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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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analyzed and all showings shall be prepared by an independent certified public accountant <br /> employed by the City for that purpose. <br /> (c) To the extent required by law, the issuance of the proposed additional <br /> Parity Bonds and any necessary increase in water rates and charges shall have been approved by <br /> the Indiana Utility Regulatory Commission, or any successor body vested by law with authority <br /> to approve bonds and water rates and charges of municipal waterworks. <br /> (d) The principal of said additional Parity Bonds shall be payable on <br /> January 1 and the interest shall be payable on January 1 and.July 1 during the periods such <br /> principal and interest are payable. <br /> (e) So long as the 2000 Bonds, the 2009A Bonds or any other Parity Bonds <br /> sold to the Indiana Finance Authority through the SRF Program remain outstanding, the City <br /> shall obtain the consent of the Indiana Finance Authority to the issuance of the proposed <br /> additional Parity Bonds. <br /> SECTION 21. Further Covenants of the City. For the purpose of further safeguarding <br /> the interests of the owners of the 2012B Bonds, it is hereby specifically provided as follows: <br /> (a) The City, through the Board, shall at all times maintain the works in good <br /> condition, and operate the same in an efficient manner and at a reasonable cost. <br /> (b) So long as any of the 2012B Bonds are outstanding, the City, through the <br /> Board, shall maintain insurance on the insurable parts of the works, of a kind and in an amount <br /> such as would normally be carried by private entities engaged in a similar type of business. All <br /> insurance shall be placed with responsible insurance companies qualified to do business under <br /> the laws of the State of Indiana. As an alternative to maintaining such insurance, the City may <br /> maintain a self-insurance program with catastrophic or similar coverage so long as such program <br /> meets the requirements of any applicable laws or regulations and is maintained in a manner <br /> consistent with programs maintained by similarly situated municipalities. Insurance proceeds or <br /> self-insurance proceeds shall be used in replacing or repairing the property destroyed or <br /> damaged, or if not used for that purpose, shall be treated and applied as Net Revenues. <br /> (c) So long as any of the 2012B Bonds are outstanding, the City shall not <br /> mortgage, pledge or otherwise encumber the works, or any part thereof, and shall not sell, lease <br /> or otherwise dispose of any part of the same, excepting only such machinery, equipment or other <br /> property as may be replaced, or shall no longer be necessary for use in connection with said <br /> utility; provided, the foregoing restrictions shall not apply to the extent approved otherwise in <br /> writing by the owners of all 2012B Bonds then outstanding, and the City receives an opinion of <br /> nationally recognized bond counsel to the effect that the transaction will not cause the interest on <br /> the 2012B Bonds to be included in gross income for federal income tax purposes. <br /> (d) Reserved. <br /> (e) Except as otherwise specifically provided in Section 20 of this Ordinance <br /> and in the Prior Ordinances, so long as any of the 2012B Bonds are outstanding, no additional <br /> bonds or other obligations pledging any portion of the revenues of the works shall be issued by <br /> - 24 - <br />
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