Loading...
Ordinance - 1993 - 220 - Acquisition Of Domestic Water System - 07/13/1993(7-i),[2t ORDINANCE NO. 220 GEM AN ORDINANCE PROVIDING FOR THE ACQUISITION AND PURCHASE OF A DOMESTIC WATER SYSTEM AND FOR THE CONSTRUCTION AND INSTALLATION OF WATER SYSTEM IMPROVEMENTS FOR THE CITY OF EAGLE, OF ADA COUNTY, IDAHO; CALLING A SPECIAL ELECTION FOR THE SUBMISSION TO THE QUALIFIED ELECTORS OF THE CITY THE QUESTION OF THE ISSUANCE OF REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $2,000,000 TO PAY THE COST THEREOF; ESTABLISHING THE DATE, TIME AND PLACE OF SAID ELECTION; PROVIDING FOR PUBLIC NOTICE OF SAID ELECTION; AND PROVIDING FOR OTHER MATTERS RELATING THERETO WHEREAS, the City of Eagle, of Ada County, Idaho (the "City"), is a municipal corporation duly organized and operating under the laws of the State of Idaho; and WHEREAS, a portion of the domestic water supply system serving the inhabitants of the City is presently owned by Eagle Water Company; and WHEREAS, the City Council (the "Council") of the City has determined that it is necessary and essential to the health, safety, comfort, and welfare of the inhabitants of the City and is in the best interests of the City and the inhabitants thereof to purchase and acquire Eagle Water Company's existing waterworks, to acquire and construct certain improvements thereto, and to operate the same as a City domestic water system; and WHEREAS, the Council has determined to finance a portion of the cost of the acquisition, construction, and installation of said improvements through the issuance of revenue bonds of the City, pursuant to the provisions of the Revenue Bond Act of the State of Idaho, being Sections 50-1027 to 50-1042, inclusive, Idaho Code; and WHEREAS, said revenue bonds cannot be issued without the assent of a majority of the qualified electors of the City voting in an election called for such purpose; and WHEREAS, in order to authorize such revenue bonds, the Council has determined to call and conduct a special municipal bond election for the aforesaid purposes as required by said Revenue Bond Act. Page 1 NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF EAGLE, IDAHO, as follows: Section 1: THE PROJECT A. The Council hereby finds, determines, and declares that it is necessary and essential to the public interest, health, safety, and welfare, and in the best interest of the City and its inhabitants, to acquire and to purchase the domestic water supply and distribution system of the Eagle Water Company and to acquire and to construct certain capital improvements for an expanded water system, together with related improvements and costs incidental thereto (collectively, the "Project"), and to operate the same as a City water system. B. The cost and expense of the acquisition and purchase of the Eagle Water Company's existing water system, as estimated by the consultants of the City, is a sum not exceeding $700,000. The cost and expense of the acquisition, construction, and installation of improvements to the Project, as estimated by the engineers of the City, is approximately $1,068,000. The total cost of the Project, including the establishment of a reasonable reserve fund, the payment of all preliminary expenses incurred and incident to the Project, as such expenses are set forth in the Revenue Bond Act, and the payment of interest on any interim financing during the period of acquisition and construction of the improvements as described in subparagraph A above, is estimated to be $2,000,000, which will be paid from the issuance of revenue bonds of the City. C. Subject to the following subparagraph, the acquisition, purchase, construction, and installation of the Project, as described in subparagraph A, above, are hereby ordered. D. Subject to the approval thereof by the qualified electors voting at the election for which provision is hereinafter made, revenue bonds of the City shall be issued pursuant to the provisions of the Revenue Bond Act, being Idaho Code Sections 50- 1027 to 50-1042, inclusive, in the amount of not to exceed $2,000,000 to pay the costs of the Project. Section 2: SPECIAL ELECTION A special municipal bond election is hereby called within the City to be held on Tuesday, August 17, 1993 for the purpose of enabling the qualified electors of the City to vote upon the proposition set forth in Section 4 hereof. Said election shall be held in