cost of acquiring and
constructing water supply and distribution improvements, together
with the necessary appurtenances, attachments and equipment related
thereto. For a complete statement of the revenues from which, and
the conditions under which this bond is payable, a statement of the
conditions, under which the additional bonds of equal standing may
hereafter be issued, and the general covenants and provisions pursuant
to which this bond is issued, reference is made to the above-described
ordinance.
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Bonds maturing in the years 1980 to 1989, inclusive, will not
be subject to redemption prior to maturity.
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Bonds maturing in the years 1990 to 2019, inclusive, will be
subject to redemption prior to maturity, in inverse numerical order,
at the Issuer's option on any interest payment date on or after January
1, 1989, at par and accrued interest to the date fixed for redemption.
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Thirty days' notice of the call of any bonds for redemption
shall be given by mail to the registered holder at the registered
address. Bonds so called for redemption shall not bear interest after
the date fixed for redemption, provided funds are on hand to redeem
said bonds.
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Said bonds shall be registered as to principal and interest
on the books kept by the issuer's Treasurer as registrar in the name
of the holder after which they shall be transferable only upon presentation
to such registrar with a written transfer by the registered holder
or his attorney in fact. Such transfer shall be noted upon the books
of the issuer kept for that purpose. Said bonds, once registered,
are exchangeable at the request of the registered owner hereof and
at his sole expense for a negotiable coupon bond payable to bearer,
upon surrender of this bond to the borrower at the office of the issuer's
Treasurer. Transferability by delivery may also be restored at the
holder's expense by registration to bearer and the attachment of appropriate
interest coupons.
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This bond is a self-liquidating bond, and is not a general obligation
of nor does it constitute an indebtedness of said Issuer within any
constitutional or statutory limitation, but is payable, both as to
principal and interest, solely from the revenues of the System.
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The Issuer hereby covenants and agrees to fix and maintain at
all times while any of such bonds shall be outstanding, such rates
for service furnished by said System as shall be sufficient to provide
for payment of the interest upon and the principal of all such bonds
as and when the same become due and payable, and to create a Bond
and Interest Redemption Fund (including a Bond Reserve Account) therefor,
to provide for the payment of expenses of administration and operation
and such expenses for maintenance of said System as are necessary
to preserve the same in good repair and working order, and to provide
for such other expenditures and funds for said System as are required
by said Ordinance.
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It is hereby certified and recited that all acts, conditions
and things required by law precedent to and in the issuance of this
bond and the series of bonds of which this is one have been done and
performed in regular and due time and form as required by law.
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IN WITNESS WHEREOF, the Village of Baroda, County of Berrien,
State of Michigan, by its legislative body has caused this bond to
be signed in its name by its President and to be countersigned by
its Clerk, and its corporate seal to be hereunto affixed, all as of
_____ __________/__________/__________, 1979.
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VILLAGE OF BARODA
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COUNTY OF BERRIEN
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STATE OF MICHIGAN
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By
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President
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(SEAL)
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Countersigned:
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Clerk
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REGISTRATION
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NOTHING TO BE WRITTEN HEREON EXCEPT BY THE
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VILLAGE TREASURER AS REGISTRAR
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Date of Registration:
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Name of Registered Owner:
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Registrar
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__________ /__________/__________:
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__________:
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__________/ __________/__________
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__________/__________/__________:
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__________:
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__________/ __________/__________
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__________ /__________/__________:
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__________:
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__________/ __________/__________
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__________/__________/__________:
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__________:
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__________/ __________/__________
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(Form of Coupon if Requested)
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No. ____
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$_____
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On the first day of __________, A.D., 19__________, the Village
of Baroda, County of Berrien, State of Michigan, will pay to the bearer
hereof the sum of __________ Dollars, in the manner and out of the
revenues described in said bond at __________ __________ being the
semiannual interest due that date on its Water System Revenue Bonds,
dated __________ __________, No. __________/ _________/ __________.
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This coupon is not a general obligation of the Village but is
payable out of certain revenues as set forth in the bond to which
it pertains.
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President
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Clerk
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[Comp. Ords. 1995, § 25.007; Ord.
