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Authorize- Issuance of Revenue Bonds $11,960,000
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Authorize- Issuance of Revenue Bonds $11,960,000
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Last modified
3/21/2011 3:56:49 PM
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3/21/2011 3:56:47 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/28/1997
Ord-Res Number
8778-97
Bill Number
34-97
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for all purposes, the same as if such officer had remained in office until the delivery of the <br /> Bonds. After the Bonds have been properly executed, the Bonds shall be delivered to the <br /> purchaser or purchasers in the manner provided by law. <br /> Prior to the delivery of the Bonds, the Controller shall be authorized to obtain a <br /> legal opinion as to the validity of the Bonds from Baker & Daniels, bond counsel for the City, <br /> and to furnish such opinion to the purchaser of the Bonds. The cost of such opinion shall be <br /> considered as part of the costs in connection with the issuance of the Bonds and shall be paid out <br /> of proceeds of the Bonds. <br /> SECTION 7. The Bonds, when fully paid for and delivered to the purchaser, shall <br /> be valid and binding special revenue obligations of the City, payable solely out of the county <br /> economic development income tax revenues of the City to be fixed and set aside into the Sinking <br /> Fund, as herein provided, and the proceeds derived from the sale of the Bonds shall be and are <br /> hereby set aside for application by the City solely to the payment of the costs of the Economic <br /> Development Project, together with expenses in connection with the issuance of the Bonds, as <br /> provided herein. The proper officers of the City are hereby authorized and directed to draw all <br /> proper and necessary warrants and to do whatever acts and things may be necessary or <br /> appropriate in their judgment to carry out all of the provisions of this Ordinance. <br /> SECTION 8. The revenues received by the City from distributions of the county <br /> economic development income tax shall be used and applied by the City only as provided in this <br /> Ordinance and in strict accordance with the provisions of I.C. 6-3.5-7, as amended (I.C. 6-3.7-7, <br /> as amended, is sometimes herein referred to as the "Act"). All of such revenues shall be <br /> segregated and kept in special accounts separate and apart from all other funds of the City and <br /> shall be used and applied in payment of bonds and interest thereon which by their terms are <br /> payable from such revenues and to maintain a reasonable reserve, in accordance with this <br /> Ordinance and the Act. There is hereby created and established pursuant to the Act a fund to be <br /> known as the "Economic Development Income T� Fund" consisting of a Bond Principal and <br /> Interest Account and a Reserve Account (which two accounts together shall be referred to as the <br /> "Sinking Fund", and both of which accounts the City hereby covenants and agrees to cause to be <br /> kept and maintained so long as needed for the purposes set forth herein) and an Excess Account. <br /> All of the county economic development income tax revenues of the City shall be set aside in <br /> the following accounts in the following order of priority and to the extent indicated below: <br /> (1) Bond Principal and Interest Account; <br /> (2) Reserve Account; and <br /> (3) Excess Account. <br /> (a) Bond Principal and Interest Account. As soon as possible <br /> upon receipt by the City of county economic development income tax distributions <br /> due in May and November of each year beginning with the May distribution in <br /> calendar year 1997 (the "May Distribution" and the "November Distribution," <br /> respectively), but in any event not later than June 15 (in the case of the May <br /> -13- <br />
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