accordance with the laws of the State of Idaho. Section 3: ADMINISTRATION OF ELECTION The polls of said election shall open at the hour of 8:00 o'clock A.M. on August 17, 1993, and shall remain open continuously Page 2 on said day until the hour of 8:00 o'clock P.M., at which time said polls shall be closed. The City, as its boundaries and corporate limits are now fixed and established, shall consist of one (1) voting precinct, as follows: Eagle City Hall 310 East State Street Eagle, Idaho The Council shall appoint an election judge and election clerks for said voting place for said special election. The election officials shall be qualified City electors. The administration of the election shall be conducted in accordance with Chapter 4 of Title 50, Idaho Code, as amended, except as provided by Section 50-1035, Idaho Code, and in accordance with this Ordinance. Section 4: BALLOT TITLE The ballot title for said special election shall be in substantially the following form: SHALL THE CITY OF EAGLE ISSUE AND SELL ITS REVENUE BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $2,000,000 TO PAY THE COSTS OF ACQUISITION AND PURCHASE OF THE EXISTING DOMESTIC WATER SUPPLY AND DISTRIBUTION SYSTEM OF EAGLE WATER COMPANY, AND TO PAY THE COSTS OF ACQUISITION AND CONSTRUCTION OF CERTAIN CAPITAL IMPROVEMENTS FOR AN EXPANDED WATER SYSTEM, SAID BONDS TO MATURE OVER A PERIOD WHICH MAY BE LESS THAN BUT WHICH SHALL NOT EXCEED TWENTY (20) YEARS AND TO BE PAYABLE SOLELY FROM THE REVENUES OF THE WATER SYSTEM, ALL AS MORE FULLY PROVIDED IN ORDINANCE NO. 220, ADOPTED ON JULY 13, 1993. IN FAVOR OF issuing revenue bonds for the purposes provided by Ordinance No. 220 . . . . [ ] AGAINST the issuance of revenue bonds for the purposes provided by Ordinance No. 220 . . . . [ ] INSTRUCTIONS TO VOTERS: To vote on the foregoing proposition, the voter must make a (X) in the space to the right of the words "IN FAVOR OF issuing revenue bonds for the purposes provided by Ordinance No. 220" or "AGAINST the issuance of revenue bonds for the purposes provided by Ordinance No. 220" according the way you desire to vote on the question. All marks otherwise made are forbidden. All distinguishing marks are forbidden Page 3 Code: and make the ballot void. If you, by mistake or accident, mark, tear, deface, or otherwise mutilate this ballot, return it to the election Judge and obtain another ballot. The following information is required by Section 34-440, Idaho The City has no existing indebtedness. The interest rate anticipated on the proposed bonds is five and seventy-five hundredths percent (5.75%) per annum. The range of anticipated rates is from five percent (5%) to ten percent (10%). The total amount to be repaid over the life of the proposed bonds, principal and interest, based on the anticipated interest rate, is estimated to be $3,100,000. Section 5: ELECTION EXPENSES The City Clerk is hereby authorized and directed to procure such supplies and incur such expenses as she deems appropriate and necessary for the proper conduct of the special bond election. Section 6: QUALIFIED ELECTORS All persons eighteen (18) years of age or older, who at the time of the specified bond election are qualified electors of the City, properly registered and possessing the qualifications of residents, shall be qualified to vote at said election. Section 7: REGISTRATION No qualified elector who was duly registered as a voter, and who continues to reside at the same address or within the same precinct in which he or she is registered, and has voted in at least one general City election in the past four years, shall be required to re -register. Persons may register at the office of the City Clerk, as Registrar for the City, on any business day during office hours, beginning with the date the Notice of Election is given, and continuing until 8:00 P.M., on August 6, 1993. Any elector who will complete his or her residence requirement or attain the requisite voting age during the period when the register of electors is closed may register prior to the closing of the register. Section 8: SAMPLE BALLOTS The City Clerk shall cause the ballot to be prepared and, as required by Idaho Code § 50-440, cause to be printed, not less than Page 4 fifteen (15) days before said election, sample ballots containing the question to be submitted, which sample ballots shall be in the same form as the official