(A) General. The town will own and operate a waterworks, and the Council hereby adopts the provisions of IC 8-1.5-4 with passage and adoption of this section.
(B) Board of Directors. The Town Council, pursuant to IC 8-1.5-4-2 establishes a Department of Waterworks to be known the Town of Cedar Lake Department of Waterworks (the Department). The Department shall be governed by a body to be known as the Board of Directors of the Town of Cedar Lake Department of Waterworks (the Board). The Board shall consist of three directors (the Directors) who shall be appointed by the President of the Town Council. Not more than two Directors may be of the same political party. The term of the first Director shall end of December 31, 200 ; the term of the second Director shall end on December 31, 200 ; and the term of the third Director shall end on December 31, 200 . Thereafter all terms will be for a period of four years. The Directors shall be compensated for their services as set forth annually in the salary ordinance of the town. In the event that a vacancy occurs on the Board, that vacancy shall be filled by a majority of the Council within 60 days from the date the vacancy occurred. Each Director shall give a bond, which shall be fixed by the Clerk-Treasurer in a form subject to approval of the Clerk-Treasurer in conformance with the rules and regulations of the State Board of Accounts. The majority of the Council may remove a Director at any time when, in the judgment of the Council, it is for the best interests of the Department.
(C) Waterworks District. The Department has jurisdiction over a special taxing district to be known as the Town of Cedar Lake Department of Waterworks Special Taxing District (the District), which consists of all territory within the municipal corporate boundaries, or territory served or to be served by the town’s waterworks.
(D) Powers and duties. The Board created herein shall have all of the powers and duties prescribed by IC 8-1.5-4-4, as such exists on the date of passage and adoption of this section, and as amended hereafter.
(E) Compliance. The Department and Board shall comply with all provisions of IC 8-1-5-4, as existing, or as may be hereafter amended.
(F) Revenue bonds. The Board shall take no actions which shall impair or impede the rights of holders or revenue bonds as long as the same are outstanding. The town shall retain all its authority and right to issue waterworks revenue bonds in accordance with IC 8-1.5, notwithstanding the adoption of this section or the establishment of the Department and Board.
(Ord. 1010, passed 7-10-07)