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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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• <br /> f ' <br /> costs of the completion of such work, and (ii) the Common Council <br /> must approve and file such certificate in the office of the Clerk <br /> for public inspection. <br /> Section 19. Additional Bonds. In addition to the <br /> Completion Bonds authorized under Section 18, the City reserves <br /> the right to authorize and issue additional bonds, payable out of <br /> the revenues of the Waterworks, ranking on a parity with the Bonds <br /> authorized by this Ordinance, for the purpose of financing the cost <br /> of future additions, extensions and improvements to the Waterworks, <br /> subject to the following conditions: <br /> (a) The interest on and principal of all bonds <br /> payable from the revenues of the Waterworks shall have <br /> been paid to date in accordance with the terms thereof, <br /> and all required payments into the Sinking Fund required <br /> by this Ordinance shall have been made. <br /> (b) The Net Revenues of the Waterworks in the <br /> fiscal year immediately preceding the issuance of any <br /> such bonds ranking on a parity with the bonds authorized <br /> by this Ordinance shall be not less than one hundred <br /> twenty-five percent (125%) of the maximum annual interest <br /> and principal requirements of the then outstanding bonds <br /> and the additional parity bonds proposed to be issued; <br /> or, prior to the issuance of said additional parity <br /> bonds, the water rates and charges shall be increased <br /> sufficiently so that the increased rates and charges <br /> applied to the previous fiscal year's operations would <br /> have produced Net Revenues for the year equal to not less <br /> than one hundred twenty-five percent (125%) of the <br /> maximum annual interest and principal requirements of the <br /> then outstanding bonds and the additional parity bonds <br /> proposed to be issued. For purposes of this subsection, <br /> the records of the Waterworks shall be analyzed and all <br /> showings prepared by an independent certified public <br /> accountant employed by the City for that purpose. <br /> (c) To the extent required by law, the issuance of <br /> the proposed additional parity bonds and any necessary <br /> increase in water rates and charges shall have been <br /> approved by the Indiana Utility Regulatory Commission, <br /> or any successor body vested by law with authority to <br /> approve bonds and water rates and charges of municipal <br /> waterworks. <br /> (d) The interest on the additional parity bonds <br /> shall be payable semiannually on the first days of <br /> January 1 and July 1 and the principal of the bonds shall <br /> be payable annually on the first day of January 1 in the <br /> years in which both principal and interest are payable. <br /> 18 <br />
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