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10118-11 Authorizing Sewage Works Revenue Bonds
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10118-11 Authorizing Sewage Works Revenue Bonds
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10/7/2011 5:58:42 PM
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10/7/2011 5:58:38 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/12/2011
Ord-Res Number
10118-11
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the 2011 Bonds. Notwithstanding the prior sentence, certain of the Prior Ordinances require the <br /> City to additionally give notice to (and/or seek the consent o� the holder of certain of the Prior <br /> Bonds so long as such Prior Bonds are outstanding prior to any deposit of a Credit Facility in the <br /> Reserve Account. A "Credit Facility" is hereby defined as a letter of credit, liquidity facility, <br /> insurance policy or comparable instrument furnished by a bank, insurance company, financial <br /> institution or other entity pursuant to a reimbursement agreement or similar instrument between <br /> such entity and the City. As long as any such Credit Facility is in full force and effect, any <br /> valuation of the Reserve Account shall treat the maximum amount available under such Credit <br /> Facility as its value. To the extent that any 2011 Bonds are insured, and the Credit Facility is not <br /> being provided by the insurer of such 2011 Bonds, such insurance policy shall be subject to the <br /> insurer's prior written consent. The Mayor and the Controller are hereby authorized to obtain <br /> such a Credit Facility for each series of 2011 Bonds being sold, and are authorized to enter into <br /> any agreements with such Credit Facility provider that they deem necessary with the advice of <br /> the Financial Advisor. <br /> Prior to applying any funds held in any debt service reserve accounts securing any <br /> obligations payable out of the revenues of the sewage works of the City to the payment of such <br /> obligation, the City shall cause all funds held in the Sinking Fund (or any like fund or account <br /> from which debt service has been structured to be paid) to be applied in full before any such <br /> reserve accounts are so applied. <br /> SECTION 13. Sewa�e Works Improvement Fund. On the first day of each calendar <br /> month after the 2011 Bonds are issued, after meeting the requirements for operation, repair, and <br /> maintenance and the Sinking Fund, all available net revenues shall be credited to the Sewage <br /> Works Improvement Fund as set.forth in the Prior Ordinances and continued hereby. Said fund <br /> shall be used for improvements, replacements, additions and extensions of the Sewage Works. <br /> Moneys in the Sewage Works Improvement Fund shall be transferred to the Sinking Fund if <br /> necessary to prevent a default in the payment of principal of and interest on the tken outstanding <br /> bonds or if necessary to eliminate any deficiencies in credits to or minimum balance in the Debt <br /> Service Reserve Account of the Sinking Fund. <br /> SECTION 14. Investments. The moneys in any of such funds or accounts shall be <br /> invested in accordance with the laws of the State of Indiana relating to the depositing, holding, <br /> securing or investing of public funds, and in accordance with the arbitrage certificate delivered at <br /> the time of delivery of any bonds payable from such funds and accounts. <br /> All revenues derived from the operation of the Sewage Works and from the collection of <br /> sewage rates and charges and from the investment of moneys in the funds herein created shall be <br /> segregated and kept separate and apart from all other funds and accounts of the City. No moneys <br /> derived from the revenues of the Sewage Works (including investment income) shall be <br /> transferred to the general fund of the City or be used for any purpose not connected with the <br /> Sewage Works if such transfer or use would interfere with the flow of funds set forth herein. <br /> Investment income from such funds and accounts shall, except as otherwise provided <br /> herein, be treated as revenues of the Sewage Works, and shall be used as provided in this <br /> Ordinance. <br /> - 14 - <br />
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