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8419-93 Amending Ordinance #8318-92 Issuance of Revenue Bonds Waterworks
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8419-93 Amending Ordinance #8318-92 Issuance of Revenue Bonds Waterworks
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10/2/2012 3:03:42 PM
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10/2/2012 3:03:39 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/27/1993
Ord-Res Number
8419-93
Bill Number
81-93
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e <br /> the Bonds from the date thereof to their respective <br /> maturities and deducting therefrom the premium bid, if <br /> any, or adding thereto the amount of any discount. No <br /> bid for less than all of the Bonds or for less than <br /> ninety-eight percent (98%) of the par value of the Bonds, <br /> plus accrued interest to the date of delivery, shall be <br /> considered. The City shall have the right to reject any <br /> and all bids. In the event an acceptable bid is not <br /> received on the date fixed in the notice, the Controller <br /> shall be authorized to continue the sale from day to day <br /> for a period of not to exceed thirty (30) days without <br /> readvertisement, subject to the requirements of Indiana <br /> law. <br /> Prior to the delivery of the Bonds, the <br /> Controller, subject to the direction of the Board, <br /> (i) shall be authorized to investigate and to obtain <br /> insurance, other forms of credit enhancement and/or <br /> credit ratings on the Bonds, and (ii) shall obtain a <br /> legal opinion as to the validity of the Bonds from <br /> Baker & Daniels, South Bend, Indiana, bond counsel for <br /> the City with respect to the Bonds, with such opinion to <br /> be furnished to the purchaser or purchasers of the Bonds <br /> at the expense of the City. The costs of obtaining any <br /> such insurance, other credit enhancement and/or credit <br /> ratings, together with bond counsel's fee in preparing <br /> and delivering such opinion and in the performance of <br /> related services in connection with the issuance, sale <br /> and delivery of the Bonds, shall be considered as a part <br /> of the costs of issuance of the Bonds and shall be paid <br /> out of the proceeds of the sale of the Bonds. <br /> Section 14. Disposition of Proceeds of the <br /> Bonds; Waterworks Construction Account. The proceeds <br /> from the sale of the Bonds shall be deposited and applied <br /> as follows: <br /> (a) The accrued interest and premium <br /> received at the time of the delivery of the <br /> Bonds, if any, shall be deposited in the Bond <br /> and Interest Account, as defined and described <br /> herein. <br /> (b) A portion of the proceeds from the <br /> sale of the Bonds will be deposited into the <br /> Debt Service Reserve Account defined and <br /> described hereinbelow, which amount shall, in <br /> no event, exceed the Reserve Requirement <br /> established for the Bonds in Section 15 <br /> hereinbelow. <br /> 10 <br />
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