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Spirit of Jefferson Farmers Advocate
Charles Town, West Virginia
March 9, 1961     Spirit of Jefferson Farmers Advocate
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March 9, 1961

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# ! - The following ordinance provid ing for the acquisition and oper- ation by the City of Charles Town. West Virginia of the pres- ently privately owned waterworks system supplying water and water service in and to said city and sur rounding territory including the Town of Ranson and the construe lion of improvements and better- meats thereto and making pro- vision for the issuance and sale of Water Revenue Bonds of said city in the amount of $525,000, and establishing the minimum rates and charges for the facilit- ies rendered by such system was adopted at a meeting of the Com- mon Council of said city on the 6 clay of March, 1961. Said city contemplates the is- suance of said bonds and a pub- lic hearing in connection there- with will be held at City Hall, C}~arles Town, W. Va. in said city on the 3rd day of April, 1961 at 7:00 o'clock P. M. at which time all persons interested are now and hereby notified that they may appear before the Com- mon Council of said city at the said time and place last afore- said and then and there may pres eat protests against the said or- dinance. C. F. PRINTZ City Clerk AN ORDINANCE providing for the acquisition and operation of a municipal waterworks system by the City of Charles Town, West Virginia, and the construc- tion of betterments and improve- ments thereto; providing for the issuance of Water Revenue Bonds of said city and setting forth the terms and conditions upon which such bonds and any additional bonds payable from the revenues of said system are to be and may be issued and outstanding; pro- viding for the payment of such bonds and interest thereon from such revenues and fixing the min lmum rates and charges for water and water service. WHEREAS the existing water- works system now supplying water and water service in and a- bout the City of Charles Town (sometimes known as "The Cor- poration of Charles Town" and hereinafter in this ordinance re- ferred to as the "city" or "City of Charles Town") and the Town of Ranson, in Jefferson County, West Virginia for public, domes- tic, commercial and industrial purposes is owned and operated by The Peoples Water Service Company of West Virginia; and WHEREAS the Council of the Town of Ranson, West Virginia has heretofore ad**ised the City of Charles Town that it will adopt an ordinance approving and con- senting to the acquisition by the City of Charles Town of the por- tion of said system situated in said town; consenting to the ser- vicing or supplying of water fac- ilities or services within the cor- porate limits of said town by said city; and granting a franchise tc said city to operate and maintain said system and to supply water and water service in and to said town, and WHEREAS pursuant to an a- greement heretofore entered into between The Peoples Water Ser- vice Company of West Virginia and the City of Charles Town. said city has contracted to ac- quire said existing waterworks system; and "WHEREAS under the provis- ions of Article 12 of Chapter 8 of the West Virginia Code, said city is authorized to issue bonds pay- able as hereinafter provided from the revenues derived from the op eration of the waterworks system for the purpose of providing funds for such acquisition and the construction of betterments and improvements to said sy- stem; NOW, THEREFORE, Be It and It Is Hereby Ordained by the Common Council of the City of Charles Town. West Virginia, as follows: Section 1. That all proceedings and action hertofore taken where- by the City of Charles Town. West Virgima, will acquire the presently privately owned water- works system now supplying water and water service in and about said city and the Town of Ranson for public, domestic, corn mercial and industrial purposes, is hereby ratified and confirm. ed, all pursuant to and under au- thority of Article 12 of Chapter 8 of the West Virginia Code. That the waterworks system to be ac- quired as aforesaid is briefly de- scribed as consisting of the entire waterworks plant and distribut- ion system presently owned and operated by The Peoples Water Service Company of West Virgin. ia, as detailed in the report dat- ed September, 1959, of Kelley, Gidley and Staub, Consulting En- gineers, now on file with the City Clerk. including all real estate, buildings and improvements, tanks, wells, water towers, pump- ing equipment, pipe lines, mains, meters, hydrants, materials and supplies, and all properties and eqmpment used or useful in sup- plying water in and to said terri- tory. The contemplated better- ments improvements to said waterworks system are generally described in said report dated September, 1959 of Kelley, Gidley and Staub, Consulting Engineers and are briefly described as con- sisting of the construction of ad- ditional water storage facilities, 100% metering of system, repair- ing and improving existing stor- age tanks, installation of addition