ballots to be used, except they shall have printed thereon the words "Sample Ballot," shall be on paper of a different color than the official ballots, and shall not be numbered. The City Clerk shall furnish copies of the same on application at her office to anyone applying therefor. Said sample ballots shall be published at least twice in the official newspaper of the City, the last publication to be on the last available publication date prior to said election. In lieu of publication, the sample ballot may be posted in three (3) public places within the City. Section 9: NOTICE Notice of said special bond election shall be given prior to said election by publishing notice of such election in the official newspaper of the City, once a week on the same day of the week for two (2) successive weeks, which notice shall be in substantially the form attached hereto, marked Exhibit "A," and by this reference incorporated herein. Section 10: CANVASS When the polls are closed, the election officials shall immediately proceed to count the ballots cast at the election. The counting shall be continued without adjournment until completed and the result declared. The election judge and clerks shall thereupon certify the returns of the election to the City Clerk, who shall present the results to the Council. The Mayor and Council shall meet within six (6) days following the election, or at such time to which said meeting is continued, at the regular meeting place of the City Council, at City Hall, Eagle, Idaho, for the purpose of canvassing the results of the election. Thereupon, the results shall be entered in the minutes of the Council and proclaimed as final. Section 11: DEBT DISCLOSURE STATEMENT A brief official statement containing the information required by Idaho Code § 34-440, as amended, shall be prepared by the City Treasurer. Section 12: REVENUE BONDS If, at said election, a majority of the qualified electors of the City voting upon the ballot question set forth in Section 4 of this Ordinance vote in favor of the issuance of said bonds for the purposes set forth herein and designated on the aforesaid ballot, fully registered revenue bonds of the City shall be authorized, issued, sold, and delivered in a principal amount which may be less Page 5 than but which shall not exceed $2,000,000. Said bonds shall be issued in the form and manner, shall be registered, shall mature annually over a period which may be less than but which shall not exceed twenty (20) years, shall bear interest at a rate or rates to be determined by the Council at the time of issuance of such bonds, and shall be payable annually or at such lesser intervals and be subject to such redemption provisions, as may be prescribed by the ordinance authorizing the issuance of such bonds, all of which shall be in accordance with the laws of the State of Idaho. The net revenues (gross revenues minus normal expenses of maintenance and operation) of the water system of the City will be pledged for the payment of principal of and interest and redemption premiums, if any, on said revenue bonds. Said bonds shall not be a debt of the City within the meaning of any State constitutional provision or statutory limitation, nor a charge against the general credit or taxing powers of the City, and the City shall not be liable therefor, nor shall said bonds or the interest thereon be payable out of any funds other than the revenues of the water system specified above. Section 13: OFFICERS AUTHORIZED The officers of the City are hereby authorized and directed to take all action necessary or appropriate to effectuate the provisions of this Ordinance. Section 14: RATIFICATION All actions heretofore taken, not inconsistent with the provisions of this Ordinance, by the Mayor and Council directed toward purchase, acquisition, construction, and installation of the Project and the issuance of revenue bonds of the City therefor, and for the holding of a special municipal bond election, are hereby ratified, approved, and confirmed. Page 6 Section 15: PUBLICATION This Ordinance, or a summary thereof in compliance with Section 50-901A, Idaho Code, shall be published once in the official newspaper of the City, and shall take effect immediately upon its passage, approval, and publication. DATED this 13th day of July, 1993. ATTEST: 0 City Ci@ . °©v.y o p v:4(Vcs °'X) y;u oro O_ ai o po A. 3 . _. o�� ( S