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Thursday, October 19, 1961 THE McHENBY PLAINDEALER Legal r AN ORDINANCE creating an issue of §40,- 000 Waterworks and Sew- ^age Revenue Bonds, Series of 1961, of the City of. McHenry, McHenry County, Illinois, and providing for the payment and delivery thereof. WHEREAS, the City of McHenry, McHenry County, Illinois^ has for many years long past-owned and operated a waterworks system and a sanitnjjjv sewerage system serving trfP~ needs of said City ancTlias combined said systems into- a combined waterworks; an<J~ sewerage system( said] combined waterworks and sew- i erajg£ system, together with improvements, extensions and repfertrs authorized by this ordinances. and all further improvements and extensions thereof, or replacements theretotfftherein called the "systenO; and WHEREAS, the governing body, of said City has heretofore' approved all plans, maps, files, and specifications for the construction of needed improvements, extensions and repairs to said system to efficiently collect and dispose of the domestic and industrial wastes and their products wrain said City in the best interests of the public health and sanitation of said City, and has determined that said City will need to borrow $40,- 000 to pay, with cash on hand in the amount of $23,000, the cost of said improvements, extensions and repairs, and the income and revenue to be derived from the operation of sa^ system is hereby determined adequate to provide for the payment of certain outstanding Waterworks and Sewerage Revenue Bonds, Series of 1956 and the new bonds so proposed to be issued in the principal amount of $40,000, as aforesaid. NOW THEREFORE, Be It Ordained by the City Council of^he City of McHenry, Mc- Hffry County, Illinois, as follows: Section 1. That the existing combined waterworks and sewerage system of this City shall be improved, extended and repaired in accordance with the engineering report heretofore submitted to and approved by this Council by W. _A. Rakow & Associates, Consulting Municipal Engines, Elgin, Illinois, by the acquisition, construction and installation of the following described properties, improvements and equipment, together with all necessary appurtenances and connections used or useful in connection with the public convenience thereof, viz: ( a ) C o n s t r u c t i o n o f a p proximately 3,000 lineal feet av 8-inch and 10-inch sanitary sewer, manholes and appurtenances and a factorybuilt automatic underground sewage pumping station (2 pumps at 250 g.p.m. each. (b) All easements, properties, work equipment and appurtenances needful to the construction and conversion of ~ these improvements and teJ the integration thereof vWh the existing waterworks and sewerage system of said City for the proper and efficient operation thereof to meet the requirements of the Sanitary Water Board of the State of Illinois, all jis more fully set forth in itemized detail in said plans, files;, maps and specifications, hereinabove referred to and n(0 on file for public inspection in the office of the City Clerk, and the period of usefulness of said combined waterworks and sewerage system, including said described improvements, extensions and repairs, is hereby determined by "this City Council to be forty (40) years from the date of the bonds herein autlvupzed to be issued. Wection 2. That for the purpose of accomplishing the needful improvements, extensions and repairs to said system as herein-above described, there be issued and sold the bonds of said City to be designated Waterworks and Sewerage Revenue Bonds, Series of 1961, in the principal sum of $40,000, the proceeds from the thereof, together with the sum of $23,000 to be made avaflable by said City from cash on hand, being hereby determined adequate to pay the cost estimate of constructing* said improvements, extensions and repairs as hereinabove described. The bonds shall v,bear date of November 1. 1961. be of $1,000 denomination each, numbered from 1 ^trough 40, and shall mature serially in numerical order on May' 1 in each of the years and-in amounts as follows: $5,000 -- 1963 through 1970 T&e bonds shall bear interest "at the rate of Five Per Cent (59r) per annum, to be payable on May 1, 1962, and semj-annually thereafter on November 1 and May 1 in et^i year until paid, and both the principal and interest on the said bonds shall be payable in lawful money of the United States of America at the American National Bank and Trust Company of Chicago, Chicago, Illinois* Said bonds shall be signed by the Mayor, sealed with the corporate seal of said City, and attested by the City Clerk, and the interest coupons attached to s^iid bonds shall be executed by the facsimile signatures of said Mayor and said City Clerk, and said officials, by the execution of said bonds, shall adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons. Said bonds, together with interest thereon, shall