3/23/1987 TOWN MEETING Town Meeting

Home Browse Search

f�q , a Each such borrowing and each such issue cf bonds or notes shall cons a separate loan, shall be authorized by the affirmative vote of not - two-thirds of those present at an Annual or Special meeting of the and shall be upon the full faith and credit of the District. All bonds or .. issued under the provisions of this act shall be ebtigatory upon the District if and its inhabitants and the property within the limits of the District according to the tenor and purport thereof. The District shall, at the time of authorizing k ' € said loan or loans, provide for the payment thereof as authorized hereunder, ", ! lk and, when a vote to that effect has been passed, a sum which, with available income derived from water rates, shall be sufficient to pay the annual expense € of operating its waterworks and the interest as it accrues on the bonds or notes issued as aforesaid by the District, and to make such payments on $' fi the principal as may be required under this act, shall without further vote be assessed upon the District by the District Assessors annually thereafter ; i4 until the debt incurred by said loan or loans is extinguished. SECTION 5. The District, acting by and through said Board of Water Commissioners, shall, subject to the applicable provisions of law, fix just P equitable and e rices, charges, fees and rates for the use of water determined 3:= q G" by the cost of producing the same and shall prescribe the time and manner ` aterworks shall be available for appropriation of payment. The income of the w terest charges and payments on principal to defray all operating expenses, in #! of any loan, as accruing upon any bonds or notes issued under authority of ; a this act. If there should be a net surplus remaining at the end of any fiscal year after the payment of all costs of operation, such net surplus may be appropriated by a District `fleeting for sysrems development costs as recommended by the Board of Water Commissioners and in the absence of any such recommendation, a shall be applied to pay costs of operation for the District for the succeeding fiscal year. Anv systems development charge funds held in a separate accountwe S are to be excluded in the determination of net surplus. �! The fiscal year of the District shall commence July first and end j June thirtieth, or as otherwise provided in the bylaws of the District. ;t r a . SECTION 6. If for any reason the revenues and available funds of the District, including revenues from prices, fees, charges and rates for the use of water as provided in section five hereof, shall not to be sufficient to pay the full cost of development and operation of the District, said District ii g shall have power, by vote at a District 'Meeting duly called by the Water Commissioners, to raise and appropriate by a District tax, beginning with 'e Fiscal Year 1988, sufficient funds to pay the full cost of development or F` operation of the District and promptly thereafter the clerk of the District shall send a certified copy of the vote to the District Assessors, who shall 41 assess the same on property within the District in the same manner in all j! t respects in which town taxes are required by law to be assessed. jry Assessors and shall The Assessors of Mashpee shall be the District ;i receive a salary for their services as shall be determined by the Board ofit Water Commissioners. The assessment shall be committed to the District Tax Collector, who shall collect said tax in the manner provided by law for the collection of town taxes arid who shall deposit the proceeds thereof with the District Treasurer for the use and benefit of said District. The i� IiF �.� gP p