Ordinance authorizing revenue bonds--classification of accounts.
250.160. 1. It shall be lawful for any ordinanceauthorizing the issuance of revenue bonds under the authority ofthis chapter to provide that periodic allocations of the revenuesto be derived from the operation of the system for the benefit ofwhich such bonds are issued shall be made into such separateaccounts as shall be deemed to be advisable to assure the properoperation and maintenance of the system and the prompt payment ofthe indebtedness chargeable to the revenues of such system. Suchaccounts may include, but shall not be limited to:
(1) An account for the purpose of providing funds for theoperation and maintenance of the system;
(2) An account to provide funds for the payment of the bondsas to principal and interest as they come due;
(3) An account to provide an adequate reserve fordepreciation, to be expended for replacements of said system;
(4) An account for the accumulation of a reserve to assurethe prompt payment of the bonds and the interest thereon wheneverand to the extent that other funds are not available for thepurpose;
(5) An account to provide funds for contingent expenses inthe operation of such system;
(6) An account to provide for the accumulation of funds forthe construction of extensions and improvements to the system;and
(7) Such other accounts as may be desirable in the judgmentof the governing body of such city, town or village or sewerdistrict.
2. It shall be lawful for any city, town or village or sewerdistrict to provide that the sums to be held in any account forthe payment of any bonds or the interest thereon or for theestablishment of any reserve for that purpose may be held indeposit in a bank or trust company located within or without thisstate as a trust account for the payment of the bonds and theinterest thereon.
3. Such ordinance may establish such limitations as may beexpedient upon the issuance of additional bonds, payable from therevenues of the system, or upon the rights of the holders of suchadditional bonds. Such ordinance may include other agreementswith the holders of the bonds or covenants or restrictionsnecessary or desirable to safeguard the interests of thebondholder and to secure the payment of the bonds and theinterest thereon.
Ordinance authorizing revenue bonds--classification of accounts.
250.160. 1. It shall be lawful for any ordinanceauthorizing the issuance of revenue bonds under the authority ofthis chapter to provide that periodic allocations of the revenuesto be derived from the operation of the system for the benefit ofwhich such bonds are issued shall be made into such separateaccounts as shall be deemed to be advisable to assure the properoperation and maintenance of the system and the prompt payment ofthe indebtedness chargeable to the revenues of such system. Suchaccounts may include, but shall not be limited to:
(1) An account for the purpose of providing funds for theoperation and maintenance of the system;
(2) An account to provide funds for the payment of the bondsas to principal and interest as they come due;
(3) An account to provide an adequate reserve fordepreciation, to be expended for replacements of said system;
(4) An account for the accumulation of a reserve to assurethe prompt payment of the bonds and the interest thereon wheneverand to the extent that other funds are not available for thepurpose;
(5) An account to provide funds for contingent expenses inthe operation of such system;
(6) An account to provide for the accumulation of funds forthe construction of extensions and improvements to the system;and
(7) Such other accounts as may be desirable in the judgmentof the governing body of such city, town or village or sewerdistrict.
2. It shall be lawful for any city, town or village or sewerdistrict to provide that the sums to be held in any account forthe payment of any bonds or the interest thereon or for theestablishment of any reserve for that purpose may be held indeposit in a bank or trust company located within or without thisstate as a trust account for the payment of the bonds and theinterest thereon.
3. Such ordinance may establish such limitations as may beexpedient upon the issuance of additional bonds, payable from therevenues of the system, or upon the rights of the holders of suchadditional bonds. Such ordinance may include other agreementswith the holders of the bonds or covenants or restrictionsnecessary or desirable to safeguard the interests of thebondholder and to secure the payment of the bonds and theinterest thereon.
Ordinance authorizing revenue bonds--classification of accounts.
250.160. 1. It shall be lawful for any ordinanceauthorizing the issuance of revenue bonds under the authority ofthis chapter to provide that periodic allocations of the revenuesto be derived from the operation of the system for the benefit ofwhich such bonds are issued shall be made into such separateaccounts as shall be deemed to be advisable to assure the properoperation and maintenance of the system and the prompt payment ofthe indebtedness chargeable to the revenues of such system. Suchaccounts may include, but shall not be limited to:
(1) An account for the purpose of providing funds for theoperation and maintenance of the system;
(2) An account to provide funds for the payment of the bondsas to principal and interest as they come due;
(3) An account to provide an adequate reserve fordepreciation, to be expended for replacements of said system;
(4) An account for the accumulation of a reserve to assurethe prompt payment of the bonds and the interest thereon wheneverand to the extent that other funds are not available for thepurpose;
(5) An account to provide funds for contingent expenses inthe operation of such system;
(6) An account to provide for the accumulation of funds forthe construction of extensions and improvements to the system;and
(7) Such other accounts as may be desirable in the judgmentof the governing body of such city, town or village or sewerdistrict.
2. It shall be lawful for any city, town or village or sewerdistrict to provide that the sums to be held in any account forthe payment of any bonds or the interest thereon or for theestablishment of any reserve for that purpose may be held indeposit in a bank or trust company located within or without thisstate as a trust account for the payment of the bonds and theinterest thereon.
3. Such ordinance may establish such limitations as may beexpedient upon the issuance of additional bonds, payable from therevenues of the system, or upon the rights of the holders of suchadditional bonds. Such ordinance may include other agreementswith the holders of the bonds or covenants or restrictionsnecessary or desirable to safeguard the interests of thebondholder and to secure the payment of the bonds and theinterest thereon.
