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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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ARTICLE II <br />PURPOSE OF BORROWING AND <br />LOAN TERMS <br />Section 2.01. Amount; Purnoseā¢ The State agrees to Loan an amount not to exceed <br />Two Million Five Hundred Ten Thousand Dollars ($2,510,000) in aggregate principal amount <br />to the Qualified Entity as Financial Assistance to pay for the Eligible Costs, as hereinafter <br />described, of the Project on, and subject to, the terms and conditions contained herein. The <br />Loan shall be used only to pay the following Eligible Costs: (a) eligible planning services for <br />the production of a Preliminary Engineering Report ("Planning" ), (b) eligible design services <br />for the production of Plans and Specifications ("Design") and (c) eligible construction costs, <br />including financing and legal costs ("Construction" ). The Loan shall be funded solely from <br />available proceeds of the Bond Bank Bonds contained in the Purchase Account or from other <br />sources the State, in its sole discretion, may designate. The Loan is evidenced by the Bonds <br />executed and delivered by the Qualified Entity contemporaneously herewith. The Bonds shall <br />be in fully registered form, with the Bond Bank registered as the registered owner. Pursuant <br />to certain agreements between the State and the Bond Bank, so long as the Bond Bank is the <br />registered owner, the principal of and redemption premium, if any, and interest on the Bonds <br />shall be paid to the Trustee by a wire transfer referenced as follows: Bank One, Indiana, NA; <br />ABA No. 074 000 010; BNF: CORP TRUST DEPT Account No. 20535000780; FBO: <br />Indiana Bond Bank/SRF Program. The Qualified Entity agrees to undertake and complete the <br />Project and to receive and expend the Loan proceeds in accordance with this Agreement. <br />Section 2.02. The Bonds. <br />(a) The Bonds will not bear interest for the two year period from the date of this <br />Agreement and thereafter will bear interest at the per annum rate of two and nine-tenths <br />percent (2.9%) (calculated on the basis of a 360-day year comprised of twelve 30-day months) <br />until paid, as provided in I.C. 13-18-21-10 and -15. Interest, if any, on the Bonds will be <br />payable on January 1 and July 1 of each year, commencing July 1, 2002. The Bonds will be in <br />the aggregate principal amount of Two Million Five Hundred Ten Thousand Dollars <br />($2,510,000). Subject to Section 2.05 herein, the Bonds will mature on January 1 of each of <br />the years set forth in, and at the principal amount set opposite each such month and year set <br />forth in, the schedule contained in Exhibit C to this Agreement; provided, however, <br />notwithstanding the foregoing or the terms of the Bonds to the contrary, no maturity of Bonds <br />shall extend beyond the date which is twenty (20) years after Substantial Completion of <br />Construction. If the maturity date for any Bonds is beyond such date, unless otherwise agreed <br />to, such Bonds, together with accrued and unpaid interest thereon, will be due and payable on <br />such date. <br />(b) The Bonds will be subject to redemption by the Qualified Entity as provided in the <br />Authorizing Instrument. <br />430848 6 <br />
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