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Ordinance concerning the Construction and Operation of Sewage Treatment Works, the Issuance of Revenue Bonds
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Ordinance concerning the Construction and Operation of Sewage Treatment Works, the Issuance of Revenue Bonds
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/8/1954
Ord-Res Number
3959
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with the provisions of Chapter 9 of the Acts of the Indiana <br />General Assembly for the year 1945, and any interest or other <br />accretions derived from any such investments shall become a <br />part of the funds invested. The Treasurer of the City shall <br />be the legal custodian of any such securities acquired, and <br />upon depositing any such securities with the Treasurer, the <br />City Controller shall take his receipt therefor. In con- <br />formity with the provisions of the governing statutes, the <br />holders of said bonds shall be entitled to a lien on the <br />proceeds of said bonds until the same are applied on the <br />project on account of which said bonds were issued. <br />Section 9. There is hereby created a Sinking Fund for <br />the payment of the interest on and principal of the revenue <br />bonds issued on account of the construction of said sewage <br />treatment works and the payment of any fiscal agency charges <br />in connection with the payment of the bonds and interest <br />coupons, which fund shall be designated as "Sewage Works <br />Sinking Fund." There shall be set aside and paid into said <br />Sinking Fund monthly, as available, a sufficient amount of the <br />net revenues of said sewage works, as hereinbefore defined, <br />for the payment of (a) the interest on the bonds as such <br />interest shall fall due, (b) the necessary fiscal agency <br />charges for paying the bonds and interest, (c) the principal <br />of the bonds as they fall due, and (d) an additional amount as <br />a margin.of safety and for the payment of premiums upon bonds <br />redeemed by call or purchase, which margin, together with any <br />unused surplus of such margin carried forward from the preceding <br />year, shall equal not less than ten per cent (10%) of all other <br />amounts so required to be paid into said Sinking Fund. The <br />monthly payments into said Sinking Fund shall be in an amount <br />equal to at least one - twelfth (1/12) of the amount required <br />for such payments during the next succeeding twelve (12) <br />14 <br />
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