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* Editor's Note: The following statement outlines the procedures which were followed in the acquisition of the Centerville Municipal Waterworks.
On May 10, 1948, the city council passed a resolution calling a special election for the submission thereat of a proposition for establishing a municipal waterworks by acquiring the then existing privately owned waterworks of the Centerville Water Service Company. Further, a proposition placing the management and control of the municipal waterworks in the hands of a board of trustees was also to be submitted.
On June 8, 1948, the city council proceeded to canvass the returns of the aforesaid election which was legally held and conducted on June 7, 1948 and embodied their findings in a resolution which declared each of the aforesaid propositions duly carried.
Thereafter, on June 25, 1948, a contract was executed providing for the acquisition of the waterworks plant and system by the city in exchange for waterworks revenue bonds of the city.
On July 9, 1948, the city council set July 21, 1948, as the time when proceedings were to be instituted and action taken for the issuance of four hundred thirty thousand dollars waterworks revenue bonds of the city.
On July 21, 1948, a resolution was passed which authorized the issuance and delivery of interest bearing revenue bonds in the aggregate amount of four hundred thirty thousand dollars payable from the net earnings of the municipal waterworks.