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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Last modified
5/15/2009 1:50:10 PM
Creation date
11/21/2008 3:58:33 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/28/2000
Ord-Res Number
9095-00
Bill Number
23-00
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(c) So long as any of the 2000 Bonds are outstanding, the City shall not <br />mortgage, pledge or otherwise encumber the works, or any part thereof, and shall not <br />sell, lease or otherwise dispose of any part of the same, excepting only such <br />machinery, equipment or other property as maybe replaced, or shall no longer be <br />necessary for use in connection with said utility; provided, the foregoing restrictions <br />shall not apply to the extent approved otherwise by the owners of a112000 Bonds <br />then outstanding if the City receives an opinion of nationally recognized bond <br />counsel to the effect that the transaction will not cause the interest on the 2000 Bonds <br />to be included in gross income for federal income tax purposes, or the City receives <br />the prior written consent of the State of Indiana, if such 2000 Bonds are sold to the <br />State of Indiana. <br />(d) If the 2000 Bonds are sold to the Indiana Bond Bank or the State of <br />Indiana to finance Eligible Costs, the City shall not borrow any money, enter into any <br />contract or agreement or incur any other liabilities in connection with the <br />waterworks, other than for normal operating expenditures, without the prior written <br />consent of the State of Indiana if such undertaking would involve, commit or use the <br />revenues of the waterworks. <br />(e) Except as otherwise specifically provided in Section 20 of this <br />Amended Ordinance and in the Prior Ordinances, so long as any of the 2000 Bonds <br />are outstanding, no additional bonds or other obligations pledging any portion of the <br />revenues of the works shall be issued by the City, except such as shall be made junior <br />and subordinate in all respects to the 2000 Bonds, unless all of the 2000 Bonds are <br />defeased, redeemed or retired coincidentally with the delivery of such additional <br />bonds or other obligations. Such subordinate obligations shall be subject to the <br />provisions of Section 20(d). <br />(f) The provisions of this Amended Ordinance shall constitute a contract <br />by and between the City and the owners of the 2000 Bonds, all the terms of which <br />shall be enforceable by any such owner by any and all appropriate proceedings in law <br />or in equity. After the issuance of the 2000 Bonds and so long as any of the principal <br />thereof or interest or premium, if any, thereon remains unpaid, except as expressly <br />provided herein, this Amended Ordinance shall not be repealed or amended in any <br />respect which will adversely affect the rights of such owners, nor shall the Council <br />or any other body of the City adopt any law, ordinance or resolution which in any <br />way adversely affects the rights of such owners; provided, however, that if the 2000 <br />Bonds are sold to the Indiana Bond Bank or the State of Indiana to finance Eligible <br />Costs, the City shall obtain the prior written consent of the State of Indiana prior to <br />any amendment of this Amended Ordinance. <br />(g) The provisions of this Amended Ordinance shall be construed to <br />create a trust in the proceeds of the sale of the 2000 Bonds for the uses and purposes <br />herein set forth, and the owners of the 2000 Bonds shall retain a lien on .such <br />proceeds until the same are applied in accordance with the provisions of this <br />-24- <br />
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