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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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of the 2012 Bonds and so long as any of the principal thereof or interest or premium, if any, <br /> thereon remains unpaid, except as expressly provided herein, this Ordinance shall not be <br /> repealed or amended in any respect which, in the determination of the Council in its sole <br /> discretion, will materially and adversely affect the rights of such owners, nor shall the Council or <br /> any other body of the City adopt any law, ordinance or resolution which, in the determination of <br /> the Council in its sole discretion, in any way materially and adversely affects the rights of such <br /> owners. <br /> (g) The provisions of this Ordinance shall be construed to create a trust in the <br /> proceeds of the sale of the 2012 Bonds for the uses and purposes herein set forth, and the owners <br /> of the 2012 Bonds shall retain a lien on such proceeds until the same are applied in accordance <br /> with the provisions of this Ordinance and the Act. The provisions of this Ordinance shall also be <br /> construed to create a trust in the Net Revenues herein directed to be set apart and paid into the <br /> Sinking Fund for the uses and purposes of that Fund as set forth in this Ordinance. The owners <br /> of the 2012 Bonds shall have all the rights, remedies and privileges set forth in the Act. <br /> (h) All contracts let by the City in connection with the construction of the <br /> Project shall be let after due advertisement as required by the laws of the State of Indiana, and all <br /> contractors shall be required to furnish surety bonds in an amount equal to 100% of the amount of <br /> such contracts, to insure the completion of said contracts in accordance with their terms, and such <br /> contractors shall also be required to carry such employers' liability and public liability insurance <br /> as are required under the laws of the State of Indiana in the case of public contracts, and shall be <br /> governed in all respects by the laws of the State of Indiana relating to public contracts. <br /> (i) The Project shall be constructed under plans and specifications approved <br /> by a competent engineer designated by the City. All estimates for work done or material <br /> furnished shall first be checked by the engineer and approved by the City. <br /> SECTION 22. Amendments With Consent of Bondholders. Subject to the terms and <br /> provisions contained in this section and Sections 21 and 23, the owners of not less than a <br /> majority in aggregate principal amount of the 2012 Bonds and then outstanding shall have the <br /> right, from time to time, to consent to and approve the adoption by the Council of such ordinance <br /> or ordinances supplemental hereto, as shall be deemed necessary or desirable by the City for the <br /> purpose of amending in any particular any of the terms or provisions contained in this Ordinance, <br /> or in any supplemental Ordinance; provided, however, nothing herein contained shall permit or <br /> be construed as permitting: <br /> (a) An extension of the maturity of the principal of or interest or premium, if <br /> any, on any 2012 Bond or an advancement of the earliest redemption date on any 2012 Bond, <br /> without the consent of the holder of each 2012 Bond so affected; or <br /> (b) A reduction in the principal amount of any 2012 Bond, the redemption <br /> premium, the Reserve Requirement therefor or the rate of interest thereon, or a change in the <br /> monetary mediuxn in which such amounts are payable, without the consent of the holder of each <br /> 2012 Bond so affected; or <br /> - 26 - <br />
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