be payable solely from the revenues derived from ' the waterworks and sewerage system of said City, and such bonds' shall not in any event constitute an indebtedness of said City within Ihe meaning of any constitu^ lional provision or any constitutional or statutory limitation. Any of said bonds may be registered at the option of the holder as to principal only, at any time prior to maturity, in the name of the holder, on the books of said City in the office of the City Treasurer, such registration to be noted on the reverse side of the bonds by the City Treasurer, and thereafter the principal of such registered bonds shall be payable only to the registered holder, his legal representatives or assigns. Such registered bonds may be transferred to another registered holder or back to bearer only upon presentation to the City Treasurer, with a legal assignment duly acknowledged or approved. Registration of any such bonds shall not affect the negotiability of the coupons thereto attached, and such coupons shall be translerable by delivery merely. Section 3. That said bonds and coupons attached thereto shall be in substantially Ihe lollowing form: (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF McHENRY CITY OF McHENRY WATERWORKS AND SEWERAGE REVENUE BOND, SERIES OF 1961 Number $1,000 KNOW ALL MEN BY THESE PRESENTS, that the City of McHenry, in the County of McHenry and State of Illinois, for value (recbived hereby promises to pay to bearer, or if this bond be registered as hereinafter provided, then to the registered holder hereof, solely from the Waterworks and Sewerage Fund of the City of McHenry, as hereinafter mentioned and not otherwise, the sum of One Thousand Dollars ($1,000) on May 1, 19 and to pay interest on such principal sum from the date hereof until paid, at the rate of Five Per Cent (59f ) pepr annum, payable May 1, 1962, and semiannually thereafter on November 1 and May 1 in each ye^ir, and until maturity hereof upon presentation and surrender of the interest coupons hereto appertaining as they severally mature. Both principal of and interest on this bond are hereby made payable in lawful money of the United States of America at the American National Bank and Trust Company of Chicago, Chicago, Illinois. This bond is payable solely from revenues derived from the waterworks and sewerage system of said City and not otherwise, and is issued under authority of the Illinois Municipal Code, and all laws amendatory thereof and supplementary thereto, for the purpose of paying part of the cost, with other funds to be made available therefor, of necessary improvements, extensions and repairs to the waterworks and sewerage system of said City, and this bond does not constitute an indebtedness of said City within the meaning of any constitutional provision or any constitutional or statutory limitation. Under said Code and the ordinance adopted pursuant thereto, the entire revenue derived and to be derived from the operation of the waterworks and sewerage system of this city shall be deposited in a separate fund designated as the "Waterworks and Sewerage Fund of the City of McHenry", which shall be used only for the purpose of paying the cost of operating and maintaining such system, providing an adequate depreciation fund, and paying the principal of and interest on certain outstanding revenue bonds and bonds of said City that are issued under authority of said Code and are payable by their terms only from the revenue of such system, and creating and maintaining the several accounts established by the ordinance authorizing the issue of bonds of which this j the ^revenues derived from bend is one. | the operation of said system, It is.3 hereby certified and re- jsuch Waterworks and cited that all acts, conditions, Sewerage Fund shall be used and things required by the i onlV f«>' such purposes and is Constitution and statutes of j hereby pledged therefor, the State of Illinois to be j Section 5. That for the acdone precedent to and in the I counting of all moneys and asissuance of this bond and in sets of said Waterworks'and raising funds to promptly as- \ Sewerage Fund at any time sure payment thereof, have1 from to time while been done and have happened I bonds herein authorized are outstanding and unpaid, there are hereby created and established seperate accounts to be designated (a) the Operation and Maintenance Account. (b) the Depreciation Account, (c) the Bond Account. (d I the Bond Reserve Account, < e > the Surplus Account, and all deposits made to and all funds held in each of said Accounts, respectively, shall be continuously secured as provided by the laws of the Slates of Illinois governing the deposit of public moneys and into which there shall be paid on the first business day of each month all moneys held in said Waterworks and Sewerage Fund in accordance with the following provisions and in the priority of said Accounts so created and established