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10134-11 Waterworks Revenue Bonds $8,300,000
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10134-11 Waterworks Revenue Bonds $8,300,000
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Last modified
12/2/2011 12:45:20 PM
Creation date
12/2/2011 12:45:17 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/28/2011
Ord-Res Number
10134-11
Bill Number
70-11
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(d) The principal of said additional Paxity Bonds shall be payable on <br /> January 1 and the interest shall be payable on January 1 and July 1 during the periods such <br /> principal and interest are payable. <br /> (e) So long as the 2000 Bonds, the 2009A Bonds or any other Parity Bonds <br /> sold to the Indiana Finance Authority through the SRF Program remain outstanding, the City <br /> shall obtain the consent of the Indiana Finance Authority to the issuance of the proposed <br /> additional Parity Bonds. <br /> SECTION 21. Further Covenants of the City. For the purpose of further safeguaxding <br /> the interests of the owners of the 2012 Bonds, it is hereby specifically provided as follows: <br /> (a) The City, through the Board, shall at all times maintain the works in good <br /> condition, and operate the same in an efficient manner and at a reasonable cost. <br /> (b) So long as any of the 2012 Bonds are outstanding, the City, through the <br /> Board, shall maintain insurance on the insurable parts of the works, of a kind and in an amount <br /> such as would normally be carried by private entities engaged in a similar type of business. All <br /> insurance shall be placed with responsible insurance companies qualified to do business under <br /> the laws of the State of Indiana. As an alternative to maintaining such insurance, the City may <br /> maintain a self-insurance program with catastrophic or similar coverage so long as such program <br /> meets the requirements of any applicable laws or regulations and is maintained in a manner <br /> consistent with programs maintained by similarly situated municipalities. Insurance proceeds or <br /> self-insurance proceeds shall be used in replacing or repairing the property destroyed or <br /> damaged, or if not used for that purpose, shall be treated and applied as Net Revenues. <br /> (c) So long as any of the 2012 Bonds are outstanding, the City shall not <br /> mortgage, pledge or otherwise encumber the works, or any part thereof, and shall not sell, lease <br /> or otherwise dispose of any part of the same, excepting only such machinery, equipment or other <br /> property as may be replaced, or shall no longer be necessary for use in connection with said <br /> utility; provided, the foregoing restrictions shall not apply to the extent approved otherwise in <br /> writing by the owner.s of all 2012 Bonds then outstanding, and the City receives an opinion of <br /> nationally recognized bond counsel to the effect that the transaction will not cause the interest on <br /> the 2012 Bonds to be included in gross income for federal income tax purposes. <br /> (d) Reserved. <br /> (e) Except as otherwise specifically provided in Section 20 of this Ordinance <br /> and in the Prior Ordinances, so long as any of the 2012 Bonds are outstanding, no additional <br /> bonds or other obligations pledging any portion of the revenues of the works shall be issued by <br /> the City, except such as shall be made junior and subordinate in all respects to the 2012 Bonds, <br /> unless all of the 2012 Bonds are defeased,redeemed or retired coincidentally with the delivery of <br /> such additional bonds or other obligations. Such subordinate obligations shall be subject to the <br /> provisions of Section 20(d). <br /> (� The provisions of this Ordinance shall constitute a contract by and <br /> between the City and the owners of the 2012 Bonds, all the terms of which shall be enforceable <br /> by any such owner by any and all appropriate proceedings in law or in equity. After the issuance <br /> - 25 - <br />
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