25-20 Sewage Works Refunding Bond Ordinance

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(e) The City will not make any investment or do any other act or thing during the period that any Tax-Exempt Bond is outstanding hereunder which would cause any Tax- Exempt Bond to be an "arbitrage bond" within the meaning of Section 148 of the Code and the regulations thereunder as applicable to the Tax-Exempt Bonds. Notwithstanding any other provisions of this Ordinance, the foregoing covenants and authorizations(the"Tax Sections")which are designed to preserve the exclusion of interest on the Tax-Exempt Bonds from gross income under federal law (the "Tax Exemption") need not be complied with to the extent the City receives an opinion of nationally recognized bond counsel that compliance with such Tax Section is unnecessary to preserve the Tax Exemption. SECTION 25. Rate and Charges. The rates and charges of the Works are set forth or described in Chapter 17 of the South Bend Municipal Code as the same has been amended by Ordinance No. 10688-19 adopted by the Council at a meeting held on October 28, 2019 which has been re-affirmed by Ordinance No. 10705-20 adopted by the Council on February 24, 2020. Such chapter and ordinances are hereby incorporated by reference as if set forth in full at this place,two copies of which are on file and available for public inspection in the office of the City Clerk pursuant to Indiana Code 36-1-5-4. SECTION 26. Non-Business Days. If the date of making any payment or the last date for performance of any act or the exercising of any right, as provided in this Ordinance, shall be a legal holiday or a day on which banking institutions in the City or the jurisdiction in which the Registrar or Paying Agent is located are typically closed, such payment may be made or act performed or right exercised on the next succeeding day not a legal holiday or a day on which such banking institutions are typically closed, with the same force and effect as if done on the nominal date provided in this Ordinance, and no interest shall accrue for the period after such nominal date. SECTION 27. No Conflict. The Council hereby finds and determines that the adoption of this Ordinance and the issuance of the Refunding Bonds are in compliance with the Prior Ordinances. The Prior Ordinances shall remain in full force and effect. All ordinances and resolutions and parts thereof in conflict herewith, except the Prior Ordinances, are to the extent of such conflict hereby repealed. None of the provisions of this Ordinance shall be construed to adversely affect the rights of the owners of any bonds ranking on parity with the Refunding Bonds. SECTION 28. Severability. If any section, paragraph or provision of this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Ordinance. SECTION 29. Interpretation. Unless the context or laws clearly require otherwise, references herein to statutes or other laws include the same as modified, supplemented or superseded from time to time. SECTION 30. Payment on Bonds in the Event of Default. In the event available moneys are insufficient to pay debt service on the Refunding Bonds and bonds ranking on parity with the Refunding Bonds when due, available moneys shall be applied, after payment of all costs and expenses associated therewith, to the Refunding Bonds and any such parity bonds as follows: - 22 -