(A) The management and control of the water and sewer system of the city, shall be, and is hereby, vested in, and shall henceforth be carried on and administered by, the city, its duly elected and acting City Commission.
(B) The City Water and Sewer Commission known as the “Franklin Municipal Water System” shall assemble all books and records pertaining to the water and sewer system of the city, and make said books and records available to the city.
(C) The City Water and Sewer Commission known as the “Franklin Municipal Water System” shall surrender control of the water and sewer system of the city, to the city.
(D) Any and all property, both real and personal, property rights, water lines, sewer lines, easements, rights-of-way and lift stations currently owned by, titled in the name of, or otherwise in the possession of the said municipal water system shall be transferred to the city, by appropriate instruments. Any instruments necessary in order to accomplish said transfers shall be executed by the Mayor of the city, and attested by the City Clerk, for and in behalf of said municipal water system.
(E) The obligation previously imposed on the City Water and Sewer Commission known as the “Franklin Municipal Water System” to perform any and all covenants and agreements contained in any contract or obligation between the city and the holder of any revenue bonds secured by the revenues of such system, is hereby returned to the city, and the city shall hereafter be responsible for the performance of any and all covenants and agreements contained in any contract or obligation between the city and the holder of any revenue bonds secured by the revenues of such system, to the full extent of the law.
(F) Upon the accomplishment of all of the foregoing, the City Water and Sewer Commission known as the “Franklin Municipal Water System” shall be, and is hereby abolished as an entity.
(G) Upon the accomplishment of all of the foregoing, and upon the abolition of the City Water and Sewer Commission known as the “Franklin Municipal Water System”, Ord. 150.3, Ord. 150.31 and Ord. 150.32, shall be, and are hereby repealed in their entirety.
(Ord. 150.33, passed 11-23-1982)