al fire hydrants, installation of additional 6" mains, and replace. ment of certain undersized mains. including engineering, financing, legal and other pertinent costs is terments and improvements there to, as referred to in Section 1 hereof, there shall be and there is hereby authorized to be issued Water Revenue Bonds of said city in the total principal amount of $525,000, dated April 1, 1961, of the denomination of $1,000 each, numbered consecutively 1 to 525, inclusive, and maturing in num- erical order on April 1 of the re- spective years as follows: Year Amount 1964 $ 5,000 1965 5,000 1966 6,000 1967 6,000 1968 6,000 1969 6,000 1970 7,000 1971 7,000 1972 7,000 1973 8,000 1974 8,000 1975 9,000 1976 9,000 1977 10,000 1978 10,000 1979 10,000 1980 11,000 1981 11,000 1982 12,000 1983 12,000 1984 13,000 1985 14,000 1986 14,000 1987 15,000 1988 16,000 1989 17,000 1990 17,000 1991 18,000 1992 19,000 1993 20,000 1994 21,000 1995 22,000 1996 23,000 1997 24,000 1998 25,000 1999 ' 26,000 2000 27,000 2001 29,000 provided, that bonds numbered 49 to 525, inclusive, shall be op- :tonal for redemption by said city prior to maturity, in whole, or ~rom time to time in part in the nverse order of their maturities (less than all 0f a single maturity ~o be selected by lot) on any in- crest payment date on or after ~.pril 1. 1971( upon terms of par md accrued interest plus a redem )tion premium of three per cent ~3%) of the principal amount hereof. Notice of any such re- lemptmn identifying the bonds o be redeemed shall be mailed o the original purchaser of the rends hereby authorized at least hirty days prior to the redemp- ~.ion date and shall be given by publication at least once not less '~han thirty days prior to the re- demption date in a newspaper or "inancial journal of general cir- relation published in the City of ~lew York, New York. Said bonds numbered 1 to 48, :nclusive shall bear interest from the date thereof at the coupon rate of 4% per annum, said bonds numbered 49 to 141, inclus :ve, at the coupon rate of 4% .~er annum and said bonds num- ~)ered 142 to 525, inclusive, at the ~oupon rate of 4% per annum. MI interest at the coupon rate shall be evidenced by proper in- terest coupons attached to each of said bonds and to be payable October 1, 1961 and semi-annual- ly thereafter on the first days of a, pril and October in each year. Both principal and all interest ~hall be payable in lawful money ~)f the United States of America at the office of the State Sinking Fund Commission of West Virgin ~a in the City of Charleston, West Virginia, or at the option of the holders of the respective bonds and interest coupons at the prin- cipal office of The First Nation- al City Bank of New York in the City of New York, New York. Said bonds shall be signed by the Mayor, and sealed with the corporate seal of the city attested by the City Clerk, and the inter- ost coupons attached shall bear "he facsimile signatures of said ~ayor and said City Clerk, and said officials by the execution of said bonds shall adopt as and for their own proper signatures their respective facsimile signatures on said coupons. All of said bonds, together with the interest there- ~n, and any additional bonds rank ~ng on a parity therewith that may be hereafter issued under *he conditions and restrictions hereinafter set forth, shall be sayable only out of the "Water Revenue Bond Interest and Sink- ing Fund" as hereinafter more specifically provided. The holders of said bonds shall have a valid claim against said fund and the moneys in said fund shall and they are hereby pledged for the nayment of said bonds and the interest thereon. Said bonds shall be secured by a statutory mortga- ge lien on said municipal water- works system as provided by Ar- ticle 12 of Chapter 8 of the West Virginia Code. Section 3. That said bonds and interest coupons shall be fully negotiable but upon presentation at the office of the City Clerk of said city of any of said bonds same may be registered as to prin cipal in the name of the owner on the books in his office, such' registration to be noted on the reverse side of the bonds by the City Clerk as Bond Registrar, and thereafter the principal of such registered bonds shall be payable only to the registered holder, his ~legal representatives or assigns. upon presentation to the City Clerk with a legal assignment duly acknowledged or proved. Re gistration of any of such bonds shall not affect the negotiability of the coupons thereto attached but such coupons shall be trans- ferable by delivery merely. Section 4. That bonds and in- terest coupons shall be in sub- stantially the following form, to wit: (Form of Bond) UNITED STATES OF AMERICA STATE OF WEST VIRGINIA COUNTY OF JEFFERSON CITY OF CHARLES TOWN WATER REVENUE BOND Number $1,000 KNOW ALL MEN BY TItESE PRESENTS that the City of Charles Town, West Virginia, a municipal corporation, organized and existing under the laws of the State of West Virginia (some times known as "The Corporation of Charles Town" and hereinafter referred to as the "City of Char- les Town" or "city"), for value re ceived, hereby promises to pay to the bearer hereof, or if