E A L ) Page 7 CITY OF EAGLE Ada County, Idah t' o ,( tom•, Y q� �c�i Mayor CITY OF EAGLE Ada County, Idaho NOTICE OF SPECIAL BOND ELECTION NOTICE IS HEREBY GIVEN that pursuant to Ordinance No. 220, adopted on July 13, 1993, of the City of Eagle, of Ada County, Idaho, a Special Bond Election will be held in said City on TUESDAY, August 17, 1993 between the hours of 8:00 o'clock A.M. and 8:00 o'clock P.M., for the purpose of voting upon the question and proposition of issuing revenue bonds in the principal amount of not more than $2,000,000 for the purpose of providing funds to pay the cost of acquisition and purchase of the existing domestic water system of the Eagle Water Company, and the acquisition and construction of improvements thereto, together with related costs incidental thereto, pursuant to the provisions of said Ordinance, which Ordinance is hereby referred to for further particulars, and which by reference is made a part of this Notice. The question to be submitted to the electors shall be by ballot reading substantially as follows: SHALL THE CITY OF EAGLE ISSUE AND SELL ITS REVENUE BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $2,000,000 TO PAY THE COSTS OF ACQUISITION AND PURCHASE OF THE EXISTING DOMESTIC WATER SUPPLY AND DISTRIBUTION SYSTEM OF EAGLE WATER COMPANY, AND TO PAY THE COSTS OF ACQUISITION AND CONSTRUCTION OF CERTAIN CAPITAL IMPROVEMENTS FOR AN EXPANDED WATER SYSTEM, SAID BONDS TO MATURE OVER A PERIOD WHICH MAY BE LESS THAN BUT WHICH SHALL NOT EXCEED TWENTY (20) YEARS AND TO BE PAYABLE SOLELY FROM THE REVENUES OF THE WATER SYSTEM, ALL AS MORE FULLY PROVIDED IN ORDINANCE NO. 220, ADOPTED ON JULY 13, 1993? IN FAVOR OF issuing revenue bonds for the purposes provided by Ordinance No. 220 . . . . AGAINST the issuance of revenue bonds for the purposes provided by Ordinance No. 220 . . . . Page 1 - EXHIBIT "A" INSTRUCTIONS TO VOTERS: To vote on the foregoing proposition, the voter must make a (X) in the space to the right of the words "IN FAVOR OF issuing revenue bonds for the purposes provided by Ordinance No. 220" or "AGAINST the issuance of revenue bonds for the purposes provided by Ordinance No. 220" according the way you desire to vote on the question. All marks otherwise made are forbidden. All distinguishing marks are forbidden and make the ballot void. If you, by mistake or accident, mark, tear, deface, or otherwise mutilate this ballot, return it to the election Judge and obtain another ballot. The following information is required by Section 34-440, Idaho Code: The City has no existing indebtedness. The interest rate anticipated on the proposed bonds is five and seventy-five hundredths (5.75%) per annum. The range of anticipated rates is from five (5%) to ten percent (10%). The total amount to be repaid over the life of the proposed bonds, principal and interest, based on the anticipated interest rate, is estimated to be $3,100,000. Qualified electors shall vote at the following polling place: Eagle City Hall 310 East State Street Eagle, Idaho At said special election, only qualified and registered electors, eighteen (18) years of age or older, residing in the State of Idaho, and who are bona fide residents of the City of Eagle, and no others, will be permitted to vote at said special election. No person so qualified and offering himself or herself at the polling place at which he or she is entitled to vote will be denied the privilege of voting at said special election. Qualified electors who, because of illness, disability, or expected absence from the City of Eagle on the date of election, will be unable to vote at the designated polling place on the day of election, may obtain absentee ballots from the City Clerk of the City of Eagle. Page 2 - EXHIBIT "A" The Eagle City Clerk is the Registrar for the City of Eagle, and the place of registration is the office of the City Clerk, City Hall, Eagle, Idaho. Persons may register on each business day during office hours of the City Clerk continuing until 8:00 P.M. on August 6, 1993. No qualified elector who was duly registered as a voter, and who continues to reside at the same address or within the same precinct in which he or she is registered, and has voted in at least one general City election in the past four years, shall be required to re -register. Polls will be opened at the hour of 8:00 o'clock A.M. on Tuesday, August 17, 1993, and