as follows: (a i Operation and Maintenance Account: There first shall be set apart and paid out of said Waterworks and Sewerage Fund into an Operation and Maintenance Account an amount considered necessary and sufficient to pay the reasonable current expenses of operating, repairing and maintaining said system for the current month. ( b ) D e p r e c i a t i o n A c c o u n t : There next shall be deposited in the Depreciation Account a sum sufficient to aggregate $600 each year (including the deposit and accumulation required under the ordinance authorizing the outstanding Waterworks and Sewerage Revenue Bonds, Series of 1956) until a maximum sum of $1,- 200 is on deposit in said Account. which is hereby found and determined to be a reasonable amount necessary to accomplish the purpose for which said Depreciation Account is established, and at which figure said Account, notwithstanding any transfer therefrom as herein permitted, shall thereafter be Continuously maintained. The moneys in said Account shall be used to pay the cost of necessary replacements to the system, and shall not be used for extensions to said system, except that the funds held in On the first day of , said Depreciation Account to and have been performed in iegulai and due form of law; that provision has been made for depositing in said Waterworks and Sewerage Fund the entire revenues received from the operation of said system, to be applied in the manner as hereinabove set forth; and it is hereb> covenanted and agreed that rates will be charged t\>i the use and service of such system sufficient a? all times to create and maintain the several accounts established by the ordinance authorizing the issue of bonds of which this bond is one. This bond may be registered as to principal in the name of the holder, on the books of said City in the office of the City 'Ireasurer, such registration to be evidenced by notation of said Treasurer on the back hereof, and after which no transfer hereof shall be valid unless made on said hooks and similarly noted hereon, but it may be discharged from such registration by being transferred to bearer, after which it shall be transferable by delivery, but it may be again registered as before. The registration of this bond shall not restrict the negotiability of the coupons by delivery merely. IN WITNESS WHEREOF, said City of McHenry. McHenry County, Illinois, by its City Council, has caused this bond to be signed by its Mayor, its corporate seal to be hereto affixed and attested by the City Clerk, and the coupons hereto attached to be signed b> the facsimile signatures of said Mayor and said City Clerk, which officials, by the execution of this bond, do adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, aid this bond to be dated as of the first day of November 1, 1961. Attest: Mayor City Clerk (Form of Coupon) Number $. 19... •, the City of McHenry, McHenry County, Illinois, will pay to bearer out of the Waterworks and Sewerage Fund of said City Dollars ($ ) in lawful money of the United States of America at the American National Bank and Trust Company of Chicago, Chicago, Illinois, being interest then due on its Waterworks and Sewerage Revenue Bond, Series of 1961, dated November 1, 1961, numbered \ (facsimile signature) V'^ayor (facsimile signature) City Clerk (Form of -Registration Certificate) Date of Registration In Whose Name Registered Signature of City Treasurer Section 4. That upon the issuance of any of the Waterworks and Sewerage Revenue Bonds herein provided for, the entire waterworks and sewerage system of said City, for the purpose of this ordinance, shall continue to be operated on a fiscal year basis, commencing the first day of May and ending the last day of April of each succeeding year, and during each year, and ending April 30, so long as any of the outstanding Waterworks and Sewerage Revenue Bonds, Series of 1956 and the bonds herein authorized to be issued are outstanding, the entire revenues derived from the operation of said system of said City shall continue to be collected and shall be set aside as collected, and shall be deposited in accordance with the laws of the State of Illinois governing the deposit of public moneys, in a separate fund, which is hereby created, to be designated as the "Waterworks and Sewerage Fund of the City of McHenry," which shall be kept apart and segregated from all other moneys of said City and shall be used only to create and maintnain the several accounts herein? after specified for the purpose of paying the cost of the operation and maintenance of said system, providing an adequate depreciation reserve, and paying the principal of and interest upon all revenue bonds of said City which by their the extent -necessary to prevent or remedy a default in the payment of the interest on or principal of the outstanding Waterworks and Sewerage Revenue Bonds, Series of 1956 and the bonds herein authorized, including