The daily monitor. (Mount Clemens, Mich.) 1940-1942, 1942-01-06
T7szi Press Chief Asks Complete Trust in Victory

township providing the manner OF the
enforcement of such liens. such man.
ner of enforcement shall Be % efficscious
as that provided In the general laws OF
the state for the enforcement OF tax
lions. Any of the rates and charges pro-
vided In this ordinance may be collected
by the township by suit In any court OF
competent Jurisdiction but no attempt
70 collect the same shall In any way
invaiidate or waive the lien therefor.
Section IA. The foregoing rates are
estimated TO be sufficient to provide for
the payment OF the expenses of admin
istration and operation and such ex-
penses for the maintenance OF the sys-
tenn as are necessary to preserve the
same in good repair and working or
der. to provide for the payment OF the
interest upon and the principal OIL the
bonds herein authorized TO be issued n
and when the same become due ana pay
able. to create a bond and interest re-
demption fund therefor. to Suild up .
reserve for the depreciation OF the ex-
isting system and for improvements.
betterments and extensions thereto other
than those necessary to maintain the
same in good repair and working or
der. all as hereinafter In this ordinance
provided. Such rates shall be fixed ana
revised from time to time so rs to PFC
duce the amount necessary for the tore
going, and the township does hereby
covenant and agree ut all times while
any of said bonds shall be outstanding.
to maintain such rates for services fur
nished by said water supply system Is
shall be sufficient to provide for the
foregoing.
Section Is. The gross revenues OF said
water supply system are hereby pledged
and shall be set aside In separate and
special funds as follows:
I. OPERATION AND MAINTENANCE
FUND.
Out of the gross revenues there shall
be first set aside monthly a sum suf-
ficicnt to provide for the payment OF
the reasonable and necessary current
expenses of the administration and OPP
Grafton of said water supply system and
such expenses for maintenance as may
be necessary to preserve said water sup
ply system In good repair and working
order. This fund shall be designated
Operation and Maintenance FUND
The Township Board of said township
at the beginning of each operating year
shall adopt a budget covering the fore
going expenses for such year. and
such expenses shall not exceed the
amount specified in such budget except
by vote of two-thirds Is of the men,
bers of the Township Board. and then
only in the event of an absolute neces-
si,y for such additional expenditure.
9. BOND AND INTEREST REDEMP.
TON FUND.
Out of the remaining gross revenues
there shall be next set aside monthly
into fund which shall be designated
Bond and Interest Redemption Fund"
sum sufficient TO provide for the pay
mcnt of the principal of and interest
upon. any outstanding bonds payable
from the revenues of said water supply
system az and when the same become
due and payable; provided. that the
amount so set aside each month shall
NJ ka q
the total amount OF principal and inter-
est maturing during the next twelve
12, months. In addition to the fore
going. there shall be set aside for the
purpose of creating a reserve I'm said
Bond and Interest Redemption Fund. q
sum not less than $4,000 per month
during each of the calendar years 1913,
1914 and l945, and thereafter monthly
a sum not less than twenty per cent
i20'D OF the regular monthly payments
as required above. until a reserve has
been created equal to the principal and
n8, months from the then next inter-
est payment date or, IL at any time
thereafter said reserve shall be less than
such eighteen u8) months requirements
from the then next following interest
payment date. then to build said reserve
to such requirements. In the event that
the gross revenues of any fiscal year
shall be insufficient to pay the principal
of and the interest upon, the bonds ma
turing during such fiscal year, then an
additional amount sufficient to pay such
defaulted principal and interest shall be
set aside out of the gross revenues Of
the next succeeding fiscal year after the
required moneys have been set aside In
the Operation and Maintenance Fund, and
shall be applied to the payment of such
defaulted principal and interest. or "
such principal and interest shall have
been paid from the reserve, then to re-
establish said reserve
3. DEPRECIATION FUND.
Out of the remaining gross revenues
there shall be next set aside monthly, a
sum sufficient according to recognized
standards, to build up a reasonable re-
serve for the depreciation Of said water
supply system. This fund shall be ees-
ignated Depreciation Fund"
4. CONTINGENT FUND.
Out of the remaining gross reserves
there shall be next set aside monthly,
sum sufficient TO build up reserve
for improvements. bettcrments md ex-
tensions to said water supply system
other than those necessary TO maintain
the same in good repair and working
order as hercinbefore provided for. This