03-25-13 Agenda & Packet - Laserfiche WebLink

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performance by the City of its obligations thereunder by or through any employee or agent of the City, are hereby approved, and the City shall comply with and carry out the terms thereof. (i) The Fiscal Officer is hereby authorized and directed to obtain a legal opinion as to the validity of the 2013A Bonds from Barnes & Thornburg LLP, and to furnish such opinion to the purchasers of the 2013A Bonds or to cause a copy of said legal opinion to be printed on each 2013A Bond. The cost of such opinion shall be paid out of the proceeds of the 2013A Bonds. (j) In connection with the sale of the 2013A Bonds, the Executive and the Fiscal Officer each are authorized to take such actions and to execute and deliver such agreements and instruments as they deem advisable to obtain a rating and/or to obtain bond insurance for the 2013A Bonds, and the taking of such actions and the execution and delivery of such agreements and instruments are hereby approved. SECTION 11. Use of Proceeds. The accrued interest received at the time of delivery of the 2013A Bonds, if any, and premium, if any, shall be deposited in the Bond and Interest Account of the Sinking Fund (as hereafter defined) and applied to payments on the 2013A Bonds on the first interest payment date. An amount of proceeds from the sale of the 2013A Bonds may be deposited to the 2013A Subaccount, if any, of the Reserve Account, for the 2013A Bonds and applied as described below as determined by the Fiscal Officer. An amount of proceeds from the sale of the 2013A Bonds equal to the estimated costs of issuance of the 2013A Bonds and other fees and charges associated with the issuance of the 2013A Bonds, including the premium for any bond insurance obtained for the 2013A Bonds, shall be deposited into a fund of the utility hereby created and designated as "City of South Bend, Indiana Sewage Works 2013A Costs of Issuance Fund" (the "Costs of Issuance Fund"). The proceeds deposited in the Costs of Issuance Fund, together with all investment earnings thereon, shall be expended only for the purpose of paying the costs of issuance of the 2013A Bonds and other fees and charges associated with the issuance of the 2013A Bonds, including the premium for any bond insurance obtained for the 2013A Bonds. The remaining proceeds from the sale of the 2013A Bonds shall be deposited into a fund of the utility hereby created and designated as "City of South Bend, Indiana Sewage Works 2013A Refunding Fund" (the "Refunding Fund"). The proceeds deposited in the Refunding Fund, together with all investment earnings thereon, shall be expended only for the purpose of paying the costs of the Refunding. SECTION 12. Revenue Fund. All revenues derived from the operation of the Sewage Works and from the collection of sewage rates and charges shall be deposited in the Sewage Works Revenue Fund (the "Revenue Fund"), as set forth in the Prior Ordinances and continued hereby, and such revenues shall be segregated and kept separate and apart from all other funds and bank accounts of the City. Out of said revenues the proper and reasonable expenses of operation, repair and maintenance of the Sewage Works shall be paid, the principal and interest of all bonds and fiscal agency charges of bank paying agents shall be paid, and the costs of replacements, extensions, additions and improvements shall be paid as hereinafter provided. SECTION 13. Operation and Maintenance Fund. On the last day of each calendar month there shall be credited from the Revenue Fund to the Sewage Works Operations and Maintenance Fund (the "Operations Fund"), as set forth in the Prior Ordinances and continued - 11 -