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5675 AUTHORIZING AND PROVIDING FOR THE ISSUE OF $8,000,000 WATER REVENUE BONDS
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5675 AUTHORIZING AND PROVIDING FOR THE ISSUE OF $8,000,000 WATER REVENUE BONDS
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10/19/2016 4:19:55 PM
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Resolution/Ordinance
Res Ord Num
5675
Res Ord Title
AUTHORIZING AND PROVIDING FOR THE ISSUE OF $8,000,000 WATER REVENUE BONDS OF THE CITY OF DECATUR, MACON COUNTY, ILLINOIS...
Approved Date
6/19/1972
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or holders of the bonds hereby authorized as their interest may ap- <br /> pear, and said funds shall be withdrawn from said Depositary from <br /> time to time by the Treasurer of the City only upon submission by <br /> him to said Depositary of the followin�: <br /> (a) A duplicate copy of the order signed by the <br /> Mayor and Clerk, or such other officers that may from <br /> time to time be by law authorized to sign and counter- <br /> si�n orders on the Treasurer of the City, st�ting speci- <br /> fically to whom and the purpose for which the order is <br /> issued and indicating that the payment for which the <br /> order is issued ha.s been approved by the Council of said <br /> City; and <br /> (b) Each withdrawal of funds by the Treasurer for <br /> payment to a contractor or contractors for work done in <br /> connection with the construction of said project shall <br /> also be accompanied by a certificate executed by the <br /> engineers in char�e of the construction of such improve- <br /> ments, stating the nature of the work completed and the <br /> a.mount due and payable thereon. <br /> Within sixty days after completion of the work in accord- <br /> ance with plans and specifications therefor, hereinabove referred to <br /> in this ordinance, and after all costs have been paid in connection <br /> with the construction thereof, the engineers shall certify to the <br /> Council of the City the fact that the work has been completed ac- <br /> cording to plans and specifications, and upon approval of the com- <br /> pletion of the work based upon the engineers ' certificate by the <br /> Council, and after all costs have been paid, the Mayor, City Clerk <br /> and Engineer shall execute a certificate and file it with the Deposi- <br /> tary certifying that the work has been completed in accordance with <br /> plans and specifications, that all costs ha.ve been paid, and if at <br /> that time any funds remain in said Construction Fund Account in the <br /> bank acting as Depositary of such Account, the same shall be trans- <br /> mitted by said Depositary to the Treasurer of said City and be by <br /> said Treasurer credited to the Bond and Interest Reserve Account <br /> until such account aggregates the maximum requirement as provided <br /> for in paragraph (d) of Section 7 hereof, and any and all excess <br /> over and above the amount necessary to be credited to the Bond and <br /> Interest Account shall be transferred and credited to the Deprecia- <br /> tion Account referred to in paragraph (c) of Section 7 hereof. <br /> -20- <br />
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