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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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Subaccount constitutes the margin for safety and as protection against default in the payment of <br /> principal of and interest on the 2009A Bonds; (iii) the moneys in such 2009A Subaccount shall <br /> be used to pay current principal and interest on the 2009A Bonds, to the extent that moneys in <br /> the Bond and Interest Account are insufficient for that purpose; (iv); the 2009A Bonds were sold <br /> to the Indiana Finance Authority pursuant to its Drinking Water Revolving Loan Program (the <br /> "SRF Program") and pursuant to the 2009 Ordinance the "Reserve Requirement" for the 2009A <br /> Bonds for which the 2009A Subaccount was establish means the maximum annual debt service <br /> on the 2009A Bonds; and (v) each of the provisions in the 2009 Ordinance pertaining to the <br /> 2009A Subaccount remain in full force and effect. <br /> SECTION 15. Improvement Fund. After meeting the requirements of the Operation <br /> and Maintenance Fund and the Sinking Fund, any excess revenues may be transferred from the <br /> Revenue Fund and credited to the special utility fund hereby continued which was created and <br /> designated in the Prior Ordinances as the "Waterworks Improvement Fund" (the "Improvement <br /> Fund") (also shown on the books of the utility as the Depreciation Fund), and said Fund shall be <br /> used for improvements, replacements, additions and extensions of the works. Moneys in the <br /> Improvement Fund shall be transferred to the Sinking Fund if necessary to prevent a default in <br /> the payment of principal of and interest on the then outstanding bonds or, if necessary, to <br /> eliminate any deficiencies in credits to or minimum balance in the Debt Service Reserve Account <br /> of the Sinking Fund, or may be transferred to the Operation and Maintenance Fund to meet <br /> unforeseen contingencies in the operation and maintenance of the works. <br /> SECTION 16. Investment of Funds. The Revenue Fund and the Sinking Fund each <br /> shall be deposited in and maintained as a separate bank account or accounts from all other bank <br /> accounts of the City. The Operation and Maintenance Fund and the Improvement Fund may be <br /> maintained in a single bank account or accounts, but such bank account or accounts shall <br /> likewise be maintained separate and apart from the Revenue Fund and all other bank accounts of <br /> the City and apart from the Revenue Fund and the Sinking Fund bank accounts. All moneys <br /> deposited in the bank accounts shall be deposited, held and secured as public funds in accordance <br /> with the public depository laws of the State of Indiana; provided, that moneys therein may be <br /> invested in obligations in accordance with the applicable laws, including particularly Indiana <br /> Code, Title 5, Article 13, Chapter 9 as amended or supplemented, and in the event of such <br /> investment the income therefrom shall become a part of the funds invested and shall be used only <br /> as provided in this Ordinance. <br /> SECTION 17. Financial Records and Accounts. The City shall keep proper records <br /> and books of account, separate from all of its other records and accounts, in which complete and <br /> correct entries shall be made showing all revenues received on account of the operation of the <br /> utility and all disbursements made therefrom and all transactions relating to the utility. The City <br /> shall maintain on file the audited financial statements of the utility prepared by the State Board <br /> of Accounts. There shall be furnished, upon written request, to any owner of the 2012B Bonds, <br /> the most recent copy of the audited financial statements of the utility prepared by the State Board <br /> of Accounts. Copies of all such statements and reports shall be kept on file in the office of the <br /> Fiscal Officer. <br /> SECTION 18. Rate Covenant. The City, by and through the Board and to the fullest <br /> extent permitted by law, shall establish, fix, maintain and collect reasonable and just rates and <br /> -22 - <br />
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