10052-10 Sewage Works Revenue Bonds

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subordinate entities have not designated more than $30,000,000 of qualified tax-exempt obligations during the current calendar year. SECTION 24. No Conflict. Except as described below, all ordinances and parts of ordinances in conflict herewith are hereby repealed. SECTION 25. Severability. If any section, paragraph or provision of this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Ordinance. SECTION 26. Bond Insurance. In connection with the sale of the 2010 Bonds, the Mayor, the Controller and the Clerk are each authorized to execute and deliver such agreements and instruments as they deem advisable to secure bond insurance for the 2010 Bonds, and the execution and delivery of such agreements and instruments are hereby approved. The premium, if any, for such bond insurance shall be payable from the proceeds of the 2010 Bonds. SECTION 27. Rates and Charges. The estimate of rates and charges which will be needed and charged to the general classes of users of property to be served by the Sewage Works in order to provide sufficient moneys to make payments of principal and interest on the 2010 Bonds, along with the other payments identified in this Ordinance, is set forth in Ordinance No. 10019-10, adopted by the Common Council on June 28, 2010. SECTION 28. Holiday If the date of making any payment or the last date for performance of any act or the exercising of any right, as provided in this Ordinance, shall be a legal holiday or a day on which banking institutions in the City or the city in which the Registrar or Paying Agent is located are typically closed, such payment may be made or act performed or right exercised on the next succeeding day not a legal holiday or a day on which such banking institutions are typically closed, with the same force and effect as if done on the nominal date provided in this Ordinance, and no interest shall accrue for the period after such nominal date. SECTION 29. Effectiveness. This Ordinance shall be in full force and effect from and after its passage, provided, the provisions of the ordinances pursuant to which the Prior Bonds were issued shall remain in effect and shall supersede the provisions of this Ordinance in the event of any conflict with this Ordinance until such time as the Prior Bonds are all defeased on paid in full. SECTION 30. Notice of Adoption and Purport of this Ordinance. Upon passage of this Ordinance, the Clerk of the City shall immediately cause to be published in accordance with Indiana Code 5-3-1, a notice of the adoption and purport of this Ordinance in accordance with Indiana Code Section 36-9-23-10. In the event that any objecting petition is filed in accordance with Indiana Code Section 36-9-23-12, no further proceedings shall be taken by the City relating to the Project until the later of (i) the date on which the court having jurisdiction over such matter confirms the decision of the City to issue bonds relating to the Project, or (ii) if an appeal is taken, the date on which the appropriate court of last resort confirms the decision of the City to issue bonds relating to the Project, except as permitted by Indiana Code Section 36-9-23-12(fj. -22-