shall remain open continuously until the hour of 8:00 o'clock P.M., at which time the polls will be closed. Each elector shall vote at the polling place provided above. Voting at said election shall be by ballot, and the ballot to be supplied the voters for their use at said election shall be in the form provided by law. If, at said election, the majority of the qualified electors voting upon said ballot question assent to the issuance of said bonds for the purposes set forth in Ordinance No. 220, the revenue bonds of the City of Eagle will be issued for said purposes, which bonds, or so much thereof as may be necessary, will mature annually, or at such lesser interval as may be prescribed by the ordinance authorizing the issuance of the bonds, over a period which may be less than but which shall not exceed twenty (20) years, and will bear interest at such rate or rates as shall be prescribed in the ordinance authorizing the issuance of the bonds. The principal of and interest on said bonds shall be payable solely out of and derived from rates and charges for the use of and the services rendered by, and all other income, earnings, and revenues of, the water system of the City, as shall be prescribed in the ordinance authorizing the issuance of the bonds, of the City of Eagle. DATED this 13th day of July, 1993. ATTEST : City Clerk Page 3 - EXHIBIT "A" CITY OF EAGLE Ada County, Mayor SUMMARY OF ORDINANCE NO. 220 AN ORDINANCE PROVIDING FOR THE ACQUISITION AND PURCHASE OF A DOMESTIC WATER SYSTEM AND FOR THE CONSTRUCTION AND INSTALLATION OF WATER SYSTEM IMPROVEMENTS FOR THE CITY OF EAGLE, OF ADA COUNTY, IDAHO; CALLING A SPECIAL ELECTION FOR THE SUBMISSION TO THE QUALIFIED ELECTORS OF THE CITY THE QUESTION OF THE ISSUANCE OF REVENUE BONDS IN THE AMOUNT OF NOT TO EXCEED $2,000,000 TO PAY THE COST THEREOF; ESTABLISHING THE DATE, TIME AND PLACE OF SAID ELECTION; PROVIDING FOR PUBLIC NOTICE OF SAID ELECTION; AND PROVIDING FOR OTHER MATTERS RELATING THERETO A summary of the principal provisions of Ordinance No. 220, of the City of Eagle, Ada County, Idaho, adopted on July 13, 1993, is as follows: Section 1: Defines the water system capital improvement project, estimates the total cost at $2,000,000, and provides for issuance of revenue bonds, subject to approval of the qualified electors of the City, in an amount not to exceed $2,000,000 to pay the cost of the Project. Section 2: Provides for a special municipal bond election to be held within the City on Tuesday, August 17, 1993, for the purpose of enabling the qualified electors of the City to vote upon the proposition of issuing revenue bonds. Section 3: Provides that the polls at said election shall open at 8:00 o'clock a.m. on August 17, 1993, and shall remain open until 8:00 o'clock p.m., and provides that the polling place for said special bond election shall be the Eagle City Hall, 310 East State Street, Eagle, Idaho. Section 4: Provides that the ballot title shall be substan- tially as follows: SHALL THE CITY OF EAGLE ISSUE AND SELL ITS REVENUE BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $2,000,000 TO PAY THE COSTS OF ACQUISITION AND PURCHASE OF THE EXISTING DOMESTIC WATER SUPPLY AND DISTRIBUTION SYSTEM OF EAGLE WATER COMPANY, AND TO PAY THE COSTS OF ACQUISITION AND CONSTRUCTION OF CERTAIN CAPITAL IMPROVEMENTS FOR AN EXPANDED WATER SYSTEM, SAID BONDS TO MATURE OVER A PERIOD WHICH MAY BE LESS THAN BUT WHICH SHALL NOT EXCEED TWENTY (20) YEARS AND TO BE PAYABLE SOLELY FROM THE REVENUES OF THE WATER SYSTEM, ALL AS MORE FULLY PROVIDED IN ORDINANCE NO. 220, ADOPTED ON JULY 13, 1993? Page 1 Section 5: Provides for payment of election expenses. Section 6: Defines qualified electors as persons eighteen (18) years of age or older who are registered qualified electors of the City. Section 7: Provides for registration of voters. Section 8: Provides for preparation of sample ballots. Section 9: Provides for publication of Notice of Special Bond Election. Section 10: Provides for canvass of votes. Section 11: Provides for Debt Disclosure Statement pursuant to Idaho Code § 34-440. Section 12: Provides for the issuance of revenue bonds maturing over a period of not to exceed twenty (20) years, and provides for other matters relating to the revenue bonds. Section 13: Authorizes the officers of the City to take appropriate actions to effectuate the provisions of this Ordinance. Section 