such bonds as may be hereafter issued and on a parity with the bonds herein authorized, shall be used and held for use for that purpose, and shall be transferred to the Bond Account, and whenever such a transfer is made, the amount so transferred shall be added to the next deposit to be made, and thereafter until full reimbursement to said Depreciation Account has been made. The money in said Deppreciation Account may be invested and reinvested in bonds or other obligations of the United States Government maturing within five (5) years from the date of purchase as may be authorized from time to time by resolution of the Mayor and City Council of said City. (c) Bond Account: There next shall be deposited in the Bond Account, which shall be maintained at the American National Bank and Trust Company of Chicago, Chicago, Illinois, for the purpose of paying the maturing principal of and the interest accruing on the Waterworks and Sewerage Revenue Bonds issued under the terms of this ordinance, an amount at least equal to one-sixth (l/6th) of the interest becoming due on all outstanding Waterworks and Sewerage Revenue Bonds on the next succeeding interest payment date, and beginning with the fiscal year commencing May 1, 1962, and for each fiscal year thereafter, an amount equal to one-twelfth (l/12th) of the principal becoming due on the next suceeding principal payment date, such equal monthly installments to produce not less than the following minimum amounts in each fiscal year: Fiscal Year Principal Ending April 30 and Interest 1963 $8,000 1964 6,750 1965 6,500 1966 6.250 1967 6,000 1968 5,750 1969 5,500 1970 5,250 ( d ) B o n d R e s e r v e A c c o u n t : There shall next be deposited in the Bond Reserve Account a sum sufficient to aggregate $1,000 each year (including the deposit and accumulation terms are payable solely from required under the ordinance authorizing the outstanding] Waterworks and Sewerage j Revenue Bonds, Series of 1956) ' until a maximum of $7,000 is on . deposit in said Account,: and at which figure said Account. notwithstanding any! transfer therefrom as herein permitted, shall thereafter be continuously maintained, and all moneys therein shall be only used by the Treasurer hereof as may be needed from time to time in the payment of the interest on or principal of the bonds herein authorized whenever there exists a deficiency in the Bond Account hereinabove established, and all withdrawals therefrom for that purpose shall be reimbursed from the next revenues available therefor as provided therein. The moneys in said Bond Reserve Accoiftit .shjall be deposited with., the American. National Bank and Trust Company of Chicago, Chicago, Illinois, and may be invested and reinvested in bonds or o^her obligations of the United States Government maturing within five (5) years from date of purchase as may be authorized from time to time by resolution of the Mayor and City Council of said City. » e » S u r p l u s A c c o u n t : A n y surplus funds remaining at the end of any fiscal year after providing for all of the deposits hereinabove listed in subparagraphs (a) through id>. and after the reimbursement dJL awy account that is d e ]) 1 e t e d by withdrawals shall be deposited in the Surplus Account. The moneys in said Surplus Account shall be used or held for use exclusively iai for the purpose of making improvements and extensions to the system or <bi for any lawful purpose. Section 6. That the City of McHenry hereby agrees to carry insurance on said system of the kinds and in the amounts which are usually carried by private parties operating similar properties, including without limiting the generality of the foregoing, fire, windstorm insurance, public liability, and any additional insurance covering such risks as shall be recommended by a competent independent engineer employed for the purpose of making such recommendations, and all moneys received for losses under such insurance policies as insure against physical damage to or loss of the system shall be deposited in the Depreciation Account and shall be used in making good the loss or damage in respect of which they were paid, either by repairing the property damaged or replacing the property destroyed, and provision for making good such loss or dgpiage shall be made within ninety (90) days from the date of the loss. The proceeds of any and all policies for public liability shall be paid into the Operation and Maintenance Account and used in paying the claims on account of which they were received. The payment of premiums for all insurance policies required under the provisions of this section shall be considered an operation and maintenance expense. Section 7. That while any of the bonds issued pursuant to this ordinance remain outstanding or unpaid, rates charged for water and sewerage services shall be sufficient at all times to pay all costs of operation and maintenance of the