No. 94, 5-7-1979]
The bonds hereby authorized, together with interest thereon,
shall not be a general obligation of the issuer but shall be payable
solely from the net income and revenues to be derived from the operation
of the system. To pay such principal and interest as and when the
same shall become due, there is hereby created a statutory first lien
upon the whole of the net revenues of said system to continue until
the payment in full of the principal and interest on said bonds and
said revenues and shall be set aside for the purpose and identified
as the "Water System Revenue Bond — Bond and Interest
Redemption Fund Account," as hereinafter specified.
[Comp. Ords. 1995, § 25.008; Ord.
No. 94, 5-7-1979]
(a)
The issuer's Treasurer shall be custodian of all funds belonging
to and/or associated with the system and such funds shall be deposited
in Inter-City Bank (Baroda branch), Benton Harbor, Michigan (the "depository
bank"), which bank is a member of the Federal Deposit Insurance Corporation.
In the event that the government is a holder of any of the bonds herein
authorized, all monies in excess of $15,000 in the supervised bank
account shall be secured by the depository bank in advance in accordance
with United States Treasury Department Circular No. 176 and the issuer's
Treasurer shall execute a fidelity bond in an amount not less than
$20,000 with a surety company approved by the FmHA, and the FmHA and
the issuer shall be named as co-obligees in such bond and the amount
thereof shall not be reduced without the prior written consent of
the FmHA. The issuer's Treasurer is hereby directed to create the
following funds and accounts into which the bond proceeds and the
revenues and income from the system shall be deposited, which account
shall be established and maintained except as otherwise provided,
so long as any of the bonds hereby authorized remain unpaid.
(1)
Construction account.
a.
The proceeds of the bonds hereby authorized and a sum from funds
on hand of not less than the amount necessary to complete the cost
of the project shall be deposited in the construction account in the
depository bank. In the event the government is a holder of any of
the bonds herein authorized, then said account shall be established
as a supervised bank account and such proceeds shall be withdrawn
on the orders of the issuer only on checks signed by its Treasurer
and countersigned by the county supervisor of the FmHA. Said monies
shall be used solely for the purposes for which the bonds were issued.
b.
Any unexpended balance of the proceeds of sale remaining after
completion of the project herein authorized may in the discretion
of the issuer, to the extent of 15% of the amount of the bonds authorized
by this division, be used for further improvements, enlargements and
extensions to the system, provided that at the time of such expenditure
such use be approved by the Municipal Finance Commission. Any remaining
balance after such expenditure shall be paid into the Bond and Interest
Redemption Fund and shall be used for such purposes as allowed by
law.
c.
In the event that the government is a holder of any or all of
the bonds, any unexpended balance of the proceeds of the sale remaining
after completion of the project herein authorized shall be paid immediately
into the Bond and Interest Redemption Fund as hereinafter specified
and shall be used only for the redemption, or purchase at not more
than the fair market value, of outstanding bonds issued pursuant to
the provisions of this division.
d.
After completion of the project and disposition of remaining
bond proceeds, if any, pursuant to the provisions of this section,
the construction account shall be closed.
(2)
Water system receiving fund account.
a.
Upon the effective date of the ordinance from which this division
is derived, the gross income and revenue shall be set aside into a
separate account to be designated the Water System Receiving Fund
Account, and monies so deposited therein shall be expended and used
only in the manner and order as follows:
1.
Operation and maintenance account. Prior to the beginning of
each fiscal year the issuer will prepare an annual budget of said
system for the ensuing fiscal year itemized on the basis of monthly
requirements, a copy of such budget shall be mailed without request
to the FmHA as long as the government is holder of any of said bonds
prior to adoption for review and upon written request to any other
bondholders. Upon the effective date of the ordinance from which this
division is derived, there shall be set aside and deposited each quarter
pursuant to the budget a sufficient portion of the income and revenue
in the Operation and Maintenance Account to pay the reasonable and
necessary current expenses of administration, operating and maintaining
said system for the ensuing quarter.
2.
Water system revenue bond, bond and interest redemption fund.
i.
