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Municipal Waterworks Revenue Bonds
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Municipal Waterworks Revenue Bonds
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Last modified
5/13/2013 1:13:21 PM
Creation date
10/11/2012 11:36:33 AM
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Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/23/1992
Ord-Res Number
8318-92
Bill Number
93-92
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T t 1 <br /> t <br /> for' a period of not to exceed thirty (30) days without <br /> readvertisement, subject to the requirements of Indiana law. <br /> Prior to the delivery of the Bonds, the Controller, <br /> subject to the direction of the Board, (i) shall be authorized to <br /> investigate and to obtain insurance, other forms of credit <br /> enhancement and/or credit ratings on the Bonds, and (ii) shall <br /> obtain a legal opinion as to the validity of the Bonds from Baker & <br /> Daniels, South Bend, Indiana, bond counsel for the City with <br /> respect to the Bonds, with such opinion to be furnished to the <br /> purchaser or purchasers of the Bonds at the expense of the City. <br /> The costs of obtaining any such insurance, other credit enhancement <br /> and/or credit ratings, together with bond counsel's fee in <br /> preparing and delivering such opinion and in the performance of <br /> related services in connection with the issuance, sale and delivery <br /> of the Bonds, shall be considered as a part of the costs of <br /> issuance of the Bonds and shall be paid out of the proceeds of the <br /> sale of the Bonds. <br /> Section 11. Authorization to Sell and Deliver a Lesser <br /> Amount of the Bonds. In the event it shall be hereafter determined <br /> that it is not necessary to issue all of the Bonds authorized by <br /> this Ordinance, the Controller shall be authorized to sell and <br /> deliver a lesser amount of Bonds than herein authorized in such <br /> maturities as the Controller and the Board may determine. <br /> Section 12. Issuance and Delivery of the Bonds. The <br /> Controller is hereby authorized and directed to have the Bonds <br /> prepared, and the Mayor, Controller and the Clerk of the City (the <br /> "Clerk") are each hereby authorized and directed to execute or <br /> cause the execution of the Bonds in the form and manner herein <br /> provided. The Controller is hereby authorized and directed to <br /> deliver the Bonds to the Treasurer of St. Joseph County, ex officio <br /> treasurer of the City (the "Treasurer") , and shall take his receipt <br /> therefor, and upon the consummation of the sale of the Bonds, the <br /> Controller shall certify to the Treasurer the amount which the <br /> purchaser or purchasers of the Bonds is or are to pay for the Bonds <br /> together with the name and address of the purchaser or purchasers; <br /> thereupon, the Treasurer shall be authorized to receive from the <br /> purchaser or purchasers the amount so certified from the Controller <br /> and to deliver the Bonds to the purchaser or purchasers thereof <br /> upon compliance with the requirements established hereunder and <br /> under the Act for the sale thereof, and to take the receipt of the <br /> purchaser or purchasers for the Bonds. The amount to be certified <br /> by the Controller and collected by the Treasurer shall be the full <br /> amount which the respective purchaser or purchasers have agreed to <br /> pay therefor, which shall be not less than the par, or percentage <br /> of par value of the Bonds required to be paid pursuant hereto, plus <br /> accrued interest thereon to the date of delivery. If the Treasurer <br /> is not available, then the Controller shall deliver the Bonds to <br /> the purchaser or purchasers and deliver the proceeds to the <br /> Treasurer. The Controller and the Treasurer shall then report the <br /> 11 <br />
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