system, to make the payments and maintain the balance as required in the Depreciation Account, to pay the principal of and interest on all bonds authorized hereunder, and to make the payments and maintain the balance as required in the Bond Reserve Account, as is herinabove provided for. There shall be charged against all users of the system, including the City of McHenry such rates and amounts for water and sewerage services as shall be adequate to meet the requirements of this section. Charges for services rendered the City shall be made against the said City, and payment for the same from the corporate funds shall be made monthly into the waterworks and Sewerage Fund created by this ordinance in the same manner as other revenues of the system are so required to be deposited. In addition to the foregoing said City covenants not to provide any free service of said system and to pay promptly for the use of all facilities connected, and to be connected, with said system. It is expressly herein covenanted to the extent permitted by law that said City j will not grant a franchise for the operation of any competing waterworks system or sewer system within the City of McHenry, and that the bonds herein authorized to be executed shall constitute legally enforceable liens upon the earnings of the combined waterworks and sewerage system of said City, including all further extensions, additions, and improvements thereto, whether acquired through purchase, contract, or otherwise. Section 8. In the event said City defaults in complying with any covenant contained in this ordinance, any holder of any bond issued hereunder, or of any coupon representing interest Accrued thereon, may apply for the appointment <)' a receiver, or may, either in law or in equity, by proper suit, compel the officials of said City to perform all duties required by law and by this ordinance, including the making and collecting of sufficient rates for water and sewerage services for that purpose and the application i and segregation of all income and revenue therefrom ,jn ac- i cordance with the require-1 ments of this ordinance. | Section 9. That it is here-, by covenanted and agreed with the holders of the bonds herein authorized that said City will riot issue any other or additional bonds or other evidences of obligations of said City payable from or in any way .creating a charge upon the income and revenue to be derived from the operation of said system, except as herein provided: ( A ) S a i d C i t y r e s e r v e s t h e right t o issue additional bonds for constructing further necessary improvements, extensions, repairs and rehabilitations to the properties comprising said system as shall be determined necessary for the continued and efficient operation of said system by a certificate filed of an independent engineer in responsible charge of such further improvements, extensions, repairs and rehabilitations. ( i ) g i v i n g a r e a s o n a b l y d e tailed description of such work, an estimate of' the cost thereof, and an estimate of the time of completion thereof; and ( i i ) s h o w i n g t h e f e a s i b i l i t y of such revenue financing with reference to then existing rates and anticipated earnings based thereon, which certificate shall be approved by and shall be made of public record in the proceedings of the governing body of said City before any such additional bonds are authorized, provided, however, that no such additional bonds for such purpose shall be issued unless and until the gross cash operating revenues of said system earned for the last fiscal year ending April 30 immediately preceding the authorization of any such additional bonds, as shown by an audit of an independent certified public accountant, were sufficient to pay all costs of the operation and maintenance of said system, to make the annual payments to the Depreciation Account and to the Bond Reserve Account, respectively, as hereinabove required, and to make up any and all deficiencies then existing as hereinabove specified in Section 5 of this ordinance, and leave a, balance equal to one and one-tenth (1-1/10) times the maximum amount of interest and principal that will become due in any fiscal year subsequent to the issuance of such additional bonds on the bonds of this issue then outstanding and on the additional bonds then proposed to be issued. Said City furl her covenants that if any additional bonds arc so issued as permitted by this paragraph, the maximum amounts to be deposited in the Bond Reserve Account and the Depreciation Account shall be increased in the proportion to the principal amount of any additional bonds so issued. ( B ) S a i d C i t y r e s e r v e s t h e right trt issue bonds to refund the $40,000 principal amount of Waterworks and Sewerage Revenue Bonds, Series of 1961, herein authorized, or any portion thereof, with the consent of the holders thereof, from time to time as may be determined