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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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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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For purposes of this Section 19, the records of the <br /> Waterworks shall be analyzed and all showings shall be prepared by <br /> an independent certified public accountant retained by the City for <br /> that purpose. <br /> Section 20. Additional Covenants of the City. For <br /> purposes of further safeguarding the interests of the owners of the <br /> Bonds, the City additionally covenants, represents and agrees as <br /> follows: <br /> (a) All construction contracts let by the City in <br /> connection with the Project shall be let to responsible <br /> contractors who shall be required to furnish construction <br /> bonds running to the City in an amount equal to one <br /> hundred percent (100%) of the amount of such contracts <br /> to insure the completion of such contracts in accordance <br /> with their terms, and such contractors shall be required <br /> to carry such amounts of employers' liability and public <br /> liability insurance as are required under the laws of the <br /> State of Indiana in the case of public contracts, and <br /> shall be governed in all respects by the laws of the <br /> State of Indiana relating to public contracts. <br /> (b) The Project shall be contracted for and <br /> constructed pursuant to the plans, specifications, <br /> descriptions and estimates prepared by the Engineers and <br /> constructed under the supervision of such engineers and <br /> such other consulting engineers as may be employed by the <br /> Board. All estimates for work done and materials <br /> furnished shall first be checked by the Department of <br /> Waterworks or the Engineers before being approved by the <br /> City. <br /> (c) The City, through the Board, shall at all times <br /> maintain the Waterworks in good condition and operate the <br /> Waterworks in an efficient manner and at a reasonable <br /> cost. <br /> (d) So long as any of the Bonds are outstanding, <br /> the City, through the Board, shall maintain insurance on <br /> the insurable parts of the Waterworks of a kind and in <br /> an amount such as is customarily carried by private <br /> companies engaged in a similar type of business. All <br /> insurance shall be placed with responsible insurance <br /> companies qualified to do business in the State of <br /> Indiana. Any insurance proceeds collected shall be used <br /> in replacing or repairing the property destroyed or <br /> damaged; or if not used for such purpose, shall be <br /> treated and applied as Net Revenues of the Waterworks. <br /> (e) Except as provided in Section 19 of this <br /> Ordinance, so long as any of the Bonds are outstanding, <br /> 19 <br />
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