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Municipal Waterworks Revenue Bonds
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1992
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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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t f <br /> y 3 y <br /> i y 3 ` • <br /> of the Bonds at a price not exceeding par and <br /> accrued interest, or may be transferred to the <br /> Waterworks Improvement Fund as provided below. <br /> However, in no event shall moneys in excess of <br /> the Reserve Requirement be held in the Debt <br /> Service Reserve Account. <br /> (d) Waterworks Improvement Fund. After meeting the <br /> requirements of the Operation and Maintenance Fund and <br /> the Sinking Fund, any excess revenues may be transferred <br /> or credited to the Waterworks Improvement Fund hereby <br /> created and established (the "Waterworks Improvement <br /> Fund") , and said Fund shall be used for improvements, <br /> replacements, additions and extensions of the Waterworks. <br /> Moneys in the Waterworks Improvement Fund shall be <br /> transferred to the Sinking Fund if necessary to prevent <br /> a default in the payment of principal and interest on the <br /> then outstanding bonds or, if necessary, to eliminate any <br /> deficiencies in credits to or minimum balance in the Debt <br /> Service Reserve Account of the Sinking Fund or may be <br /> transferred to the Operation and Maintenance Fund to meet <br /> unforeseen contingencies in the operation and maintenance <br /> of the Waterworks. <br /> (e) Investment of Funds. The Sinking Fund shall <br /> be deposited in and maintained as a separate bank account <br /> or accounts from all other bank accounts of the City. <br /> The Operation and Maintenance Fund and the Waterworks <br /> Improvement Fund may be maintained in a single bank <br /> account, or accounts, but such bank account, or accounts, <br /> shall likewise be maintained separate and apart from all <br /> other bank accounts of the City and apart from the <br /> Sinking Fund bank account or accounts. All moneys <br /> deposited in the bank accounts shall be deposited, held <br /> and secured as public funds in accordance with the public <br /> depository laws of the State of Indiana; provided, that <br /> moneys therein may be invested in obligations in <br /> accordance with the applicable laws, including <br /> particularly Indiana Code, Title 5, Article 13, Chapter <br /> 9, as amended or supplemented, and in the event of such <br /> investment the income therefrom shall become a part of <br /> the funds invested and shall be used only as provided in <br /> this ordinance. <br /> Section 16. Proper Books of Records and Accounts. The <br /> City shall keep proper books of records and accounts, separate from <br /> all of its other records and accounts, in which complete and <br /> correct entries shall be made showing all revenues collected from <br /> the Waterworks and deposited in the special accounts established <br /> or continued pursuant to this Ordinance and all disbursements made <br /> therefrom and all transactions relating to the Waterworks. There <br /> shall be prepared and furnished, upon written request, to any owner <br /> 16 <br />
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