After the transfer required in Subsection (2)a.1 of this section,
there shall be transferred each quarter from the Water System Receiving
Fund Account, before any other expenditures or transfer therefrom,
and deposited in the Water System Revenue Bond — Bond and Interest
Redemption Fund Account for payment of principal and interest on the
bonds a sum equal to at least one-half of the amount equal to the
interest due on the next ensuing interest due date and beginning January
1, 1980 not less than one-fourth of the principal maturing on January
1, 1981, and January 1 of each year thereafter. A sufficient amount
to pay principal due January 1, 1980, shall be similarly transferred.
If for any reason there is a failure to make such quarterly deposit
then an amount equal to the deficiency shall be set aside and deposited
in the Redemption Fund Account of the net revenues in the ensuing
quarter or quarters, which amount shall be in addition to the regular
quarterly deposit required during such succeeding quarter.
ii.
There is hereby established in the Bond and Interest Redemption
Fund a separate account to be known as the Bond Reserve Account, into
which there shall be paid in equal quarterly installments from the
revenues of the System after provision has been made for the Operation
and Maintenance Fund and the current requirements of the Bond and
Interest Redemption Fund, the sum of at least $500 per quarter until
there is accumulated in such fund the sum of $20,000. Except as hereinafter
provided, no further deposits need be made into the Bond and Interest
Redemption Fund for the purposes of the Bond Reserve Account once
the sum of $20,000 has been deposited therein. The monies in the said
Bond Reserve Account shall be used solely for the payment of the principal
and interest on said bonds as to which there would otherwise be default.
iii.
If, at any time, it shall be necessary to use
monies in the Bond Reserve Account for such payment, then the monies
so used shall be replaced from the net revenues first received thereafter
which are not required by this division to be used for operation and
maintenance or for current principal and interest requirements.
iv.
No further payments need be made into the Bond and Interest
Redemption Fund after enough of the bonds have been retired so that
the amount then held in said fund (including the Bond Reserve Account),
is equal to the entire amount of principal and interest which will
be payable at the time of maturity of all the bonds then remaining
outstanding.
3.
General purpose account. The balance of income and revenue,
after the transfers required in Subsections (2)a.1 and 2 of this section
have been made, shall be deposited to a general purpose account which
account shall be used and disbursed only for the purpose of paying
the cost of repairing or replacing any damage to the system which
may be caused by any unforeseen catastrophe, for making extensions
or improvements to the system, and when necessary for the purpose
of making payments of principal and interest on the bonds hereby authorized
if the amount in the Redemption Fund Account and Bond Reserve Account
is not sufficient to meet such payments, then these funds shall be
transferred to the Redemption Fund. The total of such deposits to
the General Purpose Account and balance of said account need not exceed
the sum of $20,000. The funds in the General Purpose Account may be
invested in accordance with state law. Any such investment will be
a part of the general purpose account.
4.
Surplus monies. Whenever there shall accumulate in the Redemption
Fund Account amounts in excess of the requirements during the next
18 months for paying the principal of bonds falling due and interest
on outstanding bonds, and in excess of the requirements of the Operation
and Maintenance Account and the Reserve Account hereinafter established,
such excess may be used by the issuer for redemption of bonds in the
manner set out in Subsection (2)b of this section.
b.
All monies remaining in the Receiving Fund at the end of any
operating year after satisfying the requirements of Subsection (2)a
of this section shall be transferred to the Bond and Interest Redemption
Fund and used to call bonds for redemption, or at the option of the
issuer transferred to the General Purpose Account and used for the
purpose of which said account was established: Provided, however,
that if there should be a deficit in the Operation and Maintenance
Fund, Bond and Interest Redemption Fund or the General Purpose Account,
on account of defaults in setting aside therein the amounts hereinbefore
required, then transfers shall be made from such funds remaining in
the Receiving Fund to such funds in the priority and order named,
to the extent of such deficits. Surplus monies may be used to retire
junior bond issues.
[Comp. Ords. 1995, § 25.009; Ord.
