HomeMy WebLinkAbout01764Payments from said Construction Fund to cover engineer-
ing charges, the repayment of moneys advanced to carry out any of
such purposes and the payment of other costs incidental to the
acquisition, construction and installation of such additions,
betterments, improvements, replacements and extensions shall be
paid upon the Trustee's being furnished with vouchers for such
items duly approved by the City Council.
As soon as possible after this ordinance becomes ef-
fective, the city shall furnish the Trustee with a schedule
showing the approximate time that the construction and installation
of each part of such additions, betterments, improvements, replace-
ments and extensions will be accomplished, the approximate time
that the materials necessary therefor will be delivered, and the
estimated cost of each. The city shall also give the Trustee at
least thirty days' notice in writing when any part of such work
is to be started or such materials acquired, and the estimated
cost thereof.
The Trustee may invest any moneys in the Construction
Fund not needed immediately for the purposes above set forth in
bonds or other direct obligations of the United States of America
maturing not later than five years subsequent to the date of
investment therein or which become due at the option of the
holder on or before said five-year period. Interest received
as a result of any such investment shall be deposited in the
Construction Fund, and all bonds or obligations so purchased
shall be held by the Trustee to the credit of said Fund.
In the event there is any surplus money left in the
Construction Fund after all of such additions, betterments and
improvements to and replacements and extensions of the waterworks
13.