this bond be registered, to the regis- tered holder as hereinafter pro- vided, the principal sum of One Thousand Dollars ($1,000) on the first day of April , and to pay interest on said sum from the date hereof until paid, at the rate of per cent (--------%) per annum, payable October I, 1961 and semi-annually thereafter on the first day of Ap- ril and the first day of October in each year, except as the provis- ions hereinafter set forth with respect to redemption prior to ma i turity may be and become appli cable hereto, all such interest ac- cruing on and prior to the matur- ity date of this bond to be paid on presentation and surrender of the annexed interest coupons as they severally mature, and both principal and interest being pay- able in lawful money of the Uni- ted States of America, at the of- fice of the State Sinking Fund Commission of West Virginia in the City of Charleston, West Vir- ginia, or at the option of.the holder hereof, at the principal of- fice of The First National City Bank of New York in the City of New York, New York. This bond is one of a series of bonds numbered consecutively 1 to 525, inclusive, authorized to be issued by ordinance duly adop ted by the Common Council of said city for the purpose of fin- ancing the cost of acquiring a municipal waterworks system for said city and thereafter construct ing betterments and improve- ments thereto under and in full compliance with the Constitution and Statutes of the State of West Virginia, including particularly Article 12 of (~hapter 8 of the West Virginia Code. Said City of Charles Town here- by reserves the right and privil- ege to call and redeem bonds numbered 49 to 525, inclusive, of the series of bonds of which this is one, prior to maturity on any interest payment date on or after April 1, 1971, in whole or from time to time in part in the inver se order of their maturities (less than all of a single maturity to be selected by lot), upon terms of par and accrued interest plus a redemption premium of three per cent (3%) of the principal a- mount fhereof. Notice of the exer cise of such option as to any or all of said bonds specifying the bonds to be redeemed will be mailed to the original purchaser of said bonds at least thirty days prior to such redemption date and will be published at least once not less than thirty days prior to such redemption date in a newspaper or financial journal of general circulation published in the City of New York, New York. All such bonds as to which said city reserves and exercises the right of redemption as afore said and as to which notice shall have been-given, and for the re- demption of which upon the terms aforesaid funds are duly provided, will cease to bear in- terest on the redemption date. This bond and the series of which it forms a part, and includ ing the interest thereon, together with any additional bonds rank- ing on a parity therewith that may be issued under the condit- ions and restrictions set forth in said ordinance, are payable only from a fixed amount of the reven ues to be derived from the oper- ation of said municipal water- works system, which amount shall be sufficient to pay the prin cipal of and interest on such bonds as and when the same be- come due and payable, and which shall be set aside as a special fund for that purpose and identi- fied as the "Water Revenue Bond Interest and Sinking Fund". This bond and the series of which it forms a part do not constitute an indebtedness of the City of Char- les Town within the meaning of any constitutional ~r statutory provisions or limitations, and said city shali not be obligated to pay this bond or the interest thereon except from said special fund. Said city covenants that as re- quired by said Article 1~ of Chap ter 8 of the West Virginia Code, it will fix such rates for the ser- vices and facilities of said munici- pal waterworks system and col- lect and account for revenues therefrom to promtly pay the in- terest on and principal of this is- sue of bonds, to provide proper funds for a depreciation account, and to pay costs of operation and maintenance of said municipal waterworks system. of Chapter 8 of the West Virginia Code to and in favor of the hold- er or holders of the series of bonds of which this bond is one and the holder or holders of the coupons appertaining thereto and same is hereby recognized as val- id and binding, and' said munici- pal waterworks system and all betterments and improvements thereto shall remain subject to such statutory mortgage lien as provided by the ordinance author izing said series of bonds, until the payment in full of the princi- pal of and interest on said bonds. This bond shall be fully nego- tiable and pass by delivery but may be registered as to principal on the books of the city in the of- fire of its City Clerk, evidence of such registration to be noted here on by such City Clerk as Bond Registrar, after which no !transfer shall be valid unless !made on such books at the re- quest of the person in whose name it is registered or his duly authorized attorney and similar- ly noted on the bond, but this bond may be discharged from re- gistration by being in like man- ner transferred to bearer, after which it shall again be transferab le by delivery, and this bond may again from time to time be regis tered or transferred to bearer as before. The registration of this bond, however, shall not affect the negotiability of the coupons, which shall continue to pass by delivery. This bond is exempt from tax- ation by the State of West Virgin ia and any county or municipal- ty therein. