ORDINANCES & RESOLUTIONS 2009 - Laserfiche WebLink

Home Browse Search

• expenditures, without the prior written consent of the Authority if such undertaking 0 would involve, commit or use the revenues of the sewage works nor shall it sell, lease or otherwise encumber such works or any part thereof (g) Except as hereinbefore provided in SECTION 18 hereof, so long as any of the Bonds or BANs herein authorized are outstanding, no additional bonds, BANs or other obligations pledging any portion of the revenues of said Sewage Works shall be authorized, executed or issued by the Town except such as shall be made subordinate and junior in all respects to the bonds and BANs herein authorized, unless all of the bonds and BANs herein authorized are redeemed, retired or defeased pursuant to SECTION 17 hereof coincidentally with the delivery of such additional bonds, BANs or other obligations. (h) The Town shall take all action or proceedings necessary and proper to require connection of all property where liquid and solid waste, sewage, night soil or industrial waste is produced with available sanitary sewers. The Town shall, insofar as possible, cause all such sanitary sewers to be connected with said Sewage Works. (i) The provisions of this Ordinance shall constitute a contract by and between the Town and the owners of the sewage works revenue- bonds and BANs herein authorized, and after the issuance of said bonds and BANs, subject to the rights of the Town under SECTION 24 hereof, this Ordinance shall not be repealed or amended in any respect which will adversely affect the rights of the owners of said bonds and BANs, nor shall the Town Council adopt any law, Ordinance or Resolution which in any way adversely affects the rights of such owners so long as any of said bonds or BANs or the interest thereon remains unpaid. Except with respect to amendments described in SECTION 24(g) - (m) hereof, however, this Ordinance may be amended pursuant to SECTION 24 (I) without the consent of the owners of the bonds or the BANs if, among other things, the Town Council determines, in its sole discretion, that such amendment would not adversely affect the owners of the bonds or BANs, respectively, and (II) as otherwise permitted pursuant to SECTION 24 of this Ordinance;provided, however, that if any Bonds are sold to and owned by the Authority as part of its SRF Program, the Town shall obtain the prior written consent of the Authority. (j) The provisions of this Ordinance shall be construed to create a trust in the proceeds of the sale of the bonds and BANs herein authorized for the uses and purposes herein set forth, and the owners of the bonds and BANs shall retain a lien on such respective proceeds until the same are applied in accordance with the provisions of this Ordinance and of the Act. The provisions of this Ordinance shall also be construed to create a trust in the portion of the net revenues herein directed to be set apart and paid into the Sewage Works Sinking Fund for the uses and purposes of said fund as in this Ordinance set forth. The owner of said bonds and BANs shall have all of the rights, remedies and privileges set forth in the provisions of the Act, including the right to have a receiver appointed to administer said Sewage Works in the event of default in the payment or the principal of or interest on any of the bonds or BANs herein authorized or in the event of default in respect to any of the provisions of this Ordinance or the Act. SECTION 20. Clerk-Treasurer's Certificate; Disclosure. The Clerk-Treasurer shall, prior to the publication of the notice of the sale of the Bonds(or, alternatively, prior to the sale of the 27