ref: reel030512 date: 1984-08-01 content: An Ordinance The Town of Appomattox finds it necessary to establish and construct a new sewage disposal system and to improve the existing sewage disposal system and to borrow money and to issue Bonds in the name of the Town for those purposes. Now, therefore, Be It Resolved, by the Council of the Town of Appomattox: 1. The maximum amount of Bonds to be issued by the Town of Appomattox, subject to the requisite approval of the qualified voters of the town, is $800,000. 2. The purposes for which the Bonds are to be issued are to establish and construct a sewage disposal system to be known as the Appomattox Regional Waste Water and Sewage Disposal Facility and to improve the existing sewage disposal system (such establishment, construction, and improvement being hereinafter called the 'Project'). 3. Principal of and interest on the Bonds shall be payable from ad valorem taxes without limitation of rate or amount, if the revenue of the Project is insufficient for that purpose. 4. The Bonds are to be issued pursuant to the provisions of the Constitution of Virginia and are not to be included in determining the power to incur indebtedness within the limitation prescribed by Article VII, S. 10, of the Constitution of Virginia; provided, however, that from and after August 1, 1984, whenever and for so long as the Project fails to produce sufficient revenue to pay for cost of operation and administration, including the interest on the Bonds, and the cost of insurance against loss by injury to persons or property, and an annual amount to be covered into a sinking fund sufficient to pay at or before maturity, all the Bonds, then Bonds outstanding shall be included in chunkid: 20659 recordid: 1679 page_number: 1