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Session Laws, 1949
Volume 590, Page 1727   View pdf image (33K)
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WM. PRESTON LANE, JR., GOVERNOR. 1727

shall be delivered or sold at any time that there is an
insufficient supply of water available to the ordinary domestic
and commercial consumers inside the City.

157. ORDINARY BORROWING POWER, (a) The Mayor
and City Council shall have the power and authority to bor-
row such sum or sums of money as may be necessary for the
operations of the Water Department of the City, which shall
include the operations of the Evitts Creek Water Company,
for meeting sinking fund and serial bond requirements, and
for the interest thereon. They may pledge the faith and
credit of the City for such moneys borrowed.

(b) Any sum or sums of money borrowed under the author-
ity of this section shall not exceed in the aggregate the total
of the estimated water rentals accrued or accruing for the
current fiscal year.

(c) Any sum or sums of money borrowed under the author-
ity of this section together with the interest thereon, shall
be repaid from the water rentals charged for such current
fiscal year and thereafter collected. If the water rentals
charged and collected for such current fiscal year shall not
be sufficient to pay the sum or sums of money so borrowed,
the Mayor and City Council is authorized and directed to
levy a tax against all the assessable property in the City, at
a rate sufficient to produce the amount necessary to pay such
sum or sums so borrowed, and all interest thereon, as and
when the same shall be due and payable. If the Mayor and
City Council have so levied and collected a tax in order to
repay such sum or sums of money, and the sum or sums of
money have been repaid, any water rentals charged for the
fiscal year for which the tax was so levied and paid to the
City after the sum or sums so borrowed have been repaid,
shall be applied to the general funds of the Mayor and City
Council.

158. EMERGENCY BORROWING POWER. (a) In
addition to the other forms of borrowing power provided by
this sub-title, the Mayor and City Council shall have an
emergency borrowing power subject only to the provisions of
this Section, unless otherwise specified.

(b) The Mayor and City Council shall have the further
power and authority, in case of an emergency, to borrow
such additional sum or sums of money as may be necessary
for the continued operation or protection of the Water De-
partment of the City, which shall be construed to include
the operations of the Evitts Creek Water Company, not to
exceed in the aggregate the sum of Fifty Thousand Dollars.

 

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Session Laws, 1949
Volume 590, Page 1727   View pdf image (33K)
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