PART I.--GOVERNMENT BY MAYOR AND COUNCIL AND GENERAL LAWS
Article 12.--PUBLIC UTILITIES
13-1258.Same; payment of bonds; rates, fees or charges;
covenants, agreements and restrictions.
Provisions shall be made, by appropriate enactment by the governing body
of such municipalities or, where such water and light plants are under
the control and the management of the board of public utilities, by the
board, pursuant to the direction of the city, for the payment of the
bonds; and it shall be the duty of the governing body of the city or the
board, as the case may be, to fix rates, fees, or charges for the use or
services rendered by such utility or utilities, which rates, fees or
charges shall be sufficient to pay the cost of operation, repair,
maintenance, extension, enlargement, alteration, reconstruction and
improvement of such utility and pay the principal of, and interest upon,
the revenue bonds when due.
The ordinance or resolution of any municipality authorizing the
issuance of revenue bonds provided for in this section may contain such
other covenants, agreements and restrictions as may be deemed necessary
or advisable by the body enacting the ordinance or resolution to insure
the payment of the revenue bonds authorized and issued hereunder, but in
no event shall the holder of such revenue bonds have a lien upon the
tangible property constituting the utility or utilities, nor shall the
operation, management, or control of such utility be taken from such
municipality or its board.
History: L. 1941, ch. 142, § 7; L. 1951, ch. 156, § 4; L. 1980,
ch. 72, § 14; April 14.
PART I.--GOVERNMENT BY MAYOR AND COUNCIL AND GENERAL LAWS
Article 12.--PUBLIC UTILITIES
13-1258.Same; payment of bonds; rates, fees or charges;
covenants, agreements and restrictions.
Provisions shall be made, by appropriate enactment by the governing body
of such municipalities or, where such water and light plants are under
the control and the management of the board of public utilities, by the
board, pursuant to the direction of the city, for the payment of the
bonds; and it shall be the duty of the governing body of the city or the
board, as the case may be, to fix rates, fees, or charges for the use or
services rendered by such utility or utilities, which rates, fees or
charges shall be sufficient to pay the cost of operation, repair,
maintenance, extension, enlargement, alteration, reconstruction and
improvement of such utility and pay the principal of, and interest upon,
the revenue bonds when due.
The ordinance or resolution of any municipality authorizing the
issuance of revenue bonds provided for in this section may contain such
other covenants, agreements and restrictions as may be deemed necessary
or advisable by the body enacting the ordinance or resolution to insure
the payment of the revenue bonds authorized and issued hereunder, but in
no event shall the holder of such revenue bonds have a lien upon the
tangible property constituting the utility or utilities, nor shall the
operation, management, or control of such utility be taken from such
municipality or its board.
History: L. 1941, ch. 142, § 7; L. 1951, ch. 156, § 4; L. 1980,
ch. 72, § 14; April 14.
PART I.--GOVERNMENT BY MAYOR AND COUNCIL AND GENERAL LAWS
Article 12.--PUBLIC UTILITIES
13-1258.Same; payment of bonds; rates, fees or charges;
covenants, agreements and restrictions.
Provisions shall be made, by appropriate enactment by the governing body
of such municipalities or, where such water and light plants are under
the control and the management of the board of public utilities, by the
board, pursuant to the direction of the city, for the payment of the
bonds; and it shall be the duty of the governing body of the city or the
board, as the case may be, to fix rates, fees, or charges for the use or
services rendered by such utility or utilities, which rates, fees or
charges shall be sufficient to pay the cost of operation, repair,
maintenance, extension, enlargement, alteration, reconstruction and
improvement of such utility and pay the principal of, and interest upon,
the revenue bonds when due.
The ordinance or resolution of any municipality authorizing the
issuance of revenue bonds provided for in this section may contain such
other covenants, agreements and restrictions as may be deemed necessary
or advisable by the body enacting the ordinance or resolution to insure
the payment of the revenue bonds authorized and issued hereunder, but in
no event shall the holder of such revenue bonds have a lien upon the
tangible property constituting the utility or utilities, nor shall the
operation, management, or control of such utility be taken from such
municipality or its board.
History: L. 1941, ch. 142, § 7; L. 1951, ch. 156, § 4; L. 1980,
ch. 72, § 14; April 14.