Municipal Waterworks Revenue Bonds

Home Browse Search

deposits into the Waterworks Sinking Fund to provide for the liquidation of bonds or other obligations, including leases; (c) provide a debt service reserve for bonds or other obligations, including leases, as required by the terms of such obligations; (d) provide adequate money for working capital; (e) make all required deposits into the Waterworks Improvement Fund to provide adequate money for making extensions and replacements for the Waterworks; and (f) provide money for the payment of any taxes that may be assessed against the Waterworks. The owner of this bond shall have all of the rights, remedies and privileges provided in the Act, and under Indiana law, including the making and collecting of reasonable and sufficient rates lawfully established for the use of the services and facilities of the Waterworks, the segregation of the revenues of the Waterworks and the application of funds as provided in the Ordinance. The bonds of this issue maturing on or after January 1, 2004, are subject to redemption prior to maturity, at the option of the City, in whole or in part, on January 1, 2003, or at any time thereafter, in inverse order of maturity and by lot within any such maturity or maturities by the Registrar at a redemption price expressed as a percentage of the principal amount of each bond to be redeemed in accordance with the following schedule, plus accrued interest to the date of redemption: Redemption Period (Both Dates Inclusivej Redemption Price January 1, 2003 through December 31, 2003 102% January 1, 2004 through December 31, 2004 101% January 1, 2005 through December 31, 2005 100% Notice of any such redemption identifying the Bonds shall be sent by registered or certified mail to the Registered Owner of this bond not more than sixty (60) and not less than thirty (30) days prior to the date fixed for redemption, unless such notice is waived by the Registered Owner; provided, however, that failure to give such notice by mailing, or any defect therein, with respect to any such bond will not affect the validity of any proceedings for redemption of any other such bonds. The notice shall specify the redemption price, the date and place of redemption, and the registration numbers (and in case of partial redemption, the respective principal amounts) of the bonds called for redemption. Interest on bonds so called for redemption shall cease to accrue on the redemption date fixed in such notice, so long as sufficient funds are available at the place of redemption to pay the redemption price on the redemption date or when presented for payment. -5-