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 Owosso
 Code of Ordinances
 Chapter 34. UTILITIES AND SERVICES
 Article V. WATER AND SEWER RATES

  § 34-254. Definitions.  

Latest version.

  • Whenever used in this section, except when otherwise indicated by the context, the following terms when capitalized shall have the following meanings:

    Act 94 means Act 94, Public Acts of Michigan, 1933, as amended.

    Bonds shall mean any bonds which may be issued by the city for the purpose of making repairs, extensions, enlargements and improvements to the system, for the payment of which the city intends to use net revenues.

    City means the City of Owosso, Shiawassee county, Michigan.

    General obligation bond payment fund means the general obligation bond payment fund created under section 34-259.

    Improvement fund means the improvement fund created under section 34-259.

    LTGO bonds means the city's general obligation limited tax bonds to be issued in one or more series to construct the project as described in a notice of intent to issue bonds published by the city on February 6, 2008.

    Operation fund means the operation and maintenance fund created under section 34-259.

    Project means improving and extending the city's sanitary sewage disposal system, including but not limited to requiring rehabilitation of the city's sanitary sewage system and manholes, together with any appurtenances and attachments thereto and any related site acquisition or improvements.

    Receiving fund means the sanitary sewage disposal system receiving fund created under section 34-259.

    Revenue bond redemption fund means the revenue bond and interest redemption fund created under section section 34-259.

    Revenue bonds shall mean any revenue bonds which might be issued by the city in the future pursuant to Act 94 which are payable from a statutory first lien on the net revenues.

    Revenues and net revenues mean the revenues and net revenues of the system and shall be construed as defined in Section 3 of Act 94, including, with respect to "revenues", the earnings derived from the investment of moneys in the various funds and accounts established by this section.

    System means the entire sanitary sewage disposal system of the city including such facilities thereof as are now existing and as shall be acquired and constructed as the project, including all appurtenances, enlargements, extensions, repairs and improvements thereto hereafter made.

(Ord. No. 697, § 1, 6-2-08)