Section 70.264
The right is reserved, in accordance with the provisions of Public Act No. 94 of 1933 (MCL 141.101 et seq., MSA 5.2731 et seq.), as amended, to issue additional bonds payable from the revenues of the system, which shall be of equal standing with the bonds authorized in Ordinance No. 48, but only for the following purposes: To complete the public improvement in accordance with the plans and specifications therefor, and such bonds shall not be authorized unless the consulting engineers, or the successor engineers in charge of construction, shall execute a certificate evidencing the fact that additional funds are needed to complete the public improvement in accordance with the plans and specifications therefor. If such certificate shall be so executed and filed with the village clerk, it shall be the duty of the village council to provide for and issue additional revenue bonds in the amount stated in such certificate to be necessary to complete the public improvement in accordance with the plans and specifications. 7/27/26, 10:12 AM Mayville, MI Code of Ordinances about:blank 172/202 (b) For subsequent extensions and improvements to the system; provided that no such additional bonds shall be issued unless the net revenues for the last preceding completed operating year of the system, when supplemented by the net revenues estimated to accrue from an increase in rates imposed at or prior to the time of authorization of the additional bonds and/or when supplemented by the net revenues estimated to accrue from the extensions and improvements to be paid for in whole or in part from the proceeds of sale of additional bonds, shall be equal to at least 135 percent of the largest annual principal and interest requirements thereafter maturing on the bonds authorized by Ordinance No. 48, on any then previously issued bonds of equal standing with the bonds authorized by Ordinance No. 48, and on such additional bonds then being issued. For the purpose of determining net revenues under the requirements of this subsection, if the village shall raise the rates at or prior to the time of authorizing such additional bonds, then the net revenues of the system for the last preceding operating year shall be augmented to an amount reflecting the effect of such increase had the village's sewer billings during such year been at the increased rates. In addition, the net revenues for the last preceding operating year shall be increased by an amount to reflect the increase in net revenues estimated to accrue from the extensions and improvements. Prior to the issuance of any additional bonds pursuant to this subsection, there shall be filed with the village clerk a statement showing the net revenues for the last preceding completed operating year, the net additional or augmented revenues reflecting the application of the increased rates and from the additions and extensions to be acquired and constructed, if any, and the annual principal and interest requirements on all outstanding bonds payable from revenues of the system, and the bonds proposed to be issued. The statement shall be executed by a registered engineer appointed by the village. Permission of the municipal finance commission, or such other state body having jurisdiction over the issuance of municipal bonds, to issue such additional bonds shall constitute a conclusive presumption of the existence of conditions permitting the issuance thereof. Except as authorized in this section, no additional bonds having equal standing with the bonds authorized by Ordinance No. 48 shall be authorized or issued. (Comp. Ords. 1987, § 25.068) Secs. 70-265—70-280. - Reserved.