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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Last modified
4/24/2013 2:54:09 PM
Creation date
4/16/2013 11:41:00 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/8/2013
Ord-Res Number
10226-13
Bill Number
12-13
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Ordinance, such mandatory sinking fund redemption payments shall be deemed to be required <br />payments of principal which mature on the date of such sinking fund payments. Appropriate <br />changes shall be made in the definitive form of 2013A Bonds, relative to the form of 2013A <br />Bonds contained in this Ordinance, to reflect any mandatory sinking fund redemption terms. <br />(b) The City shall issue, if necessary, BANS for the purpose of procuring <br />interim financing for the Refunding. Any such issuance shall be in accord with the provisions of <br />Section 25 of this Ordinance. <br />SECTION 3. Pledge of Net Revenues; Payment of Principal and Interest. The <br />2013A Bonds and any bonds ranking on a parity therewith, as to principal, premium and interest, <br />shall be payable from and are hereby secured by an irrevocable pledge of and shall constitute a <br />charge upon all the Net Revenues, herein defined as the gross revenues of the Sewage Works <br />after deduction only for payment of the reasonable expenses of operation, repair and <br />maintenance but not including depreciation and payments in lieu of taxes (the "Net Revenues ") <br />of the Sewage Works of the City, which bonds constitute a first charge on said Net Revenues. <br />The City shall not be obligated to pay said bonds or the interest or premium, if any, thereon <br />except from the Net Revenues of the Works, and said bonds shall not constitute an indebtedness <br />of the City within the meaning of the provisions and limitations of the constitution of the State of <br />Indiana. <br />All payments of interest on the 2013A Bonds shall be paid by check mailed one business <br />day prior to the interest payment date to the registered owners thereof as of the fifteenth (15th) <br />day of the month preceding the interest payment date (the "Record Date ") at the addresses as <br />they appear on the registration and transfer books of the City kept for that purpose by the <br />Registrar (the "Registration Record ") or at such other address as is provided to the Paying Agent <br />in writing by such registered owner. Each registered owner of $1,000,000 or more in principal <br />amount of 2013A Bonds shall be entitled to receive interest payments by wire transfer by <br />providing written wire instructions to the Paying Agent before the Record Date for any payment. <br />All principal payments and premium payments, if any, on the 2013A Bonds shall be made upon <br />surrender thereof at the principal office of the Paying Agent, in any U.S. coin or currency which <br />on the date of such payment shall be legal tender for the payment of public and private debts, or <br />in the case of a registered owner of $1,000,000 or more in principal amount of 2013A Bonds, by <br />wire transfer on the due date upon written direction of such owner provided at least fifteen (15) <br />days prior to the maturity date or redemption date. <br />Interest on 2013A Bonds shall be payable from the interest payment date to which <br />interest has been paid next preceding the authentication date thereof unless such 2013A Bonds <br />are authenticated after the Record Date for an interest payment date and on or before such <br />interest payment date in which case they shall bear interest from such interest payment date, or <br />unless authenticated on or before the Record Date for the first interest payment date, in which <br />case they shall bear interest from the original date, until the principal shall be fully paid. <br />SECTION 4. Transfer and Exchange of Bonds. Each 2013A Bond shall be <br />transferable or exchangeable only upon the Registration Record, by the registered owner thereof <br />in writing, or by the registered owner's attorney duly authorized in writing, upon surrender of <br />such 2013A Bond together with a written instrument of transfer or exchange satisfactory to the <br />-5- <br />
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