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that ill acts, conditions and things re :luired to exist, happen and be performed, precedent to and in :he issuance of this bond and the series of bonds of which it is one, :lo exist, have happened and have been performed in the manner and form required by law; that ~aid city will continuously Oper- ate its municipal waterworks sy- stem, and that the amount of this bond together with all other obli gations of said city does not ex- ceed any limit prescribed by the Constitution or Statutes of the State of West Virginia. IN' WITNESS WHEROF the City of Charles Town, West Vir- ginia, has caused this bond to be ~xecuted by its Mayor and its cor- porate seal to be hereto affixed, attested by its City Clerk and the coupons hereto attached to bear the facsimile signatures of said Mayor and said City Clerk, which officials by the execution of this bond do adopt as and for their own proper signatures their re- spective facsimile signatures ap- ! pearing on said coupons, all as of the first day of April, 1961. Attest: City Clerk (Form of Coupon) Number S----- On the first day of 19---, the City of Charles Town, West Virginia, will upon surren- der hereof, pay to bearer out of its "Water Revenue Bond Inter- est and Sinking Fund" -------- ------ Dollars ($. ) at the office of the State Sinking Fund Commission of West Vir- ginia, in the City of Charleston, West Virginia, or at the option of the holder hereof at the principal office of The First National City Bank of New York in the City of New York, New York, as provi- ded in and being interest then due on its Water Revenue Bond dated April 1, 1961, Number ----4- Attest: Mayor citY Clerk ( Form for registration to be printed on the back of each bond) Date of Registration In Whose Name Registered Signature of Bond Registrar Section 5. That the bonds here- by authorized be executed as here in provided as soon after the a- doption of this ordinance as may be and shall be sold and deliver- ed to Charles A. Kinsch & Com- pany, Inc., pursuant to an agree- ment dated June 22, 1959 for the purchase of such bonds and the terms and conditions of said a- greement are hereby in all res- pects ratified and confirmed and found to be for the best interests of said city and to represent a sale of said bonds upon a net in- terest cost basis of less than'the statutory maximum of six per cent per annum as computed to the maturity of said bonds upon standard tables of bond values. The Mayor, City Clerk and City Treasurer shall be and are hereby authorized and directed to sell and deliver said bonds and to ex- ecute and deliver to said purchas er any other documents and data which the purchaser may reason- ably require. Simultaneously with the issuance of said bonds a suffi- cient portion of the proceeds therefrom, exclusive of accrued interest shall be applied in pay- ing the purchase price and cost of m issuance an( of said bonds shall be paid into payment of the interest or~ and the Water Revenue Bond Interest principal of the bonds herein au- and Sinking Fund hereinafter thorized and to create a margin created The balance of the pro- of safety. reeds of said bonds shall be set Said sinking fund shall be used apart and kept in a special fund solely and only and is hereby to be disbursed on orders of the pledged for the purpose of paying Common Council of said city for the interest on and accomplish- the purpose of paying the cost of ing the retirement of the bonds constructing betterments and ira- herein authorized and any addit- provements to said municipal ~ional parity bonds, and unless all waterworks system of said city I of the bonds outstanding are to ..... ~be retired only such sums as may as hereinbefore identified; prov|- ded, that interest accruing on, be in excess of the amount of in- said bonds during the construct-iterest and principal becoming ion period shall be deemed an i due within the succeeding twenty item of construction cost and to four (24) months shall be used to the extent such interest is not redeem or retire bonds in advance paid from revenues it shall be of maturity. As and when funds paid from the proceeds of said are so set aside and paid into bonds. Pending expenditure the said sinking fund they shall be proceeds thus set apart for con- remitted to the State Sinking struction costs shall be deposited Fund Commission of West Vir- in a bank or banks, and each ginia with appropriate instruct- such deposit to the extent it caus ions as to the use, and application es the aggregate deposits by said thereof'. city in such bank to be in excess (2) There is hereby created a of $10,000 shall be secured by a special fund to be designated surety bond or bonds furnished "Waterworks