Section 107-320; Ord. 19042; Calling a special election in the City of Columbia, Missouri, to be held on Tuesday, August 8, 2006, on the question whether to issue Electric System Revenue Bonds of the City of Columbia, Missouri, in the amount of $60,000,000

NOTE:  DO NOT USE THIS FORM FOR FUTURE W&L REVENUE BONDS -- DID NOT CONTAIN CORRECT LANGUAGE.

Ordinance No. 19042                            Council Bill No. B 190-06

    AN ORDINANCE

calling a special election in the City of Columbia, Missouri, to be held on Tuesday, August 8, 2006, on the question whether to issue Electric System Revenue Bonds of the City of Columbia, Missouri, in the amount of $60,000,000 for the purpose of extending, expanding, improving, repairing, replacing and equipping the city-owned electric system; describing the form of the notice of election; authorizing and directing the city clerk to give notice of the election; and fixing the time when this ordinance shall become effective.

NOTE:  DO NOT USE THIS FORM FOR FUTURE W&L REVENUE BONDS -- DID NOT CONTAIN CORRECT LANGUAGE.

BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:

    SECTION 1.    A special bond election is hereby ordered to be held in the City of Columbia, Missouri, on Tuesday, August 8, 2006, on the following question:

PROPOSITION 1

Shall the City of Columbia, Missouri issue its Electric System Revenue Bonds in the amount of Sixty Million Dollars ($60,000,000) for the purpose of extending, expanding, improving, repairing, replacing and equipping the City-owned electric system?

                    YES    (  )
                     NO    (  )

The authorization of the bonds will authorize the City to fix, establish, maintain and collect rates and charges for the use and services provided by the City through its Electric System, including all extensions and improvements thereto hereafter constructed or acquired by the City, in addition to the other rates and charges for such services provided by law, as will produce income and revenues sufficient to provide funds to pay the costs of operation and maintenance of the Electric System and the principal of and interest on the bonds as they become due and to retire the same within thirty-five years from the date thereof, and to provide for the establishment of reasonable reserves therefor.

    SECTION 2.    The form of the Notice of Bond Election for the special election is hereby approved in substantially the form attached hereto as Exhibit A.

    SECTION 3.    The City Clerk is hereby authorized and directed to notify the Clerk of the County Commission of Boone County, Missouri, of the passage of this Ordinance no later than 5:00 o’ clock p.m. on May 30, 2006, and to include in the notification all of the terms and provisions required by Chapter 115 of the Revised Statutes of Missouri, as amended.

    SECTION 4.    This ordinance shall be in full force and effect from and after its passage.    

PASSED this 15th day of May, 2006.