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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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F1 , ' <br /> ' no additional bonds or other obligations pledging any <br /> portion of the revenues of the Waterworks shall be <br /> authorized, executed or issued by the City except as <br /> shall be made subordinate and junior in all respects to <br /> the Bonds or unless the Bonds are defeased, redeemed and <br /> retired coincidentally with the delivery of such <br /> additional bonds or other obligations or, as provided in <br /> Section 21 hereof, funds sufficient to effect such <br /> redemption are available and set aside for such purpose <br /> at the time of issuance of such additional bonds or <br /> obligations. <br /> (f) So long as any of the Bonds are outstanding, <br /> the City and the Board shall not mortgage, pledge or <br /> otherwise encumber the Waterworks or any part thereof, <br /> except as authorized by the laws pursuant to which the <br /> Bonds are issued, and shall not sell, lease or otherwise <br /> dispose of any portion thereof except such equipment <br /> which may become worn out or obsolete, and which shall <br /> be replaced. <br /> (g) The provisions of this Ordinance shall be <br /> construed to create a trust in the proceeds of the sale <br /> of the Bonds for the uses and purposes herein set forth <br /> and, so long as any of the Bonds are outstanding, the <br /> provisions of this Ordinance shall also be construed to <br /> create a trust in the Net Revenues of the Waterworks <br /> herein directed to be set apart and paid into the Sinking <br /> Fund for the uses and purposes of such Fund as set forth <br /> in this Ordinance. <br /> (h) The provisions of this Ordinance shall <br /> constitute a contract by and between the City and the <br /> owners of the Bonds, all of the terms of which shall be <br /> enforceable at law or in equity, and after the issuance <br /> of the Bonds this Ordinance shall not be repealed or <br /> amended in any respect which would adversely affect the <br /> rights and interests of the owners of the Bonds, and the <br /> Common Council and the Board shall not adopt any law, <br /> ordinance or resolution which in any way would adversely <br /> affect the rights of such owners so long as any of the <br /> principal of or interest on the Bonds remains unpaid; <br /> provided, that the City shall have the right to amend <br /> this Ordinance, under certain circumstances, without <br /> notice to or approval by any owners of the Bonds in <br /> accordance with Section 24 of this Ordinance. The owners <br /> of the Bonds shall have all of the rights, remedies and <br /> privileges provided in the Act and under Indiana law, <br /> including without limitation the making and collection <br /> of reasonable and sufficient rates lawfully established <br /> for the use of the services and facilities of the <br /> Waterworks, the segregation of the revenues of the <br /> 20 <br />
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