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10190-12 Refinance Waterworks revenue of 2002
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10190-12 Refinance Waterworks revenue of 2002
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Last modified
10/12/2012 12:35:11 PM
Creation date
10/12/2012 12:35:02 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/8/2012
Ord-Res Number
10190-12
Bill Number
53-12
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associated with the issuance of the 2012B Bonds, including the premium for any bond insurance <br /> obtained for the 2012B Bonds, shall be deposited into 4a fund of the utility hereby created and <br /> designated as "City of South Bend, Indiana Waterworks 2012B Costs of Issuance Fund" (the <br /> "Costs of Issuance Fund"). The proceeds deposited in the Costs of Issuance Fund, together with <br /> all investment earnings thereon, shall be expended only for the purpose of paying the costs of <br /> issuance of the 2012B Bonds and other fees and charges associated with the issuance of the <br /> 2012B Bonds, including the premium for any bond insurance obtained for the 2012B Bonds. The <br /> remaining proceeds from the sale of the 2012B Bonds shall be deposited into a fund of the utility <br /> hereby created and designated as "City of South Bend, Indiana Waterworks 2012B Refunding <br /> Fund" (the "Refunding Fund"). The proceeds deposited in the Refunding Fund, together with all <br /> investment earnings thereon, shall be expended only for the purpose of paying the costs of the <br /> Refunding. <br /> SECTION 12. Revenue Fund. There is hereby continued a fund of the utility created <br /> and designated in the Prior Ordinances as the Revenue Fund (the "Revenue Fund"). All income <br /> and revenues of the works shall be paid into the Revenue Fund for application as described <br /> below. <br /> SECTION 13. Operation and Maintenance Fund. There is hereby continued a fund of <br /> the utility created and designated in the Prior Ordinances as the Operation and Maintenance Fund <br /> (the "Operation and Maintenance Fund") (also shown on the books of the utility as the Operating <br /> Fund). There shall be transferred from the Revenue Fund and credited to the Operation and <br /> Maintenance Fund, on the last day of each calendar month, a sufficient amount so that the <br /> balance in this Fund shall be sufficient to pay the expenses of operation, repair and maintenance <br /> for the then next succeeding two calendar months. The moneys credited to this Fund shall be <br /> used for the payment of the reasonable and proper operation, repair and maintenance expenses of <br /> the works on a day-to-day basis, but none of the moneys in the Operation and Maintenance Fund <br /> shall be used for depreciation, replacements, improvements, extensions or additions. Any <br /> balance in Operation and Maintenance Fund in excess of the expected expenses of operation, <br /> repair and maintenance for the next succeeding two calendar months may be transferred to the <br /> Sinking Fund if necessary to prevent a default in the payment of principal of or interest on the <br /> outstanding bonds of the works. <br /> SECTION 14. Sinking Fund. There is hereby continued a fund of the utility created <br /> and designated in the Prior Ordinances as the Sinking Fund (the "Sinking Fund"), to be used for <br /> the payment of the principal of and interest on bonds which by their terms are payable from the <br /> Net Revenues, and for the payment of any fiscal agency charges in connection with such <br /> payment. The Sinking Fund is divided into two accounts designated as the Bond and Interest <br /> Account and the Debt Service Reserve Account, which are pledged for the purposes set forth <br /> below. There shall be set aside and deposited in the Sinking Fund, as available, and as <br /> hereinafter provided, a sufficient amount of the Net Revenues to meet the requirements of the <br /> Bond and Interest Account (also shown on the books of the utility as the Bond Sinking Fund) <br /> and of the Debt Service Reserve Account. Such payments shall continue until the balance in the <br /> Bond and Interest Account, plus the balance in the Debt Service Reserve Account, equals the <br /> amount needed to redeem all of the then outstanding bonds. <br /> - 17 - <br />
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