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9603-05 Authorizing the Issuance of Revenue Bonds - Concerning the Construction of Improvements to the Municipal Waterworks - not to exceed $4,710,000
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9603-05 Authorizing the Issuance of Revenue Bonds - Concerning the Construction of Improvements to the Municipal Waterworks - not to exceed $4,710,000
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Last modified
12/13/2010 10:32:41 AM
Creation date
2/12/2008 1:46:10 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
7/25/2005
Ord-Res Number
9603-05
Bill Number
39-05
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insurance for the 2005 Bonds, and the taking of such actions and the execution and delivery of <br />such agreements and instruments are hereby approved. <br />SECTION 11. Use of Proceeds. The accrued interest received at the time of <br />delivery of the 2005 Bonds, if any, and premium, if any, shall be deposited in the Bond and <br />Interest Account of the Sinking Fund (as hereafter defined) and applied to payments on the 2005 <br />Bonds on the first interest payment date. An amount of proceeds from the sale of the 2005 <br />Bonds equal to the amount described in Section 14(b) will be deposited to the Debt Service <br />Reserve Account and applied as described below. The remaining proceeds from the sale of the <br />2005 Bonds, to the extent not used to refund BANs issued pursuant to this Ordinance, shall be <br />deposited in a fund of the utility hereby created and designated as "City of South Bend, Indiana <br />Waterworks 2005 Bond Construction Fund" (the "Construction Fund"). The proceeds deposited <br />in the Construction Fund, together with all investment earnings thereon, shall be expended only <br />for the purpose of paying the costs of the Project and the costs of selling and issuing the 2005 <br />Bonds, including the premium for any bond insurance obtained for the 2005 Bonds. <br />Any balance remaining in the Construction Fund after the completion of the Project <br />which is not required to meet unpaid obligations incurred in connection therewith and on account <br />of the sale and issuance of the 2005 Bonds shall be paid into the Principal and Interest Account <br />of the Sinking Fund and used solely for the purposes of such Account or used for the same <br />purpose or type of project for which the 2005 Bonds were originally issued, all in accordance <br />with I.C. 5-1-13, as amended or as otherwise permitted by law. <br />SECTION 12. Revenue Fund. There is hereby continued a fund of the utility <br />created and designated in the Prior Ordinances as the Revenue Fund (the "Revenue Fund"). All <br />income and revenues of the works shall be paid into the Revenue Fund for application as <br />described below. <br />SECTION 13. Operation and Maintenance Fund. There is hereby continued a <br />fund of the utility created and designated in the Prior Ordinances as the Operation and <br />Maintenance Fund (the "Operation and Maintenance Fund") (also shown on the books of the <br />utility as the Operating Fund). There shall be transferred from the Revenue Fund and credited to <br />the Operation and Maintenance Fund, on the last day of each calendar month, a sufficient <br />amount so that the balance in this Fund shall be sufficient to pay the expenses of operation, <br />repair and maintenance for the then next succeeding two calendar months. The moneys credited <br />to this Fund shall be used for the payment of the reasonable and proper operation, repair and <br />maintenance expenses of the works on a day-to-day basis, but none of the moneys in the <br />Operation and Maintenance Fund shall be used for depreciation, replacements, improvements, <br />extensions or additions. Any balance in Operation and Maintenance Fund in excess of the <br />expected expenses of operation, repair and maintenance for the next succeeding two calendar <br />months may be transferred to the Sinking Fund if necessary to prevent a default in the payment <br />of principal of or interest on the outstanding bonds of the works. <br />SECTION 14. Sinking Fund. There is hereby continued a fund of the utility <br />created and designated in the Prior Ordinances as the Sinking Fund (the "Sinking Fund"), to be <br />used for the payment of the principal of and interest on bonds which by their terms are payable <br />from the Net Revenues, and for the payment of any fiscal agency charges in connection with <br />-17- <br />
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