Ordinance concerning the Construction and Operation of Sewage Treatment Works, the Issuance of Revenue Bonds

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with the provisions of Chapter 9 of the Acts of the Indiana General Assembly for the year 1945, and any interest or other accretions derived from any such investments shall become a part of the funds invested. The Treasurer of the City shall be the legal custodian of any such securities acquired, and upon depositing any such securities with the Treasurer, the City Controller shall take his receipt therefor. In con- formity with the provisions of the governing statutes, the holders of said bonds shall be entitled to a lien on the proceeds of said bonds until the same are applied on the project on account of which said bonds were issued. Section 9. There is hereby created a Sinking Fund for the payment of the interest on and principal of the revenue bonds issued on account of the construction of said sewage treatment works and the payment of any fiscal agency charges in connection with the payment of the bonds and interest coupons, which fund shall be designated as "Sewage Works Sinking Fund." There shall be set aside and paid into said Sinking Fund monthly, as available, a sufficient amount of the net revenues of said sewage works, as hereinbefore defined, for the payment of (a) the interest on the bonds as such interest shall fall due, (b) the necessary fiscal agency charges for paying the bonds and interest, (c) the principal of the bonds as they fall due, and (d) an additional amount as a margin.of safety and for the payment of premiums upon bonds redeemed by call or purchase, which margin, together with any unused surplus of such margin carried forward from the preceding year, shall equal not less than ten per cent (10%) of all other amounts so required to be paid into said Sinking Fund. The monthly payments into said Sinking Fund shall be in an amount equal to at least one - twelfth (1/12) of the amount required for such payments during the next succeeding twelve (12) 14