06-08-20 Agenda Packet - Laserfiche WebLink

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maximum amount available under such Credit Facility as its value. To the extent that any Refunding Bonds are insured, and such Credit Facility is not being provided by the insurer of such Refunding Bonds,such Credit Facility shall be subject to the insurer's prior written consent. The Mayor and the Controller are hereby authorized to obtain such a Credit Facility for each series of Refunding Bonds being sold and are authorized to enter into any agreements with such Credit Facility provider that they deem necessary with the advice of the Municipal Advisor. ix) Prior to applying any funds held in any debt service reserve accounts securing any obligations payable out of the revenues of the sewage works of the City to the payment of such obligation, the City shall cause all funds held in the Sinking Fund (or any like fund or account from which debt service has been structured to be paid) to be applied in full before any such reserve accounts are so applied. SECTION 15. Sewage Works Improvement Fund. On the first day of each calendar month after the Refunding Bonds are issued, after meeting the requirements for operation, repair, and maintenance and the Sinking Fund, all available net revenues shall be credited to the Sewage Works Improvement Fund as set forth in the Prior Ordinances and continued hereby. Said fund shall be used for payments in lieu of taxes, improvements,replacements, additions and extensions of the Sewage Works. Moneys in the Sewage Works Improvement Fund shall be transferred to the Sinking Fund if necessary to prevent a default in the payment of principal of and interest on the then outstanding bonds or if necessary to eliminate any deficiencies in credits to or minimum balance in the Reserve Account of the Sinking Fund. SECTION 16. Investment of Funds. The moneys in any of such funds or accounts shall be invested in accordance with the laws of the State of Indiana relating to the depositing, holding, securing or investing of public funds, and in accordance with the arbitrage certificate delivered at the time of delivery of any bonds payable from such funds and accounts. All revenues derived from the operation of the Sewage Works and from the collection of sewage rates and charges and from the investment of moneys in the funds herein created shall be segregated and kept separate and apart from all other funds and accounts of the City. No moneys derived from the revenues of the Sewage Works(including investment income)shall be transferred to the general fund of the City or be used for any purpose not connected with the Sewage Works if such transfer or use would interfere with the flow of funds set forth herein. Investment income from such funds and accounts shall, except as otherwise provided herein, be treated as revenues of the Sewage Works, and shall be used as provided in this Ordinance. SECTION 17. Financial Records and Accounts. The City shall keep proper records and books of account, separate from all of its other records and accounts, in which complete and correct entries shall be made showing all revenues received on account of the operation of the utility and all disbursements made therefrom and all transactions relating to the utility. The City shall maintain on file the audited financial statements of the utility prepared by the State Board of Accounts. There shall be furnished, upon written request, to any owner of the Refunding Bonds, the most recent copy of the audited financial statements of the utility prepared by the State Board 16 -