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10-25-10 Council Agenda & Packet
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10-25-10 Council Agenda & Packet
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10/21/2010 11:04:47 AM
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City Council - City Clerk
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(b) All additions and improvement to the Sewage Works in connection with <br />the Project shall be constructed under the supervision and subject to the approval of the <br />Engineers or such other competent engineer as shall be designated by the Board. All <br />estimates for work done or material furnished shall first be checked by the Engineers or <br />such other competent engineer as shall be designated by the Board and approved by the <br />Board. <br />(c) The City shall at all times maintain its Sewage Works in good condition <br />and operate the same in an efficient manner and at a reasonable cost. <br />(d) So long as any of the 2010 Bonds are outstanding, the City shall maintain <br />insurance on the insurable parts of the Works of a kind and in an amount such as would <br />normally be carried by private companies engaged in a similar type of business. All <br />insurance shall be placed with responsible insurance companies qualified to do business <br />under the laws of the State of Indiana. In addition to or in lieu of the foregoing, the City <br />may provide for coverage on all or part of the Works comparable to that described above <br />through a self - insurance program. Insurance proceeds shall be used in replacing or <br />repairing the property destroyed or damaged; or if not used for that purpose shall be <br />treated and applied as Net Revenues of the Works. <br />(e) So long as any of the 2010 Bonds are outstanding, the City shall not <br />mortgage, pledge or otherwise encumber such Works, or any part thereof, nor shall it sell, <br />lease or otherwise dispose of any portion thereof except replace equipment which may <br />become worn out or obsolete or other property not required for proper operation and <br />maintenance of the Works. <br />(f) So long as any Prior Bonds are held by the Indiana Finance Authority (the <br />"Authority ") and remain outstanding: (i) the City shall not mortgage, pledge or otherwise <br />encumber such Works, or any part thereof, nor shall it sell, lease or otherwise dispose of <br />any portion thereof except replace equipment which may become worn out or obsolete or <br />other property not required for proper operation and maintenance of the Works, without <br />the prior written consent of the Authority, and (ii) the City shall not borrow any money, <br />enter into any contract or agreement or incur any other liabilities in connection with the <br />Sewage Works, other than for normal operating expenditures, without the prior written <br />consent of the Authority if such undertaking would involve, commit, or use the revenues <br />of the Sewage Works. <br />(g) Except as provided in Section 18 hereof, so long as any of the 2010 Bonds <br />are outstanding, no additional bonds or other obligations pledging any portion of the <br />revenues of the Sewage Works shall be authorized, executed, or issued by the City except <br />such as shall be made subordinate and junior in all respects to the 2010 Bonds, unless all <br />of the 2010 Bonds are redeemed, retired, or defeased coincidentally with the delivery of <br />such additional bonds or other obligations. <br />(h) The City shall take all action or proceedings necessary and proper to <br />require connection of all property where liquid and solid waste, sewage, night soil, or <br />-17- <br />
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