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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
Creation date
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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• <br /> • <br /> (c) The remaining proceeds from the sale <br /> of the Bonds shall be deposited in a bank or <br /> banks which are legally qualified depositories <br /> for the funds of the City, in a special <br /> account or accounts to be designated as "City <br /> of South Bend, Waterworks Construction <br /> Account" (hereafter called the "Construction <br /> Account") , and shall be in the custody and <br /> control of the Board. Each of such special <br /> accounts shall be deposited, secured, and held <br /> or invested in accordance with the laws of the <br /> State of Indiana relating to the depositing, <br /> securing, and holding or investing of public <br /> funds, including particularly applicable <br /> provisions of Indiana Code 5-13-9, as amended. <br /> Any interest or income derived from any such <br /> investments shall become a part of the moneys <br /> in the Fund or Account so invested. Amounts <br /> in the Construction Account shall be expended <br /> only for the purpose of paying the costs of <br /> the Project herein authorized, together with <br /> the incidental expenses incurred in connection <br /> therewith and the costs of the issuance of the <br /> Bonds. Any balance or balances remaining <br /> unexpended in the Construction Account after <br /> completion of the Project, which are not <br /> required to meet unpaid obligations incurred <br /> in connection with the construction, <br /> installation, and equipping of the Project, <br /> shall be used solely for one or more of the <br /> purposes permitted under the provisions of <br /> IC 5-1-13, as amended. <br /> Section 15. Segregation and Application of <br /> Revenues; Accounts of Waterworks. The income and <br /> revenues of the Waterworks, together with the income and <br /> revenues of all extensions, additions, improvements <br /> thereto, and replacements thereof made pursuant to this <br /> Ordinance, or subsequently, shall be set aside into <br /> separate and special funds and accounts created and <br /> established herein below, to be used and applied in the <br /> maintenance and operation thereof, in establishing an <br /> improvement fund, and payment of the principal of all <br /> bonds which by their terms are payable from the Net <br /> Revenues of the Waterworks, together with the interest <br /> thereon. <br /> (a) Revenue Fund. All income and <br /> revenues of the Waterworks shall be paid into <br /> the Revenue Fund hereby created and <br /> 11 <br />
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