Title 7 — Title 7: Municipalities

Sec. 7-234. Operation of system, when. Payment of expenses. Waiver of acquisition rights. Any town, city or borough or district organized for municipal purposes may acquire, construct and operate a municipal water supply system where (1) there is no existing private waterworks sy…

Sec. 7-235. Revenue bonds. The legislative body of any municipality described in section 7-234, which municipality has voted to construct, enlarge or maintain a waterworks system, shall cause an estimate to be made of the cost of such construction and may issue, in the name of su…

Sec. 7-236. Issuance of bonds. The legislative body shall determine the form of such bonds, whether registered or coupon, the rate and the dates of payment of interest thereon and the time or times, not more than thirty years from their date, at which they shall mature, the manne…

Sec. 7-237. Sinking fund. The legislative body shall provide for the establishment, from the net revenues of such waterworks system, of a sinking fund for the payment of the bonds and interest thereon and any charges connected therewith, plus ten per cent of the amount required f…

Sec. 7-238. Trust indenture. In the discretion of the legislative body, such bonds may be secured by a trust indenture between the municipality and a corporate trustee, which may be any trust company or bank having the powers of a trust company in the state, but no such trust ind…

Sec. 7-239. Rates for use. Liens. Assignment of liens. Powers and rights of assignee. Contract to memorialize assignment required. Notice of assignment. Notice prior to commencing an action to foreclose lien. (a) The legislative body shall establish just and equitable rates or ch…

Sec. 7-240. Separate accounts. A separate account shall be kept by the municipality of the funds derived from such waterworks system and of their disposition, which account shall be audited annually by a competent auditor, and a report of such audit shall be open to public inspec…

Sec. 7-241. Additional bonds. Additional bonds may be issued in the discretion of the legislative body, to provide for the amount of any deficit found in the proceeds of the bonds herein authorized, which additional bonds shall be subject to the same conditions as, and shall be e…

Sec. 7-242. Issuance of refunding bonds. Refunding revenue bonds may be issued in the same manner as the bonds which they are to refund, in the discretion of the legislative body, upon written request of all the holders of unpaid certificates of a particular issue payable from th…

Sec. 7-243. Receiver. If there is a default in the payment of the principal or interest upon any of such bonds, any court having jurisdiction may, upon application and for cause shown, appoint a receiver to administer such waterworks system on behalf of the municipality. (1949 Re…

Sec. 7-244. Sales at less than par. Tax exemption. Such bonds may be sold at not less than ninety per cent of their par value and shall be exempt from taxation. (1949 Rev., S. 763.)

Sec. 7-244a. Temporary notes. Methods of payment. (a) In addition to its other powers described under this chapter, any municipality operating a waterworks system may issue temporary notes for purposes of financing any capital project related to such system, and such municipality…