3/23/1987 TOWN MEETING Town Meeting

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U Is Each such borrowing and each such issue of bonds or notes shall constitute a separate loan, shall be authorized by the affirmative vote of not less than two-thirds of those present at an Annual or Special meeting of the District, P and shall be upon the full faith and credit of the District. All bonds or notes issued under the provisions of this act shall be obligatory upon the District 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 x r 'F said loan or loans, provide for the payment thereof as authorized hereunder, ' + and, when a vote to that effect has been passed, a sum which, with available F,y ' 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 the principal as may be required under this act, shall without further vote ' be assessed upon the District by the District Assessors annually thereafter � w until the debt incurred by said loar. or loans is extinguished. c; SECTION 5. The District, acting by and through said Board of Water M. r 4 u Commissioners, shalt, subject to the applicable provisions of law, fix just n ' and equitable prices, charges, fees and rates for the use of water determined r by the cost of producing the same and shall prescribe the time and manner of payment. The income of the waterworks shall be available for appropriation a " . to defray all operating expenses, interest charges and payments on principal of any loan, as accruing upon any bonds or notes issued under authority of this 3CC. e If there should be a net surplus remaining at the end of any fiscal My vear after the payment of all costs of operation, such net surplus may be < l aopropriaced by a District Meering for systems development costs as recommended by the Board of Water Commissioners and in the absence of any such recommendatic shall be applied to pay costs of operation for the District for the succeeding r,scal vear. Any systems development charge funds held in a separate account are cc be excluded in the dere mmation of net surplus. The fiscal veer of the District shall commence July first and end t June thirtieth, or as otherwise provided in the bylaws of the District. 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 cc pav the full cost of development and operation of the District, said District shall have power, by vote at a District Meeting, duly called by the Water Commissioners, to raise and aperopriace by a District tax, beginning with Fiscal Year 1988, sufficient funds to pay the full cost of development or operation of the District and prem'cit thereafter the clerk of the District 4 shall send a certified copy of the vote to the District Assessors, who shall assess the same on property within the District in the same manner in all i respects in which town taxes are required by law to be assessed. kI The Assessors of Mashoee shall be the District Assessors and shall receive a salary for their services as shall be determined by the Board of 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 and whc shall deposit the proceeds thereof .; a '.vith the District Treasurer for tSe use and benefit of said District. The rte=