10-26-09 Common Council Meeting Agenda & Packet

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sewage works and its operations on the insurable parts of said Sewage Works of a kind and in an amount such as would normally be carried by private companies engaged in a similar type of business. All insurance shall be placed with responsible insurance companies qualified to do business under the laws of the State of Indiana, provided, however, such insurance requirement may be satisfied, in part or in whole, through the City's self insurance program. In the Bonds are sold to the Authority for participation in the wastewater SRF loan program under Indiana Code 13-18-13, use of the City's self-insurance program to satisfy any of the insurance requirements set forth herein shall be subject to the approval of the Authority. Insurance proceeds and condemnation awards shall be used to replace or repair the property, or, if not used for that purpose, shall be treated and applied as net revenues of the sewage works (provided such is consented to by the Authority if tYie Authority owns the Bonds). (e) So long as any of the Bonds are outstanding, the City shall not mortgage, pledge or otherwise encumber such sewage works, or any part thereof, nor shall it sell, lease or otherwise dispose of any portion thereof except replace equipment which may become worn out or obsolete, without the prior written consent of the Authority if the Bonds are sold to the Authority. (f) If the Bonds are sold to the Authority, the City shall not borrow any money, enter into any contract or agreement or incur any other liabilities in connection with the Sewage Works, other than for normal operating expenditures, without the prior written consent of the Authority if such undertaking would involve, commit, or use the revenues of the Sewage Works. (gj Except as hereinbefore provided in Section XVI hereof, so long as any of the bonds herein. authorized are outstanding, no additional bonds or other obligations pledging any portion of the revenues of said Sewage Works shall be authorized, executed or issued by the City except such as shall be made subordinate and junior in all respects to the bonds herein authorized, unless all of the bonds herein authorized are redeemed, retired or defeased pursuant to Section XV hereof coincidentally with the delivery of such additional bonds or other obligations. (h) The City shall take all action or proceedings necessary and proper to require connection of all property where liquid and solid waste, sewage, night soil, or industrial waste is produced with available sanitary sewers. The City shall, insofar as possible, cause all such sanitary sewers to be connected with said Sewage Works. (i) The provisions of this Ordinance shall constitute a contract by and between the City and the owners of the sewage works revenue bonds herein authorized, and after the issuance of said bonds, this Ordinance shall not be repealed or amended in any respect which will adversely affect the rights of the owners of said bonds, nor shall the Common Council adopt any law, ordinance or resolution which in any way adversely affects the rights of such owners so long as any of said bonds or the interest thereon remains unpaid. -16- BDDBOl 58634'?Svl