necessary or expedient and for the best interests of this City and all such refunding bonds so authorized and issued shall be payable from the income and reveriue derived and to be derived from the operation of said system on a parity with any of the said $40,000 principal amount Waterworks and Sewerage Revenue Bonds. Series of 1961, herein authorized to be issued as may not be refunded and as may be outstanding at the t ime of the issue and delivery of any of said refunding bonds, as aforesaid. ( C ) W h e n t h e c o n d i t i o n s specified in paragraphs A and B of this section for the issue of additional bonds for the construction of further necessary improvements, extensions, repairs and rehabilitations, or for the refunding of the bonds herein authorized, have been met, then upon the issue thereof any such additional bonds when issued shall be entitled to the equal and proportionate benefit and security of the pledge of the revenue and income derived and to be derived from the operation of said system with the bonds herein authorized without preference, priority or distinction as to participation! of such pledge of revenue, or j in the preference of one bond or coupon of each of said issues over or from any other issue, by reason of priority > in execution, issue, delivery or : negotiation thereof. or by reason of the' date or dates of said bonds, or the date j or dates of maturity thereof,] or for any other reason whatsoever. the intent hereof being that each and all of said bonds, as aforesaid, and of coupons evidencing interest thereon, shall have the same right and pledge as to payment and security with the same legal effect ^as--if each and all of said bonds and coupons had been executed, issued, delivered and negotiated simultaneously^, as-one proceeding. Section 10. That the City of McHenry hereby covenants and agrees with the holder or holders of said bonri^ that it will punctually , perform ail duties with reference to said system, including the making and collecting of sufficient rates lor the use and service of said system, all as required by the Constitution and laws of the State of Illinois, and segregating the revenues of said system and maintaining the Waterworks and Sewerage Fund and the application of the respective Accounts created by this ordinance, and it hereby covenants and agrees not to sell, lease, loan, mortgage, or in any manner dispose of or encumber said system, including any and all extensions and improvements that may be made thereto, or the income and revenue derived therefrom, except as permitted in Section 9 hereof, until all of the bonds herein authorized to be issued shall have been paid in full, both principal and interest, or unless and until provision shall have been made for the payment thereof. Said City further covenants and agrees with the holders of said Waterworks and Sewerage Revenue Bonds authorized hereunder to maintain in good condition and continuously oporate said system, and to make, enact and enforce all needful rules and regulations and ordinances for the efficient management and proper maintenance and protection of such system, and for the use and service thereof. Section 11. That said Waterworks and Sewerage Fund and the Accounts created under Section 5 hereof, shall be audited within sixty (60) days after the close of each fiscal year by an independent firm of certified public accountants, and such audit and Accounts shall be open for inspection at all proper times to any holder of bonds issued under the provisions of this ordinance, or any one acting for or on behalf of such bondholder. Such audit report shall include the following items: (a) Balance Sheet, (b> Operating statement, (c) Comments of the auditor relative to the fulfillment of ordinance provisions and the manner in which the system has been operated and any recommendation for improving the operation of the system, (d) Insurance data, (e) Number of meter customers; number of unmetered customers; number of properties connected to the system; number of hydrants, and (f) Gallons of water passing through master meter and gallons of water billed and copies of such audit report shall be furnished the original purchasers of the bonds herein authorized, and shall also be furnished to any bondholder upon request. Section 12. That the provisions of this ordinance shall constitute a contract between the City of McHenry and the holders of the bonds herein authorized to be issued, and after the issuance of said bonds no changes, additions or alterations of any kind shall be made hereto, except as hereinbefore provided, until all of said bonds and interest thereon shall have been paid in full, or unless and until provision shall have been made for the payment thereof. Section 13. That the proposal of Ballman & Main, of Chicago, Illinois, to purchase the said bonds herein authorized in accordance with their j contract for the purchase j thereof be and the