14: Ratifies previous actions. Section 15: Provides for publication of a summary of the Ordinance. The full text of Ordinance No. 220 is available at City Hall and will be provided to any citizen upon personal request during normal office hours. ATTEST: City Cle ( S E A L ) Page 2 CITY OF EAGLE Ada County, Idaho e� o aaaaaessae o`,J OF E s r, o A IT n • --"•_: et"..;i CERTIFICATION OF CITY ATTORNEY I, the undersigned City Attorney for and legal advisor to the City of Eagle, Ada County, Idaho, hereby certify that I have read the attached summary of Ordinance No. 220 of the City of Eagle and that the same is true and complete and provides adequate notice to the public of the contents of said Ordinance. Dated this 14th day of July, 1993. � 0 - City City Aj torney Page 3 a - PROOF OF PUBLICAl DN County of Ada State of Idaho Helen Alidjani, being first duly swom, on oath says she is the principal clerk of THE VALLEY NEW: newspaper of general circulation, published weekl' Meridian, County of Ada, State of Idaho; That the annexed notice was published in said newspf once each and every week for : consecu weeks, First publication being on the , 1993 , and the last publics ing on the day of , 19 That the said newspaper has been published continuo' and uninterruptedly in said county during a period of m than seventy-eight consecutive weeks prior to the publication of the attached notice. Principal C Subscribed and swom before me this/r/ hi da Notary Pu' �� Residence:d4`" ,� i My commission expires: -31,-9' (SEAL) 18 Thursday July 22, 1993 SUMMARY OF ORDINANCE NO. 220 AN ORDINANCE PROVIDING FOR THE ACQUISITION AND PURCHASE OF A DOMESTIC WATER SYSTEM AND FOR THE CONSTRUCTION AND INSTALLATION OF WATER SYSTEM IMPROVEMENTS FOR THE CITY OF EAGLE, OF ADA COUNTY, IDAHO; CALLING A SPECIAL ELECTION FOR THE SUBMISSION TO THE QUALIFIED ELECTORS OF THE CITY THE QUESTION OF THE ISSUANCE OF REVENUE BONDS INTHEAMOUNTOF NOT TO EXCEED $2,000,000 TO PAY THE COST THEREOF; ESTABLISHING THE DATE, TIME AND PLACE OF SAID ELECTION; PROVIDING FOR PUBLIC NOTICE OF SAID ELECTION; AND PROVIDING FOR OTHER MATTERS RELATING THERETO A summary of the principal provisions of Ordinance No. 220, of the City of Eagle, Ada County, Idaho, adopted on July 13, 1993, is as follows: Section 1: Defines the water system capital improvement project, estimates the total cost at $2,000,000, and provides for issuance of revenue bonds, subject to approval of the quaffed electors of the City, in an amount not to exceed $2,000,000 to pay the cost of the Project. Section 2: Provides fora special municipal bond election to be held within the City on Tuesday, August 17, 1993, for the purpose of enabling the qualified electors of the City to vote upon the proposition of issuing revenue bonds. Section 3: Provides that the polls at said election shall open at 8:00 o'clock a.m. on August 17,1993, and shall remain open until 8:00 o'clock p.m., and provides that the polling place for said special bond election shall be the Eagle City Hall, 310 East State Street, Eagle, Idaho. Section 4: Provides that the ballot title shall be substantially as follows: SHALL THE CITY OF EAGLE ISSUE AND SELL ITS REVENUE BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $2,000,000 TO PAY THE COSTS OF ACQUISTION AND PUR- CHASE OF THE EXISTING DOMESTIC WATER SUPPLY AND DISTRIBUTION SYSTEM OF EAGLE WATER COMPANY, AND TO PAY THE COSTS OF ACQUISITION AND CONSTRUCTION OF CERTAIN CAPITAL IMPROVEMENTS FOR AN EXPANDED WATER SYSTEM, SAID BONDS TO MATURE OVER A PERIOD WHICH MAY BE LESS THAN BUT WHICH SHALL NOT EXCEED TWENTY (20) YEARS AND TO BE PAYABLE SOLELY FROM THE REVENUES OF THE WATER SYSTEM, ALL AS MORE FULLY PROVIDED IN ORDINANCE NO. 220, ADOPTED ON JULY 13,1993? Section 5: Provides for payment of election expenses. Section 6: Defines qualified electors as persons eighteen (18) years of age or older who are registered qualified electors of the City. Section 7: Provides for registration of voters. Section 8: Provides for preparation of sample ballots. Section 9; Provides for publication of Notice of Special Bond Election. Section 10: Provides for canvass of votes. Section 11; Provies for Debt Disclosure Statement pursuant to Idaho Code S 34-440. Section 12: Provides for the issuahce of revenue bonds maturing over a period of not to exceed twenty (20) years, and provides for other matters relating to the revenue bonds.