Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000

Home Browse Search

January 1 following the date of substantial completion of the Project, and on January 1 of each year thereafter over a period ending no later than 20 years after substantial completion of the Project and in such amounts that will produce as level annual debt service as practicable, substantially as set forth on Exhibit C in the event the 2000 Bonds are sold to the State of Indiana or Indiana Bond Bank, or substantially as set forth on Exhibit D if the 2000 Bonds are sold by a public sale pursuant to I.C. 5-1-11, with such changes as are finally determined by the Mayoras the executive ofthe City (the "Executive") and the Controller as the fiscal officer of the City (the "Fiscal Officer"), as evidenced by delivery of the executed initial issue of the 2000 Bonds to the Registrar for authentication. All or a portion of the 2000 Bonds may be aggregated into and issued as one or more term bonds. The term bonds will be subj ect to mandatory sinking fund redemption with sinking fund payments and final maturities corresponding to the serial maturities described above. Sinking fund payments shall be applied to retire a portion of the term bonds as though it were a redemption of serial bonds, and, if more than one term bond of any maturity is outstanding, redemption of such maturity shall be made by lot. Sinking fund redemption payments shall be made in a principal amount equal to such serial maturities, plus accrued interest to the redemption date, but without premium or penalty. For all purposes of this Amended Ordinance, such mandatory sinking fund redemption payments shall be deemed to be required payments of principal which mature on the date of such sinking fund payments. Appropriate changes shall be made in the definitive form of 2000 Bonds, relative to the form of 2000 Bonds contained in this Amended Ordinance, to reflect any mandatory sinking fund redemption terms. (b) The City shall issue, ifnecessary, BANS for the purpose of procuring interim financing for the Project. Any such issuance shall be in accord with the provisions of Section 25 of this Amended Ordinance. SECTION 3. Pledge ofNet Revenues; Payment ofPrincipal and Interest. The 2000 Bonds, and any bonds ranking on a parity therewith, including the Prior Bonds, as to principal, premium, if any, and interest, shall be payable solely from and are hereby secured by an irrevocable pledge of and shall constitute a charge upon all the net revenues (defined as gross revenues of the works after deduction only for the payment of the reasonable expenses of operation, repair and maintenance) of the works (the "Net Revenues"). The City shall not be obligated to pay the 2000 Bonds or the interest thereon except from the Net Revenues, and the 2000 Bonds shall not constitute an indebtedness of the City within the meaning of the provisions and limitations of the constitution of the State of Indiana. Except as set forth in the following paragraph, all payments of interest on the 2000 Bonds shall be paid by check mailed one business day prior to the interest payment date to the registered owners thereof as of the fifteenth (15th) day of the month preceding the interest payment date (the "Record Date") at the addresses as they appear on the registration and transfer books of the City kept for that purpose by the Registrar (the "Registration Record") or at such other address as is provided to the Paying Agent in writing by such registered owner. Each registered owner of $1,000,000 or more in principal amount of 2000 Bonds shall be entitled to receive interest payments by wire transfer by providing written wire instructions to the Paying Agent before the Record Date -4-