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Authorizing the Issuance of Bonds - EDIT 2015, Smart Streets $25 Million
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Authorizing the Issuance of Bonds - EDIT 2015, Smart Streets $25 Million
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2/6/2015 4:15:16 PM
Creation date
2/6/2015 4:14:43 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/26/2015
Ord-Res Number
10346-15
Bill Number
01-15
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(the Prior Bonds, the Bonds, the Additional Bonds, and the Junior Bonds collectively, the "EDIT <br />Bonds ") for the purpose of raising money for future economic development or to provide for a <br />complete or partial refunding of such obligations. The issuance or incurrence of obligations <br />pursuant to Additional Bonds and Junior Bonds shall be subject to the following conditions <br />precedent: <br />(a) All interest and principal payments with respect to all EDIT Bonds <br />shall be current to date in accordance with the terms thereof with no payment in <br />arrears, provided, this condition shall be satisfied if any required amount is to be <br />provided from the proceeds of such Additional Bonds or Junior Bonds or other <br />funds available to the City. <br />(b) The balance in the Reserve Account shall be equal to the amounts <br />required with respect to the outstanding EDIT Bonds, if any, provided, this <br />condition shall be satisfied if any required amount is to be provided from the <br />proceeds of such Additional Bonds or Junior Bonds or other funds available to the <br />City. <br />(c) In the case of a proposed issue of Additional Bonds, the City shall <br />have received a certificate prepared by an independent certified public accountant <br />or an independent financial consultant with professional experience in the <br />business of estimating the levels of and increases in assessed valuation in the <br />State of Indiana and the expected changes in property tax rates caused by such <br />changes (the "Certifier "), certifying that the EDIT Revenues estimated to be <br />received in each succeeding year, together with estimated other available <br />revenues (as defined below), is at least equal to 125% of the principal and interest <br />requirements on all outstanding Prior Bonds and Bonds, any outstanding <br />Additional Bonds, and the proposed issue of Additional Bonds, for each <br />respective year during the term of such outstanding Bonds, and outstanding <br />Additional Bonds and the proposed Additional Bonds. In estimating the EDIT <br />Revenues and other available revenues to be received in any future year, the <br />Certifier shall base his calculation on estimates, believed by the Certifier to be <br />reasonable, including without limitation estimates of investment earnings. For <br />purposes of this paragraph, "Other Available Revenues" shall mean, to the extent <br />such amounts have been set aside and designated for such purpose, amounts held <br />in any debt service reserve accounts for outstanding Prior Bonds, Bonds and <br />Additional Bonds, other than the proposed Additional Bonds. <br />(d) The principal of the proposed Additional Bonds or Junior Bonds <br />shall be payable on the same dates as the principal of the Bonds and the interest <br />thereon shall be payable on February 1 and August 1, during the periods such <br />principal and interest are payable. <br />The City shall approve and confirm the findings and estimates set forth in <br />the above - described certificate of a Certifier in any ordinance authorizing the <br />issuance of the Additional Bonds or Junior Bonds, and such certificate shall be <br />10 <br />
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