Laserfiche WebLink
sewage works and its operations on the insurable parts of said Sewage Works of a <br />kind and in an amount such as would normally be carried by private companies <br />engaged in a similar type of business. All insurance shall be placed with responsible <br />insurance companies qualified to do business under the laws of the State of Indiana, <br />provided, however, such insurance requirement may be satisfied, in part or in whole, <br />through the City's self insurance program. In the Bonds are sold to the Authority for <br />participation in the wastewater SRF loan program under Indiana Code 13-18-13, use <br />of the City's self-insurance program to satisfy any of the insurance requirements set <br />forth herein shall be subj ect to the approval of the Authority. Insurance proceeds and <br />condemnation awards shall be used to replace or repair the property, or, if not used <br />for that purpose, shall be treated and applied as net revenues of the sewage works <br />(provided such is consented to by the Authority if the Authority owns the Bonds). <br />(e) So long as any of the Bonds are outstanding, the City shall not <br />mortgage, pledge or otherwise encumber such sewage works, or any part thereof, nor <br />shall it sell, lease or otherwise dispose of any portion thereof except replace <br />equipment which may become worn out or obsolete, without the prior written consent <br />of the Authority if the Bonds are sold to the Authority. <br />(f) If the Bonds are sold to the Authority, the City shall not <br />borrow any money, enter into any contract or agreement or incur any other liabilities <br />in connection with the Sewage Works, other than for normal operating expenditures, <br />without the prior written consent of the Authority if such undertaking would involve, <br />commit, or use the revenues of the Sewage Works. <br />(g) Except as hereinbefore provided in Section XVI hereof, so <br />long as any of the bonds herein authorized are outstanding, no additional bonds or <br />other obligations pledging any portion of the revenues of said Sewage Works shall be <br />authorized, executed or issued by the City except such as shall be made subordinate <br />and junior in all respects to the bonds herein authorized, unless all of the bonds <br />herein authorized are redeemed, retired or defeased pursuant to Section XV hereof <br />coincidentally with the delivery of such additional bonds or other obligations. <br />(h) The City shall take all action or proceedings necessary and <br />proper to require connection of all property where liquid and solid waste, sewage, <br />night soil, or industrial waste is produced with available sanitary sewers. The City <br />shall, insofar as possible, cause all such sanitary sewers to be connected with said <br />Sewage Works. <br />(i) The provisions of this Ordinance shall constitute a contract by <br />and between the City and the owners of the sewage works revenue bonds herein <br />authorized, and after the issuance of said bonds, this Ordinance shall not be repealed <br />or amended in any respect which will adversely affect the rights of the owners of said <br />bonds, nor shall the Common Council adopt any law, ordinance or resolution which <br />in any way adversely affects the rights of such owners so long as any of said bonds or <br />the interest thereon remains unpaid. <br />-16- <br />BDDBOI 5863495v1 <br />