Effective 28 Aug 1951
250.130. Revenue bonds — amount of net revenue pledged to payment of principal and interest. — 1. Whenever any such city, town or village or sewer district shall authorize and issue revenue bonds pursuant to this chapter an amount sufficient for the purpose of the net revenues of the sewerage system or of the combined system for the benefit of which such bonds are issued shall by operation of this chapter be pledged to the payment of the principal of and the interest on such bonds as the same shall mature and accrue.
2. The term "net revenues" shall be construed to mean all revenues derived from the operation of such system less the actual and necessary expenses of operation and maintenance of the system.
3. It shall be the mandatory duty of the officials of any such city, town or village or sewer district charged with the custody and management of the revenues to be derived from the operation of such system to provide for the prompt payment from such revenues of the principal of and the interest on any such revenue bonds as the same shall mature and accrue.
--------
(L. 1951 p. 638 § 13)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.