§8-20-3. Ordinance describing project; contents.
The governing body of any municipality availing itself of the
provisions of this article shall adopt an ordinance describing in
a general way the contemplated project. If it is intended to
include in the combined system any existing waterworks system or
any existing sewerage system, or both, or if applicable, any
existing stormwater system, or any of them, or all of them, the
ordinance shall provide that it or they be so included in the
combined system and shall describe in a general way such existing
waterworks or sewerage system or both, or, if applicable, any
existing stormwater system, or any of them, or all of them, to be
included in the combined system. The ordinance shall state the
means provided for refunding any obligations unpaid and outstanding
payable solely from the revenues of any such waterworks or sewerage
system, or both, or if applicable, any existing stormwater system,
or any of them, or all of them. The ordinance shall determine the
period of usefulness of the contemplated project.
If it is intended to acquire, construct, establish and equip
a combined system or any part thereof, or to construct extensions,
additions, betterments and improvements to either the waterworks
system or the sewerage system of the combined system, or both, or
if applicable, any existing stormwater system, or any of them, or
all of them, the ordinance shall describe in a general way the
works or property or system to be acquired, constructed,
established or equipped or the extensions, additions, betterments and improvements to be constructed.
The ordinance shall fix the amount of revenue bonds proposed
to be issued, the interest rate or rates, and any other details in
connection with the bonds considered advisable. The ordinance may
state that the bonds, or such ones thereof as may be specified,
shall, to the extent and in the manner prescribed, be subordinated
and be junior in standing, with respect to principal and interest
and the security thereof, to such other bonds as are designated in
the ordinance.