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Concerning the Current Refunding of Outstanding Waterworks Revenue Bonds of 2000 <br />and 2006, each Issued to Finance Construction of Improvements to the Municipal <br />Waterworks of the City of South Bend, Indiana; Authorizing the Issuance of Revenue <br />Bonds for such Purpose in the Principal Amount not to exceed Three Million Seven <br />Hundred Twenty Thousand ($3,720,000); Addressing Other Matters Connected <br />Therewith, Including the Issuance of Notes in Anticipation of Bonds; and Repealing <br />Ordinances Inconsistent Herewith" (the "Ordinance "), and in accordance with the <br />provisions of Indiana law, including without limitation Indiana Code 8 -1.5, and other <br />applicable laws, as amended (the "Act"), all as more particularly described in the <br />Ordinance. The owner of this bond, by the acceptance hereof, agrees to all the terms and <br />provisions contained in the Ordinance and the Act. <br />Pursuant to the provisions of the Act and the Ordinance, the principal of and <br />interest on this bond and all other bonds of said issue, the Prior Bonds (as hereinafter <br />defined), and any bonds hereafter issued on a parity therewith are payable solely from the <br />Sinking Fund (the "Sinking Fund ") maintained under the Ordinance to be provided from <br />the Net Revenues (defined as the gross revenues of the works after deduction only for the <br />payment of the reasonable expenses of operation, repair and maintenance of the works, <br />and which reasonable expenses of operation, repair and maintenance specifically do not <br />include any rates or charges in lieu of taxes made and collected by the works and <br />transferred to the City in accordance with the Act. <br />The City irrevocably pledges the entire Net Revenues of the works to the prompt <br />payment of the principal of and interest on the Bonds and any bonds ranking on a parity <br />therewith, including the "Waterworks Refunding Revenue Bonds of 201213" dated <br />November 29, 2012 (the "201213 Bonds "), "Waterworks Revenue Bonds of 2012" dated <br />June 21, 2012 (the "2012A Bonds "), "Waterworks Revenue Bonds of 2009, Series B <br />dated November 19, 2009 (the "200913 Bonds ") and the "Waterworks Revenue Bonds of <br />2009, Series A" dated September 1, 2009 (the "2009A Bonds ") (the 2012B Bonds, <br />2012A Bonds, the 2009B Bonds and the 2009A Bonds, together, the "Prior Bonds "), each <br />authorized by ordinance of the City, to the extent necessary for such purposes, and <br />covenants that it will establish proper rates and charges for services rendered by the utility <br />as are sufficient in each year for the payment of the proper and reasonable expenses of <br />operation, repair and maintenance of the works and for the payment of the sums required <br />to be paid into the Sinking Fund under the provisions of the Act and the Ordinance. If the <br />City or the proper officers thereof shall fail or refuse to so fix and collect such rates or <br />charges, or if there be a default in the payment of the interest on or principal of this bond, <br />the owner of this bond shall have all of the rights and remedies provided for in the Act. <br />The City covenants that for so long as the Bonds and any bonds issued on a parity <br />therewith, including the Prior Bonds, remain outstanding it will set aside and pay into the <br />Sinking Fund a sufficient amount of the Net Revenues for the payment of (a) the principal <br />of and interest on all bonds which by their terms are payable from the Net Revenues, as <br />such principal and interest shall fall due, (b) the necessary fiscal agency charges for <br />paying bonds and (c) an additional amount to maintain the reserve required by the <br />Ordinance. Such required payments shall constitute a first charge upon all the Net <br />Revenues. Reference is made to the Ordinance for a more complete statement of the <br />11 <br />