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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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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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i I I <br /> • <br /> 1 • <br /> 1 <br /> special accounts shall be deposited, secured, and held <br /> or invested in accordance with the laws of the State of <br /> Indiana relating to the depositing, securing, and holding <br /> or investing of public funds, including particularly <br /> applicable provisions of Indiana Code 5-13-9, as amended. <br /> Any interest or income derived from any such investments <br /> shall become a part of the moneys in the Fund or Account <br /> so invested. Amounts in the Construction Account shall <br /> be expended only for the purpose of paying the costs of <br /> the Project herein authorized, together with the <br /> incidental expenses incurred in connection therewith and <br /> the costs of the issuance of the Bonds. Any balance or <br /> balances remaining unexpended in the Construction Account <br /> after completion of the Project, which are not required <br /> to meet unpaid obligations incurred in connection with <br /> the construction, installation, and equipping of the <br /> Project, shall be used solely for one or more of the <br /> purposes permitted under the provisions of IC 5-1-13, as <br /> amended. <br /> Section 15. Segregation and Application of Revenues; <br /> Accounts of Waterworks. The income and revenues of the Waterworks, <br /> together with the income and revenues of all extensions, additions, <br /> improvements thereto, and replacements thereof made pursuant to <br /> this Ordinance, or subsequently, shall be set aside into separate <br /> and special funds and accounts created and established herein <br /> below, to be used and applied in the maintenance and operation <br /> thereof, in establishing an improvement fund, and payment of the <br /> principal of all bonds which by their terms are payable from the <br /> Net Revenues of the Waterworks, together with the interest thereon. <br /> (a) Revenue Fund. All income and revenues of the <br /> Waterworks shall be paid into the Revenue Fund hereby created <br /> and established (the "Revenue Fund") , which fund shall be <br /> maintained separate and apart from all other bank accounts of <br /> the City. <br /> (b) Operation and Maintenance Fund. There shall <br /> be credited on the last day of each calendar month a <br /> sufficient amount of the revenues of the Waterworks so <br /> that the balance in the Operation and Maintenance Fund <br /> hereby created and established (the "Operation and <br /> Maintenance Fund") shall be sufficient to pay the <br /> expenses of operation, repair and maintenance for the <br /> then next succeeding two calendar months. The moneys <br /> credited to the Operation and Maintenance Fund shall be <br /> used for the payment of the reasonable and proper <br /> operation, repair and maintenance expenses of the <br /> Waterworks on a day-to-day basis, but none of the moneys <br /> in such Operation and Maintenance Fund shall be used for <br /> depreciation, replacements, improvements, extensions or <br /> 13 <br />
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