RES 65112 - Laserfiche WebLink

Revenue Bond Law of 1941 of the State of California is hereby defined to be the whole and each and every part of said water system described in the Measure set forth in Section 1 of this resolution, including all of the presently existing municipal water system of the City of Pleasanton, and all facilities hereafter constructed or acquired for said water System, and all additions, extensions, betterments and improvements to said water system or any part thereof hereafter made or constructed or acquired by contract, purchase, condemnation or othe~ise for said purpose. It is hereby found and determined that the City now owns and operates an existing water system, and that said Enterprise and each and every part thereof, when acquired, constructed and improved as aforesaid, will constitute an integral part of said water system amd the same shall be operated as a single unified and integrated water system, and the revenues therefrom shall be pledged to the payment of the revenue bonds proposed to be issued for the foregoing purpose. It is hereby found and determined that said Enterprise is necessary to enable the City to exercise its municipal power~ and functions, namely, to furnish sufficient water for any present or future beneficial use of the City. Section 9. This City Council proposes to issue and sell revenue bonds in not to exceed the amount and for the object purpose specified in said Measure if a majority of all of the electors voting on said measure at said special reve- nue bond election shall vote in favor of said measure. The rate of interest to be paid on said revenue bonds shall not exceed six (6) per cent per annum, payable semiannually (except that the City Council of said City, in its discretion, may provide that interest for the first year shall be payable annually . in one installment at the end of such year), and said issue of