Operation and Main by a surety company or compan, tenance Fund" into which there ies qualified or authorized to do shall be next transferred and business in West Virginia, or by paid from said Water Revenue a pledge of direct obligations or Fund each month an amount suf- guaranteed bands or securities of ificient to pay all reasonable and the United States of America hav i proper expenses of operation, ing a market value equivalent to!maintenance and repair of said such excess. If it be determined waterworks system for the cur- by the Common Council at any rent month and from which dis- time that the amount of bond pro bursements shall be made only reds being held in the construc- for that purpose. If in any month lion fund is in excess of the a- for any reason there is failure to mount necessary to be disbursed transfer and pay the required a- ':herefrom for the authorized pur mount into said operation and pose during the ensuing six mon- maintenance fund then the a- ths such excess may be invested mount of any deficiency shall be in interest bearing bonds or other added to the amount otherwise direct and general obligations of required to be transferred and the United States of America hay paid into said fund in the next ing a maturity date or being sub- succeeding month. Fixed annual ]ect to retirement at the option charges, such as insurance and of the holder not more than two cost of major repair and mainten- years subsequent to the date of ance expenses, may be computed such investment, and all such in- and set up on an annual basis vestments as well as all income and one-twelfth of the amount therefrom shall be carried to the thereof may be accumulated in credit of such construction fund. said fund each month. Section 6. From and after the (3) There is hereby created a delivery of any bonds issued un- special fund to be designated "De der the provision of this ordinan- preciation Fund" and after mak- ce the municipal waterworks sy- ing the monthly transfers and stem of said city shall be contin-payments into the sinking fund and operation and maintenance fund there shall next be transfer- red and paid from said Water Re- venue Fund each month the sum of $325 until the amount in said Depreciation Fund shall aggreg- ate $25,000 and whenever with- drawals are made from said fund lows: so as to reduce the balance there (1) There is hereby created, in to less than $25,000 the trans- and so long as any of the bonds fers and payments shall continue hereby authorized are outstand- so as to restore the amount there ing, there shall be maintained a i in to at least $25,000. All funds special fund to be known as the I in said Depreciation Fund shall "Water Revenue Bond Interest be kept apart from all other mun- and Sinking Fund" (sometimes icipai funds and all or any part. h i . . , hereinafter referred to as t e i of sazd fund may be invested m "sinking fund '} into which there I bonds or other direct and general shall be set aside from said in-I obligations of the United States ~.ome and revenues in equal mon[of America maturing or being thly installments such portion ~subject to retirement at the op- thereof as will be sufficient to l tion of the holdel" within not pay the principal of and the inter,more than ten years from the est on the bonds issued hereun-date of such investment. With- der, and any additional bonds drawals and disbursements may ranking on a parity therewith as be made from said Depreciation may be issued under the condit- Fund for renewals or replace- ions and restrictions of this ord- ments to the waterworks system inance, and to create a margin of or for improvements, betterments ~afety. It is hereby determined and extensions thereof and provi- and agreed that from and after ded also that withdrawals and dis- the issuance of any of the bonds bursements shall be made from hereby authorized there shall be said Depreciation Fund to meet set aside and paid into the sink- the payment of interest on or :ng fund on or before the tenth principal of any bonds to what- day of each month an amount e- ever extent and if fro) any reason, !qual to at least (1) one-fifth of funds in the sinking fund are in- i the amount of interest becoming sufficient for that purpose. i due on said bonds on the next (4) All the remaining income succeeding interest payment date, and revenues of the municipal 91us (2) one-tenth of the amount waterworks system in said Water )f principal of said bonds becom- Revenue Fund on June 1 of each ng due during the next succeed- year which shall have been col- lng twelve months; provided, that lected prior to April 1 of such when and so long as there has year shall be considered surplus been accumulated and is retained income and revenues and provi- , 'n said sinking fund sufficient ded all payments into the various monies to pay the amount of prin special funds hereinbefore estab- cipal and interest becoming due lished are current and there are on said bonds during the next no deficiences in any of said succeeding twenty-four (24) mon funds such surplus may be used ~ths then the amount to be set a- and expended to redeem or re- side and paid into said