Ordinances-1965-58

and extensions to the works and facilities, to purchase any of the then outstanding bonds issued pursuant to this ordinance and bonds ranking on a parity therewith at not exceeding par and accrued interest, or to call and redeem such bonds as may be then subject to redemption, or as otherwise lawfully directed by the Town Council. All moneys held in the several separate funds created under the terms of this ordinance shall be deposited in banks and all such deposits exceeding $10,000.00 in any one bank shall be continuously secured by a valid pledge of direct obligations of the United States Government having an equivalent market value or may be invested in direct obligations of the United States Government; provided, however, that sale shall be made of a sufficient amount of such obligations in the event that it shall prove necessary to draw upon said reserve so invested. Section 5. For the purpose of safeguarding the interest of any holder of said bonds; it is hereby provided that the Town shall maintain the sewage works and facilities in good condition and operate the same in an efficient manner and at a reasonable cost. So long as any of the bonds herein authorized shall be outstanding, the Town shall maintain insurance for the benefit of the bond holders on the insurable parts of the sewage works and facilities of a kind and in an amount which normally would be carried by private companies engaged in a similar kind of business. Section 6. Any holder or holders of twenty-five per centum in aggregate principal amount of said bonds, at the time then outstanding shall have the right at all reasonable times to inspect the sewage works and facilities and all records, accounts and data of the Town relating thereto. Section 7. The Town shall cause a separate accounting system to be set up and maintained for the sewage works and facilities the same to be under the supervision of the superintendent of the sewage works and facilities who shall keep proper books of records and accounts in which complete and correct entries shall be made of all transactions relating to said plant. So long as any of the bonds herein authorized shall be outstanding, the Town shall furnish the original purchaser thereof, and to any holder or holders of any of the bonds, at the written request of such holder or holders, no later than thirty days after the close of each six months' fiscal period, complete operating and income statements of said plant in reasonable detail covering such six months' period, and not later than sixty days after the close of each fiscal year complete financial statements of the said plant covering such fiscal year. Section 8. The bonds hereby authorized and from time to time outstanding shall not be entitled to priority or preference, one over the other, in the application of the net earnings of said sewage works and facilities securing their payment, regardless of the time or times of the issuance of such bonds, it being the intention that there shall be no priority among the bonds authorized to be issued under this ordinance regardless of the fact that they may have been actually issued and delivered at different times.