Page:United States Statutes at Large Volume 58 Part 1.djvu/770

 PUBLIC LAWS-CH. 422 --SEPT. 27, 1944 by said city of: the electric light, power, water, and telephone prop- erties and all additions and betterments to and extensions thereof remaining after the payment of the expenses of operation and maintenance of said properties and reserve for depreciation and prior pledges of such revenues: In the resolution or ordinance authorizing the issuance of said bonds the Common Council of the City of Ketchikan is authorized to covenant with the holders from time to time of the bonds issued hereunder as follows: Efficient and eco- (a) That the city will maintain and operate the public utility prop- nomical operati erties of the city hereinbefore.mentioned in an efficient and economical manner; Charges for cor-. (b) That the city will fix, establish, and collect rates, tolls, rents, fmS s er vies or andl other eharges for all commodities, services, or facilities sold, furnished, or supplied by the city through said public utility prop- erties adequate to provide revenues, income, receipts, and profits suf- ficient to pay the expenses of operation and maintenance of-said properties and to provide reasonable reserves for depreciation, and for the payment of the principal of and interest on all bonds payable from, such revenues and all other charges 'and expenses whatsoever which may be or become a charge on suh revenues;' - · . Separate fund. (C) That the city will keep all the revenues, income, receipts;, and profits arising from the ownership, management and operation of the public utility properties by the city in a fund separate and apart from all other funds of the city to be collected, held, and disbursed in such manner as the city may provide in the resolution or ordinance authorizing the issuance of bonds hereunder; therissunce of bonud (d) That the city will not thereafter issue any bonds, notes, or other etc. evidences of indebtedness payable from such revenues, except within such limitations as may be prescribed in such resolution or ordinance; (e) That the city will not thereafter issue any bonds, notes, or other evidences of indebtedness payable from such revenues which would be a prior lien or charge upon said revenues over the bonds issued pursuant to such resolution or ordinance; Special fund for re- (f) That the city will provide a special fund for renewals and newals and replace- ments. replacements to the public utility properties into which fund the city shall pay sums from the revenues of said. properties in such amounts as may be specified in said resolution or ordinance; erDises.tinofprop- (g That the city will not sell, lease, or otherwise dispose of any or a1l of said public utility properties without then or theretofore making provision for the payment of the bonds authorized by this Act; Booksand ount. (h) That the city will keep books and accounts with respect to the operation of said public utility properties in such manner as prescribed by the Federal Power Commission governing municipal licenses and provide for the periodic audit of such books by certified public accountants who shall report on such operations; prxapertie. o (i) That the city will provide for periodic examinations of the public utility properties of the city by an engineer or firm of engi- neers who shall report thereon at such times as shall be prescribed in said resolution or ordinance; and meS.ty of pay- (j) That the city will do and perform such other acts and take such other proceedings as may be necessary to more fully secure the payment of the bonds authorized by said resolution or ordinance as shall be deemed advisable by the common council. saes ombond SEC. 6. Upon the sale of any bonds authorized by this Act, the city of Ketchikan shall provide for the payment of the proceeds thereof into a special fund which shall be used for no other purpose except as specified in this Act, and said bonds may be sold all at once or from time to time as the Common Council of the City of Ketchikan shall direct. [58 STAT.

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