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Authorizing Issuance and Sale of Bonds to refund Outstanding Refunding Revenue Bonds of 1993
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Authorizing Issuance and Sale of Bonds to refund Outstanding Refunding Revenue Bonds of 1993
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Last modified
5/20/2009 2:24:27 PM
Creation date
8/28/2008 1:50:58 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/24/2001
Ord-Res Number
9270-01
Bill Number
92-01
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(c) The net operating revenues of the sewage works in the fiscal year <br />immediately preceding the issuance of any such bonds ranking on a parity with the <br />2001 Bonds shall be not less than one hundred twenty-five percent (125%) of the <br />maximum annual interest and principal requirements of the then outstanding bonds <br />and the additional parity bonds proposed to be issued; or, prior to the issuance of said <br />parity bonds, the sewage rates and charges shall be increased or the service area or <br />customer base shall be expanded sufficiently so that said increased rates and charges <br />and/or volume applied to the previous fiscal year's operations would have produced <br />net revenues for said year equal to not less than one hundred twenty-five percent <br />(125%) of the maximum annual interest and principal requirements of the then <br />outstanding bonds and the additional parity bonds proposed to be issued. For <br />purposes of this subsection, the records of the sewage works shall be analyzed and all <br />showings shall be prepared by a certified public accountant or independent financial <br />advisor employed by the City for that purpose. <br />(d) The principal of the additional parity bonds shall be payable annually <br />on December 1 and the interest shall be payable semiannually on June 1 and <br />December 1 during the periods in which principal and interest are payable. <br />SECTION 17. Additional Covenants of the City. For the purpose of further safeguarding <br />the interests of the holders of the 2001 Bonds, it is specifically provided as follows: <br />(a) The City shall at all times maintain its sewage works in good condition <br />and operate the same in an efficient manner and at a reasonable cost. <br />(b) So long as any of the 2001 Bonds are outstanding, the City shall <br />maintain insurance on the insurable parts of said works of a kind and in an amount <br />such as would normally be carried by private companies engaged in a similar type of <br />business. All insurance shall be placed with responsible insurance companies <br />qualified to do business under the laws of the State of Indiana. In addition to or in lieu <br />of the foregoing, the City may provide for coverage on all or part of the works <br />comparable to that described above through aself-insurance program. Insurance <br />proceeds shall be used in replacing or repairing the property destroyed or damaged; <br />or if not used for that purpose shall be treated and applied as Net Revenues of the <br />works. <br />(c) So long as any of the 2001 Bonds are outstanding, the City shall not <br />mortgage, pledge or otherwise encumber such works, or any part thereof, nor shall it <br />sell, lease or otherwise dispose of any portion thereof except replaced equipment <br />which may become worn out or obsolete or other property not required for proper <br />operation and maintenance of the works. <br />(d) Except as provided in Section 16 hereof, so long as any of the 2001 <br />Bonds are outstanding, no additional bonds or other obligations pledging any portion <br />of the revenues of the sewage works shall be authorized, executed, or issued by the <br />-12- <br />
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