sinking tire bonds issued by said city for i fund may be reduced to one-sixth account of said waterworks sy- of the amount of interest and one stem in advance of maturity, the twelfth of the amount of princi- construction of improvements, pal respectively, as hereinafter betterments, or extensions to the otherwise provided. Computat- system, or may be withdrawn and ions for payments into said sink- disbursed on order of the Com- i ing fund shall be made as of mon Council for any lawful water April 1 of each year. No further works system purpose, and such payments need be made into surplus shall not be available for said sinking fund after and so any other purpose. long as such amount of the bonds Section 7. While the bonds au- shall have been retired that the thorized hereunder, or any of amount then held in said sinking them remain outstanding and us- fund is equal to the entire a- paid, the rates for all services and mount required for rotirement of facilities rendered by the said said bonds and to pay all interest municipal waterworks system to that will have accrued and be- said city and to its citizens, cor- corse due at the time of such re- porations or other consumers, tirement, shall be reasonable and just, tak- The undertaking to transfer ing into account and considerat- and pay the above prescribed a- ion the cost and value of said mount from said Water Revenue properties and the cost of main- Fund into said sinking fund shall taining and operating the same be cumulative so that in the ev- and the proper and necessary al- eat the income and revenue dur- lowances for depreciation there. ing any month are inadequate to of, and the amounts necessary for make the required transfer and the retirement of all bonds and payment, or if for any other rea- the accruing interest on all such son there be a failure to make bonds as may be outstanding us- such transfer and payment, the der the provisions of this ordin- deficiency shall be made up from ance, and there shall be ,charged the first available income and re such rates and amounts as shall venues thereafter received and be adequate to meet the require- the same shall be in addition to ments of this and the preceding the amounts otherwise provided sections hreeof. Compensation for to be transferred and paid into services rendered or facilities af- said sinking fund. forded to said city or said Town At or before the time of issuan of Ranson shall be charged again- ce of any ad~litional bonds rank- st said city or said town and pay-: ing on a parity with the bonds ment for same from the corpor- herein authorized under the con- ate funds of said city or said town ditions and restrictions herein- shall be made into said Water after set forth, provision shall be Revenue as other income and re- made for the payment into said venues. It is hereby covenanted sinking fund of additional a- and agreed that no free services mounts in like proportion to the shall be allowed or permitted from the facilities of said munici- afforded thereby, and pal waterworks system, gate the income and So long as any of the bonds is- and make the appl carl sued hereunder shall remain oul I into the respective fundS, standing and unpaid the follow- ing rates shall be the minimum monthly rates to be charged for the services rendered by said municipal waterworks system: Monthly Water Rates: SCHEDULE NO. 1 Applicable in entire territory served. Availability Of Service A~ailable for general domestic, commercial and industrial service METER RATE First 10,000 gals. used per mon- th $0.60 per 1,000 gals. Next 30,000 gals, used per mon th $0.50 per 1,000 gals. Next 30,000 gals. used per mon- th $0.40 per 1,000 gals. Next 30,000 gals. used per mon- th $0.30 per 1,000 gals. Next 100,000 gals. used per mon th $0.20 per 1,000 gals. All over 200,000 gals. used per month $0.18 per 1,000 gals. HINIMUM CHARGE No bill will be rendered for ess than the following amounts, according to the size of the meter installed, to-wit: 5/8 or 5/8 x Meter $1.50 per month ~" Meter $2.15 per month 1" Meter $3.85 per month 1" Meter $6.00 per month. 1" Meter $8.65 per month 2" Meter $15.40 per month. 3" Meter $34.60 per month. 4" Meter $61.50 per month. 6" Meter $138.50 per month. FLAT RATE For domestic, commercial or in- dustrial customers --- $1.50 per ~onth. PROMPT PAYMENT DISCOUNT A discount of 5% of the a- mount of the bill shall be allowed if paid within ten (10) days of the date thereof. SCHEDULE NO. 2 Applicable in entire territory ;erved. AVAILABILITY OF SERVICE Available for public fire protec tion service. RATE Fire Hydrants, each $36.00 per annum PROMPT PAYMENT DISCOUNT OR DELAYED PAYMENT PEN- ~kLTY None SCHEDULE NO. 3 Applicable in entire territory served. AVAILABILITY OF SERVICE Available for private fire pro- tection service. RATE Fire hydrants, each $36.00 per annum. Sprinkler heads, each $0.1.0 per annum. PROMPT PAYMENT DISCOUNT OR DELAYED PAYMENT PEN- ALTY. None. The rates and charges afore- said shall be billed monthly and all bills shall be payable when rendered. When any bill has re- mained unpaid for thirty days after rendition it shall be deemed delinquent and the water services