Bill No. 49-23 Revenue Bonds Authorizing the Acquisition & Construction of the Municipal Waterworks

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Reserve Requirement" for the 2009A Bonds for which the 2009A Subaccount was established means the maximum annual debt service on the 2009A Bonds; and (v) each of the provisions in the 2009A Ordinance pertaining to the 2009A Subaccount remain in full force and effect. SECTION XVI. Improvement Fund. After meeting the requirements of the Operation and Maintenance Fund and the Sinking Fund, any excess revenues may be transferred from the Revenue Fund and credited to the special utility fund hereby continued which was created and designated in the Prior Ordinances as the "Waterworks Improvement Fund" (the Improvement Fund") (also shown on the books of the utility as the Depreciation Fund), and said Fund shall be used for improvements, replacements, additions and extensions of the works and transfer of any PILOT Payment; provided however, such PILOT Payment shall be in accordance with the Act. Moneys in the Improvement Fund shall be transferred to the Sinking Fund if necessary to prevent a default in the payment of principal of and interest on the then outstanding bonds or, if necessary, to eliminate any deficiencies in credits to or minimum balance in the Debt Service Reserve Account of the Sinking Fund, or may be transferred to the Operation and Maintenance Fund to meet unforeseen contingencies in the operation and maintenance of the works. SECTION XVII. Investment of Funds. The Revenue Fund and the Sinking Fund each shall be deposited in and maintained as a separate bank account or accounts from all other bank accounts of the City. The Operation and Maintenance Fund and the Improvement Fund may be maintained in a single bank account or accounts, but such bank account or accounts shall likewise be maintained separate and apart from the Revenue Fund and the Sinking Fund and all other bank accounts of the City (including without limitation any Funds and accounts relative to any other utility of the City beyond the System). All moneys deposited in the bank accounts shall be deposited, held and secured as public funds in accordance with the public depository laws of the State of Indiana;provided,that moneys therein may be invested in obligations in accordance with the applicable laws, including the provisions of I.C. § 5-13-9, I.C. § 5-1.2-1 through I.C. § 5-1.2- 4, I.C. § 5-1.2-10, I.C. § 5-1.2-11, I.C. § 5-1.2-14 and/or I.C. § 5-1.2-14.5 (as applicable), as each are amended or supplemented, and in the event of such investment, the income therefrom shall become a part of the funds invested and shall be used only as provided in this Ordinance. In no event shall any of the revenues of the Waterworks be transferred or used for any purpose not authorized by this Ordinance so long as any of the bonds of the Waterworks issued pursuant to the provisions of this Ordinance shall be outstanding. Investment income earned on monies in the funds and accounts established by this Ordinance shall become a part of the funds and accounts invested and shall be used only as provided in this Ordinance. Nothing in this Section or elsewhere in this Ordinance shall be construed to require that separate bank accounts be established and maintained for the Funds and Accounts continued and/or created by this Ordinance except that(a) the Sinking Fund and Construction Fund shall be maintained as a separate bank account from the other Funds and Accounts of the Waterworks and (b) the other Funds and Accounts of the Waterworks shall be maintained as a separate bank account from the other funds and accounts of the City (including without limitation any Funds and accounts relative to any other utility of the City beyond the System). SECTION XVIII. Financial Records and Accounts. The City shall keep proper records and books of account, separate from all of its other records and accounts, in which complete and correct entries shall be made showing all revenues received on account of the operation of the utility and all disbursements made therefrom and all transactions relating to the utility. The City 26 -