The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1937-12-16

$4,000 in each fiscal year for TIE
payment of principal of and in
terest on said water and sewer re-
funding bonds, and to the extent
that proceeds from said charges
are available in any wear and are
placed in the sinking fund for the
water and sewer rcfunding bonds,
the levy herein provided for such
bonds may be prOpOrtionately re-
duced for such year. For each llS-
cal year beginning July |. 1887,
to July /, l94l, inclusive, there
may be set ASIDE annually out Of
the minimum $4,000 sewer and
water revenues herein pledged TO
debt service the sum of $4,000 rs
a contingent fund for the purpose
Of meeting any emergency or un-
usual maintenance requirements,
or repairs to the water and sewer
systems. and this fund shall be
limited as TO use solely for such
emergency maintenance and re-
pairs, and if invested may be in
vested only in said water and
sewer rcfuuding bonds. Moneys IN
the water and sewer refundlng
bond sinking fund from time TO
time not needed for the payment
of interest falling due during the
current year may BE- used to re-
nav such sum not exceeding SlO,-
900 i'm the aggregate rs may have
been borrowed by the city for the
purpose of purchasing from Eel
die KatZ. n. +. Petit, Julian ID.
Anthony and X. b. Hougham, as
a committee, interest coupons and
interest claims appcr,ainmg to
the water and sewer indebtedness
herein authorized to be refunded.
All of said taxes and charges are
70 be paid i'm money and to be
kept in separate bank accounts
fully secured by collateral. Money
in the sinking funds is to be- used
to pay interest on said reiundlng
bonds and to retire said bonds by
purchase, redemption OF payment
in the manner to be- hereafter
provided by the Board Of Com
missioners, and the Board of Com
missionerS may hereafter enter
into such collateral covenants and
agreements for the security OF
said refunding bonds rs may seem
necessary and desirable TO SAID
Board.
Section 4: 1t is hereby cStimat-
ed that the shortest period IN
which the indebtedness herein au-
thorizcd to be refunded can be
finally paid without making 1t UNI
duly burdcnSomc upon the taNpay-
ers of the City of HcndcrSonvllIe
is thiuty-five years.
Section 5: Said refumdmg bonds
may. in the discretion of the
Board of Commissioners, be vail
dated by suit instituted in the SUI
perior Court of Henderson Coun-
~, and after approval by the To-
cal government commission and
valuation, if it be determined SO
20 validate said bonds, said re
funding bonds are to be delivered
i'm exchange for the outstanding
obligations hcrcinabovc authoriZ-
ed to be refunded pursuant to
simultaneous cancellation Of the
latter.
Section Is: \ statement Of the
indebtedness of the City of Hen
dcrsonvillc has been filed with the
City Clerk and is open to public
inspection.
Section Z: That this ordinance
shall be published once in each OF
two consecutive weeks after It's
final passage and that there shall
be appended to such publication 4
certificate by the City Clerk in
tn, form required by Section
2944. North Carolina Code.
Section 8: That all ordinances
and resolutions, or parts thereof,
in conflict herewith are hereby
repealed; that the necessity for
the introduction of this ordinance
at a meeting prior to its passage
is hereby waived, and that this
ordinance shall be in full force
and effect Immediately upon its
final passage and shall not be sub
mitted to the voters of the city.