to the premiss involved in such delinquent charges shall be dis- continued until such time as all delinquent charges plus a recon- nection charge of $5.00 are paid in full. The rates and charges aforesaid shall be billed to the owners of the premises, provided that upon application by the tenant of any premises who is not the owner filed with the City Clerk accom- panied by appropriate security or indemnity in an amount and of a kind approved by the City Clerk, the bills may be rendered to the tenant: I If the foregoing rates and char ~ges are insufficient at any time to produce revenues from said municipal waterworks system suf ficient to meet the requirements for the creation and maintenance of the accounts and funds here in set forth, such rates and sched ules shall be increased in a- mounts sufficient to meet such requirements. Section 8. Said city hereby cov chants and agrees that so long as any of the bonds hereby authori- zed remain outstanding it will keep proper books of record and account separate from all other municipal records and accounts, showing complete and correct en- tries of all transactions relating to said municipal waterworks sy- stem and that the holder or hold- ers of any of said bonds shall have the right at all reasonable times to inspect the properties and all records, accounts and data of the city relating thereto. An audit of said records and ac- counts will be prepared each cal- endar year by an idependent cer- tified public accountant not in the regular employ of the city and the original purchaser of the bonds hereby authorized shall be furnished and any holder or holders of said bonds upon written request will be fui'nished with a current operating and in- come statement as disclosed by such audit not later than April 15th of the following year. Section 9. That said city hereby covenants and agrees with the 1older or holders of the bonds herein authorized to be issued, or any of them, that it will faithfully and punctually perform all duties with reference to said municipal waterworks system required by the Constitution and laws of the State of West Virginia, including the making and collecting of reas onable and stffficient rates for services rendered and facilities vided by this ordinance; city hereby irrevocably binds and obligates ~nel!nnlease, mortgage, or a er dispose of the part of said properties, any and all additions, ments and improveme may be made therto, e the statutory mortgage vided for in Section 10 til all the bonds herein' ed to be issued shall paid in full, both i interest, and the city enants and agrees ers of said bonds to mat good condition and operate said municipal works system and to collect such rates and services rendered and afforded thereby so thai income and revenues ficient at all times to prescribed payments ing fund, to provide for the depreciation pay the costs of maintenance of the Said city hereby ants and agrees that so any of the bonds zed remain outstanding an expense of operation tenance of the syster~ carry and maintain the properties, subject to !damage, in amounts and i hazards substantially i ance with the practice corporations which own :ain waterworks under conditions. Section 10. That for the i protection of the bonds herein authorized coupons attached .thereto utory mortgag lien municipal waterworks quired and all provements, tensions constructed application of the bonds hereby by recognized in the provisions of the suant to which said be issued. Said statutorY ge lien shall be enforced only for the preevnting the sale, mortgage, lease or dk, other manner of anY i part of said properties i holder of said bonds, or the coupons, may or in equity, but suit, damus or other force and compel said city and its gents of all duties required by law or this in connection with the ?nfa~aid pro~er~lSe,ct~n~ cient rates and segre~ income and revenues plication thereof. If default in the principal of or any of said bonds any4 ing jurisdiction in a ion may appoint a minister said works system on municipality with ge and collect rates provide for the bonds and interest for the payment of expenses, and to come and revenues in with this ordinance plicable law. Section 11. The zed to be issued from time to time shall not be entitled one over the other in tion of the income of said municipal stem, regardless times of their the intention of Council that there priority among the ized to be issued visions of this ordin less of the fact actually issued and different times, and and security of and ~r obligations that are payable come and iect to the meats into the sin account of the thorized as may qme be however, said city -es the right and cuing additional *o time payable and revenues of waterworks, system narity with the thorized in order to of further provements to sa~ before any such ranking on a issued there shall cured and filed said city a statemen endent certified ant not in the the city, reciting based upon the tigation that the veiues of said (12) consecutive the preceding ths (with after provided) least 1.30 times mount that any succeeding both principal an bonds then additional posed to be that the interest CONTINUED oN