14-365.04. Sewerage systems and sewage disposal plants; revenue bonds; payment.
116 words·~1 min read·
/ne/chapter-14/14-365-04A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Bonds which are issued and secured by a mortgage on the utility, as provided in section 14-365.02 , shall not be a general obligation of the city, but shall be paid only out of the revenue received from the service charges, as provided in section 14-365.03 , or from a sale of the property and the franchise, referred to in section 14-365.02 , to operate the system, under a foreclosure proceeding. If a service rate or charge is charged, such portion of such rate or charge as may be deemed sufficient shall be set aside as a sinking fund for the payment of the interest on such bonds and the principal of such bonds at maturity.