(A) The Town and the Redevelopment Commission shall proceed with the Phase II Project, the cost of which shall not exceed $500,000 without further authorization from the Town Council, and the financing thereof by the issuance of water revenue obligations pursuant to and in the manner prescribed by applicable law.
(B) The Phase II Project shall be constructed and installed in accordance with plans and specifications heretofore prepared by Phillip L. Schnelker, Inc., consulting engineers employed by the town, which plans and specifications are hereby approved and which plans are by reference made a part of this subchapter as fully as if the same were attached hereto and incorporated herein, and two copies of which are now on file in the office of the Clerk-Treasurer and are open for public inspection.
(C) The Redevelopment Commission shall borrow, if necessary, from the town's electric utility Cash Reserve Fund an aggregate amount not to exceed $500,000, which funds shall bear interest from the date of transfer until repayment at 4% per annum, with semi-annual interest payments on dates authorized by the town's Water Bond Ordinance beginning in 1998, and shall be repaid not later than five years after the date of the first draw of borrowed funds authorized herein for the Phase II Project. The borrowing hereby authorized may be prepaid at any time without penalty.
(D) The Clerk-Treasurer is hereby authorized and directed to make such borrowing as and when required to make payment of the costs of the Phase II Project and the Clerk-Treasurer and President of the Town Council are hereby authorized and directed to execute all notes and other documents necessary or reasonable to evidence such borrowing. The Clerk-Treasurer shall keep full and accurate records of the funds hereby authorized to be received and borrowed, and the repayment thereof.
(Ord. 1997-21, passed 12-22-97)