No. 94, 5-7-1979]
Prior to the issuance of the bonds, rates and charges for the services of said utility will be fixed in an amount sufficient to pay the costs of operation and maintaining the said system and to leave an amount of revenues adequate for the principal and interest, debt services, reserve, replacement and improvement requirements and all other requirements provided herein, and otherwise comply with the covenants herein provided. The rates and charges for all services and facilities rendered by the system shall be reasonable and just, taking into consideration the costs and value of said system and the cost of maintaining, repairing, and operating the same and the amounts necessary for the retirement of all bonds and accruing interest on all bonds, and there shall be charged such rates and charges as shall be adequate to meet the requirements of this section and § 32-49. The charges for the system's services which are, under the provisions of Section 21, Public Act No. 94 of 1933 (MCL 141.121 et seq.), made a lien on all premises served thereby, unless notice is given that a tenant is responsible, are hereby recognized to constitute such lien and whenever any such charges against any piece of property shall be delinquent for six months, the issuer official in charge of the collection thereof shall certify annually, on March 1 of each year to the tax assessing officer the fact of such delinquency, whereupon such delinquent charge shall be entered upon the next tax roll as a charge against such premises and the lien thereof enforced in the same manner as general taxes against such premises are collected and the lien thereof enforced, provided, however, where notice is given that a tenant is responsible for such charges and service as provided by said Section 21, Public Act No. 94 of 1933, no further service shall be rendered such premises until a cash deposit of not less than one full year's service shall have been made as security for payment of such charges and service.
[Comp. Ords. 1995, § 25.010; Ord.
No. 94, 5-7-1979]
No free service shall be furnished by said system to any individual,
firm or corporation, public or private or to any public agency or
instrumentality.
[Comp. Ords. 1995, § 25.011; Ord.
No. 94, 5-7-1979]
(a)
The issuer covenants and agrees, so long as any of the bonds hereby
authorized remain unpaid, and as long as the government is the holder
of any of the bonds, as follows:
(1)
It will comply with applicable state laws and regulations and
continually operate and maintain the system in good condition.
(2)
Recordkeeping; filing of reports; annual audit.
a.
It will maintain complete books and records relating to the
operation of the system and its financial affairs and will cause such
books and records to be audited annually at the end of each fiscal
year and an audit report prepared, and will furnish the FmHA, without
request, a copy of each audit report and will furnish any other holder
of any bonds a copy of such report upon written request. The FmHA
shall have the right to inspect the system and the records, accounts,
and data relating thereto at all reasonable times.
b.
It will file with the Municipal Finance Commission and the FmHA
each year, as soon as is possible, not later than 90 days after the
close of the fiscal year, a report, on forms prepared by the commission,
made in accordance with the accounting method of the issuer, completely
setting forth the financial operation of such fiscal year for its
own purposes.
c.
It will also cause an annual audit of such books of record and
account for the preceding operating year to be made each year by a
recognized independent certified public accountant, and will cause
such accountant to mail a copy of such audit to the FmHA or to the
manager of the syndicate or account purchasing the bonds. Such audit
shall be completed and so made available not later than three months
after the close of each operating year, and said audit may, at the
option of the issuer be used in lieu of the statement on forms prepared
by the Municipal Finance Commission and all purposes for which said
forms are required to be used by this division.
(3)
It will maintain and carry, for the benefit of the holders of
the bonds, insurance on all physical properties of the system, of
the kinds and in the amounts normally carried by municipalities engaged
in the operation of similar systems. All monies received for losses
under any such insurance policies shall be applied solely to the replacement
and restoration of the property damaged or destroyed, and to the extent
not so used, shall be used for the purpose of calling bonds. Said
insurance will be in an amount not less than such amounts as may be
specified by Letter of Intent to Meet Conditions, Form FmHA 442.46
and said insurance shall be approved by the FmHA.
(4)
It will not borrow any money from any source or enter into any
contract or agreement to incur any other liabilities that may in any
way be a lien upon the revenues or otherwise encumber the system so
as to impair revenues therefrom, without obtaining the prior written
consent of the FmHA, nor shall it transfer or use any portion of the
revenues derived in the operation of the system for any purpose not
herein specifically authorized.
(5)
It will not voluntarily dispose of or transfer its title to
the system or any part thereof, including lands and interest in lands,
by sale, mortgage, lease or other encumbrances, without obtaining
the prior written consent of the FmHA.
(6)
Any extensions or improvements of the system shall be made according
to sound engineering principles and specifications shall be submitted
to the FmHA for prior review.
