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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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irrevocable pledge of and shall constitute a charge upon all the net revenues (defined as gross <br />revenues of the works after deduction only for the payment of the reasonable expenses of <br />operation, repair and maintenance) of the works (the "Net Revenues"). The City shall not be <br />obligated to pay the 2005 Bonds or the interest thereon except from the Net Revenues, and the <br />2005 Bonds shall not constitute an indebtedness of the City within the meaning of the provisions <br />and limitations of the constitution of the State of Indiana. <br />All payments of interest on the 2005 Bonds shall be paid by check mailed one business <br />day prior to the interest payment date to the registered owners thereof as of the fifteenth (15th) <br />day of the month preceding the interest payment date (the "Record Date") at the addresses as <br />they appear on the registration and transfer books of the City kept for that purpose by the <br />Registrar (the "Registration Record") or at such other address as is provided to the Paying Agent <br />in writing by such registered owner. Each registered owner of $1,000,000 or more in principal <br />amount of 2005 Bonds shall be entitled to receive interest payments by wire transfer by <br />providing written wire instructions to the Paying Agent before the Record Date for any payment. <br />All principal payments and premium payments, if any, on the 2005 Bonds shall be made upon <br />surrender thereof at the principal office of the Paying Agent, in any U.S. coin or currency which <br />on the date of such payment shall be legal tender for the payment of public and private debts, or <br />in the case of a registered owner of $1,000,000 or more in principal amount of 2005 Bonds, by <br />wire transfer on the due date upon written direction of such owner provided at least fifteen (15) <br />days prior to the maturity date or redemption date. <br />Interest on 2005 Bonds shall be payable from the interest payment date to which interest <br />has been paid next preceding the authentication date thereof unless such 2005 Bonds are <br />authenticated after the Record Date for an interest payment date and on or before such interest <br />payment date in which case they shall bear interest from such interest payment date, or unless <br />authenticated on or before the Record Date for the first interest payment date, in which case they <br />shall bear interest from the original date, until the principal shall be fully paid. <br />SECTION 4. Transfer and Exchange of Bonds. Each 2005 Bond shall be transferable <br />or exchangeable only upon the Registration Record, by the registered owner thereof in writing, <br />or by the registered owner's attorney duly authorized in writing, upon surrender of such 2005 <br />Bond together with a written instrument of transfer or exchange satisfactory to the Registrar duly <br />executed by the registered owner or such attorney, and thereupon a new fully registered 2005 <br />Bond or Bonds in the same aggregate principal amount, and of the same maturity, shall be <br />executed and delivered in the names of the transferee or transferees or the registered owner, as <br />the case maybe, in exchange therefor. The costs of such transfer or exchange shall be borne by <br />the City except for any tax or governmental charge required to be paid with respect to the <br />transfer or exchange, which taxes or governmental charges are payable by the person requesting <br />such transfer or exchange. The City, the Registrar and the Paying Agent may treat and consider <br />the persons in whose names such 2005 Bonds are registered as the absolute owners thereof for all <br />purposes including for the purpose of receiving payment of, or on account of, the principal <br />thereof and interest and premium, if any, due thereon. <br />In the event any 2005 Bond is mutilated, lost, stolen or destroyed, the City may execute <br />and the Registrar may authenticate a new bond of like date, maturity and denomination as that <br />mutilated, lost, stolen or destroyed, which new bond shall be marked in a manner to distinguish it <br />-5- <br />
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