same is j hereby in all respects ratified, approved and confirmed, and said bonds when duly executed | as provided herein shall be delivered to the Treasurer who shall receipt for the pay-1 ment of said bonds against delivery thereof to said purchasers at a price of par and accrued interest from the date; of said bonds to the date of the delivery and payment thereof, the said purchase j price being such that the in- j terest cost to this City does i not exceed Six Per Cent (6r£) j annually computed to maturity according to the standard table of bond values, as provided and permitted by the statutes of the State of Illinois thereunto enabling. AH proceeds de- Page Twenty-One rived at the sale and delivery of the said bonds shall be accounted for by said Treasurer as follows: • i» All accrued interest from the date of the bonds to the date of the delivery and payment thereof shall be deposited in the Bond Account at the American Nntional Bank and Trust Company of Chicago, Chicago. Illinois; < ii » The proceeds received as principal, together with the sum of $23,000 cash on hand, shall be deposited by the Treasurer in ,a^ separate and special account of said City to be known and designated as the "Waterworks and Sewerage System Bond Construction Fund Account," and such deposits shall be made in the American National Bank and Trust Company of Chicago, Chicago. Illinois, as depositary. to be secured in the manner, form and time as by law required, and all proceeds held in said Construction Fund Account shall be used and held for use solely to construct the improvements. extensions and repairs to the combined waterworks and sewerage sysstem of said City, as hereinabove described in this ordinance. and the beneficial interest to all moneys held . in said Construction Fund Account at the time of the original deposit therein and from time to time thereafter shall be in the holder or holders of the bonds herein authorized, and all d i s b u r s e m e n t s t h e r e f r o m shall be made by the Treasurer from time to time but only upon submission to him and said depositary of: ( a ) a c e r t i f i c a t e b y t h e engineer i n responsible charge of the construction of said improvements and extensions stating the nature of the work completed and the amount due and payable thereon, and that sufficient funds remain to complete the construction thereof, bearing the enddorsement and approval of the Mayor of said City and accompanied by; ( b ) a n o r d e r f o r p a y ment upon said Treasurer signed by the Mayor of saifl City and the City Clerk, which order shall state specifically the purpose for which said order is issued; and the Mayor of said City, the City Clerk, and the City Treasurer are each hereby authorized and directed to execute and deliver to the American National Bank and Trust Company of Chicago, Chicago, Illinois, as depositary, such certifficates, proceedings, and agreements as may be necessary or convenient to establish said Cons t r u c t i o n F u n d A c c o u n t herein created and to prop* erly secure all proceeds thereof, and to evidence compliance herewith in the making of any withdrawals therefrom. Within the sixty (60) days after completion of the construction of the improvements and extensions herein authorized. the City of McHenry agrees to deliver to said depositary and original counterpart of a certificate (herein called the "Certificate of Completion") signed by the Mayor and by the City Treasurer, and having endorsed thereon the approval of the engineer in charge of such construction, stating that said improvements, extensions and repairs have been fully constructed and completed in accordance with the plans, maps, files and specifications therefor as recited in this ordinance, and that the same have been fully paid for. or that funds sufficient so to pay for the same remain in said Construction Fund Account, giving the date of final completion and the total cost of construction, and the amount, if any, of such construction cost then remaining unpaid, together with an original counterpart of thfr opinion of counsel for said City to the effect that all property, real, personal and mixed, connected with or forming a part of, or necessary to the operation of said system as completed, is owned by said City and covered by the lien of this ordinance, and upon receipt of such Certificate of Completion and opinion of counsel as mentioned, said depositary, after retaining in said Construction Fund Account a sum sufficient to pay the balance of the construction cost remaining unpaid as shown by said Certificate of Completion including any items then in controversy, shall deposit all moneys r then remaining with the American National Bank and Trust Company of Chicago. Chicago, Illinois, the paying agent for said bonds, in the Bond Account herein created. Section 14. That if any section, paragraph, clause or provision of this ordinancf (Continued to Page tS)