[Comp. Ords. 1995, § 25.012; Ord.
No. 94, 5-7-1979]
(a)
The issuer may issue additional bonds of equal standing for the following
purposes and on the following conditions:
(1)
To complete construction of the project according to the plans set forth in § 32-43, bonds in the amount necessary may be issued.
(2)
For the purpose of making reasonable repair, replacement or
extension of the system additional bonds of equal standing may be
issued if:
a.
The net revenues of the system for the fiscal year preceding
the year in which such additional bonds are to be issued were 120%
of the average annual debt service requirements on all bonds then
outstanding and those proposed to be issued; or
b.
The holders of at least 75% of the then outstanding indebtedness
consent to such issue in writing.
(b)
The funds herein established shall be applied to all additional bonds
issued pursuant to this section as if said bonds were part of the
original bond issue and all revenue from any such extension or replacement
constructed by the proceeds of an additional bond issue shall be paid
to the Receiving Fund Account mentioned in this division.
(c)
Except as otherwise specifically provided so long as any of such
bonds herein authorized are outstanding, no additional bonds or other
obligations pledging any portion of the revenues of said system shall
be incurred or issued by the issuer unless the same shall be junior
and subordinate in all respects to the bonds herein authorized.
[Comp. Ords. 1995, § 25.013; Ord.
No. 94, 5-7-1979]
The provisions of the ordinance shall constitute a contract
between the issuer and the bondholders and after the issuance of such
bonds this division shall not be repealed or amended in any respect
which will adversely affect the rights and interests of the holders
nor shall the issuer adopt any law, ordinance or resolution in any
way adversely affecting the rights of the holders so long as said
bonds or interest thereon remains unpaid.
[Comp. Ords. 1995, § 25.014; Ord.
No. 94, 5-7-1979]
If at any time it shall appear to the FmHA that the issuer is
able to refund, upon call for redemption or with consent of the FmHA
the then outstanding bonds by obtaining a loan for such purposes from
responsible cooperative or private credit sources, at reasonable rates
and terms for loans for similar purposes and period of time, the issuer
will, upon request of the government, apply for and accept such loan
in sufficient amount to repay the government, and will take all such
actions as may be required in connection with such loans.
[Comp. Ords. 1995, § 25.015; Ord.
No. 94, 5-7-1979]
(a)
If there shall be default in the Redemption Fund, provisions of this
division or in the payment or principal or interest of any of the
bonds, upon the filing of a suit by 20% of the holders of the bonds
any court having jurisdiction of the action may appoint a receiver
to administer said system on behalf of the issuer with power to charge
and collect rates sufficient to provide for the payment of the bonds
and for the payment of operation expenses and to apply income and
revenues in accordance with this division and the laws of the state.
(b)
The issuer hereby agrees to transfer to any bona fide receiver or
other subsequent operator of the system, pursuant to any valid court
order in a proceeding brought to enforce collection or payment of
the issuer's obligations, all contracts and other rights of the issuer
conditionally, for such time only as such receiver or operation shall
operate by authority of the court.
(c)
The holders of 20% of the bonds in the event of default may require
by mandatory injunction the raising of rates in a reasonable amount.
[Comp. Ords. 1995, § 25.016; Ord.
No. 94, 5-7-1979]
The provisions of this division are subject to the laws of the
state and to the present and future regulations of the FmHA not inconsistent
with the express provisions hereof and state law.
[Comp. Ords. 1995, § 25.017; Ord.
No. 94, 5-7-1979]
The fiscal year for operating the system shall be consistent
with that of the issuer's.
[Comp. Ords. 1995, § 25.018; Ord.
No. 94, 5-7-1979]
So long as the government is holder of any of the bonds, the
issuer shall be subject to the loan agreement (Form FmHA 442-47) with
the FmHA and shall comply with all provisions thereof.
[Comp. Ords. 1995, § 25.019; Ord.
No. 94, 5-7-1979]
The Clerk is authorized and directed to make application to
the Municipal Finance Commission for authority to issue and sell said
bonds, and after receipt of said approval privately negotiate the
same of said bonds to the FmHA at an interest rate not to exceed 5%
per annum.
