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as is required under the laws of the State of Indiana in the case of public contracts, and shall be
<br /> governed in all respects by the laws of the State of Indiana relating to public contracts.
<br /> (b) The Project shall be constructed under plans and specifications approved by
<br /> a competent engineer designated by the City. All estimates for work done or material furnished
<br /> shall first be checked by the engineer and approved by the City.
<br /> (c) 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 /> (d) So long as any of the Bonds or BANs are outstanding,the City,through the
<br /> Board, shall acquire and maintain insurance coverage, acceptable to the Authority as part of the
<br /> IFA Program, on the insurable parts of the Waterworks, of a kind and in an amount such as would
<br /> normally be carried by private entities engaged in a similar type of business. All insurance shall
<br /> be placed with responsible insurance companies qualified to do business under the laws of the
<br /> State of Indiana. As an alternative to maintaining such insurance, the City may maintain a self-
<br /> insurance program with catastrophic or similar coverage so long as such program meets the
<br /> requirements of any applicable laws or regulations and is maintained in a manner consistent with
<br /> programs maintained by similarly situated municipalities. Insurance proceeds or self-insurance
<br /> proceeds shall be used in replacing or repairing the Waterworks or, unless the Authority shall
<br /> consent to a different use of such proceeds or awards if the 2009A Bonds remain outstanding or
<br /> any of the Bonds are sold to or are owned by the Authority as part of its IFA Program, or, if no
<br /> bonds are sold to or are owned by the Authority as part of its IFA Program and such proceeds or
<br /> awards or if not used for that purpose, shall be treated and applied as Net Revenues.
<br /> (e) So long as any of the Bonds or BANs are outstanding, the City shall not
<br /> mortgage,pledge or otherwise encumber the works, or any part thereof, and shall not sell, lease or
<br /> 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 utility;
<br /> provided, the foregoing restrictions shall not apply to the extent approved otherwise in writing by
<br /> the owners of all Bonds or BANs then outstanding, including the Authority if the Series 2009A
<br /> Bonds are then outstanding or if any of the Bonds or Parity Bonds are sold to the Authority as part
<br /> of its IFA Program, and the City receives an opinion of nationally recognized bond counsel to the
<br /> effect that the transaction will not cause the interest on the Bonds or BANs to be included in gross
<br /> income for federal income tax purposes.
<br /> (f) Except as otherwise specifically provided in Section XXI of this Ordinance
<br /> and in the Prior Ordinances,so long as any of the BANs or the Bonds are outstanding,no additional
<br /> bonds or other obligations pledging any portion of the revenues of the works shall be issued by the
<br /> City, except such as shall be made junior and subordinate in all respects to the Bonds, unless all
<br /> of the BANs and Bonds are defeased, redeemed or retitled coincidentally with the delivery of such
<br /> additional bonds or other obligations. Such subordinate obligations shall be subject to the
<br /> provisions of Section XXI(d).
<br /> (g) If any Bonds are sold to the Authority as part of its IFA Program or for so
<br /> long as the 2009A Bonds remain outstanding and owned by the Authority and, except as otherwise
<br /> specifically provided in Section XXI hereof, the City shall not without the prior written consent
<br /> of the Authority (i) enter into any lease, contract or agreement or incur any other liabilities in
<br /> connection with the Waterworks other than for normal operating expenditures or (ii) borrow any
<br /> money (including without limitation any loan from other utilities operated by the City) in
<br /> connection with the Waterworks.
<br /> (h) The provisions of this Ordinance shall constitute a contract by and between
<br /> the City and the owners of the BANs and the Bonds, all the terms of which shall be enforceable
<br /> by any such owner by any and all appropriate proceedings in law or in equity. After the issuance
<br /> of the BANs or the Bonds and so long as any of the principal thereof or interest or premium, if
<br /> any, thereon remains unpaid, except as expressly provided herein, this Ordinance shall not be
<br /> repealed,amended,or modified in any respect which,in the determination of the Common Council
<br /> in its sole discretion, will materially and adversely affect the rights of such owners, nor shall the
<br /> Common Council or any other body of the City adopt any law, ordinance or resolution which, in
<br /> the determination of the Common Council in its sole discretion, in any way materially and
<br /> adversely affects the rights of such owners. Notwithstanding the foregoing,if any of the BANs or
<br /> the Bonds are sold to and owned by the Authority as part of its IFA Program, and for so long as
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