10-26-09 Common Council Meeting Agenda & Packet

Home Browse Search

Notwithstanding anything contained herein, the City may accept any other forms of financial assistance, as and if available, from the SRF Program (including without limitation (1) any forgivable loans, grants or other assistance whether available as an alternative to any Bond related provision otherwise provided for herein or as a supplement or addition thereto and (2) one or more series or combination of series of Bonds). If required by the SRF Program to be eligible for such financial assistance, one or more of the series of the Bonds issued hereunder maybe issued on a basis such that the payment of the principal of or interest on (or both) such series of Bonds is junior and subordinate to the payment of the principal of and interest on other series of Bonds issued hereunder (and/or any other revenue bonds secured by a pledge of Net Revenues, whether now outstanding or hereafter issued), all as provided by the terms of such series of Bonds as modified pursuant to this authorization. Such financial assistance, if any, shall be as provided in the Financial Assistance Agreement and the Bonds of each series of Bonds issued hereunder (including any modification made pursuant to the authorization in this paragraph to the form of Bond otherwise contained herein). Section 5. The section of the Bond Ordinance labeled Section IX. Disposition of Proceeds of the Bonds• Cit of South Bend Sewa e Works Construction Account shall be amended to read as follows: Section IX. Disposition of Proceeds of the Bonds; City of South Bend Sewage Works Construction Account. The proceeds from the sale of each series of the Bonds shall be deposited and applied as follows: (a) The accrued interest and any premium received at the time of deliti~ ery of the Bonds or any unused discount shall be deposited in the Sewage Works Sinking Fund continued by this Ordinance. (bl The remaining proceeds from the sale of the Bonds shall be deposited in a bank or banks which are legally qualified depositories for the funds of the'City, in the special account to be designated as "City of South Bend, 200_. Sewage Works Construction Account" (with the blank to be filled in with the year in which the particular series of Bonds are being sold) (the "Construction Account"). Amounts in the Construction Account shall be expended only for the purpose of paying the costs of the Project, as described in the Ordinance and in the Act, together with all authorized costs relating thereto, including the costs of issuance of the Bonds, and as otherwise permitted or required by the Act. Any balance or balances remaining unexpended in the Construction Account after completion of the Project, which are not required to meet unpaid obligations incurred in connection with the acquisition and installation of the Project, shall be used solely for one or more of the purposes permitted under the provisions of Indiana Code 5-1-13, as amended, or be applied upon the terms set forth in the Financial Assistance Agreement. Pursuant to the Act, the owners of each series of the Bonds shall be entitled to a lien on the proceeds of the respective series of the Bonds until such proceeds are applied as regl~,ired by this Ordinance and by Indiana law. -11- BDDBOl 5863495v1