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Issue Revenue Bonds for Waterwork Improvements
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Issue Revenue Bonds for Waterwork Improvements
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4/2/2015 12:16:42 PM
Creation date
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1948
Ord-Res Number
3679-48
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of any portion thereof except such equipment which may become worn out <br />or obsolete, and shall be replaced; nor shall the City execute or issue <br />any additional bonds or other obligations pledging any portion of the <br />revenues of said waterworks unless the same be made subordinate and ,junior <br />in all respects to the bonds herein authorized, or unless all of the bonds <br />herein authorized are redeemed and cancelled coincidently with the delivery <br />of such additional bonds or other obligations. <br />(f) The provisions of this ordinance shall be construed to <br />create a trust in the proceeds derived from the sale of the bonds herein <br />authorized, for the uses and purposes herein set forth, and so long as <br />any of said bonds are outstanding, the provisions of this ordinance shall <br />also be construed to create a trust in the fixed proportion of the rev- <br />enues of the waterworks herein directed to be set apart and paid into <br />the Bond and Interest Redemption Account for the uses and purposes of <br />said account as in this ordinance set forth. <br />(g) The provisions of this ordinance shall constitute a contract <br />by and between the City of South Bend and the holders of the bonds herein <br />authorized, all of the terms of which shall be enforceable in law or in <br />equity, and after the issuance of the bonds this ordinance shall not be <br />repealed or amended in any respect which will adversely affect the rights <br />and interests of the holders of said bonds, nor shall the Common Council <br />of the City adopt any law, ordinance or resolution in any way adversely <br />affecting the rights of such holders so long as any of the bonds or the <br />interest thereon remain unpaid. The holders of the bonds shall have all <br />of the rights, remedies and privileges, either expressly set forth in the <br />provisions of Chapter 155 of the Acts of the Indiana General Assembly for <br />the year 1929, and all acts amendatory thereof and supplemental thereto, <br />or implied therein, including the right to compel the collection of suf- <br />ficient rates and charges to provide for the payment of the bonds issued <br />- 16 - <br />
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