04-13-15 Agenda, Packet & Committee Meeting Notice

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all other appropriations provided in the existing budget and tax levy of the City. SECTION 6. Century Center Energy Conservation Debt Service Fund. The Council hereby establishes the Century Center Energy Conservation Debt Service Fund (No. 672) as a new Fund of the City, to be utilized for the payment of amounts due under the IP Contract. The Council hereby establishes within the Century Center Energy Conservation Debt Service Fund the IP Account and the Reserve Account. The City shall periodically set aside within the IP Account the amount of funds necessary to make the semi -annual payments due under the IP Contract. In addition, on the day of closing on the IP Contract, the City shall transfer the sum of Fifty Thousand Dollars ($50,000) from the Century Center Capital Improvement Fund (No. 671), pursuant to the appropriation referenced above, for deposit into the Century Center Energy Conservation Debt Service Fund (No. 672). All money in the Reserve Account shall be used and withdrawn by the City solely for the purpose of making deposits into the IP Account in the event of any deficiency at any time in such account, or for the purpose of paying the amounts owed under the IP Contract. The Council acknowledges that the IP Contract requires the payments thereunder to be payable, subject to annual appropriation, from money in the City's general fund (the "General Fund "); provided, however, that to the extent and for so long as the City makes the payments due under the IP Contract from the Century Center Energy Conservation Debt Service Fund, the City's obligations to make such payments from the General Fund shall be deemed to be satisfied pursuant to the terms of the IP Contract. SECTION 7. Other Action. The Executive, the Clerk, the Controller and all members of the Board of Public Works are hereby authorized and directed to execute and deliver, in the name and on behalf of the City, any and all additional documents and instruments necessary or proper and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by this Ordinance (including the recitals hereto and the documents mentioned herein). SECTION 8. Action Approved and Confirmed. All acts of the officers of the City and members of the Board of Public Works which are in conformity with the purpose and intent of this Ordinance and in the furtherance of the execution, delivery and performance of the documents and agreements authorized hereby are in all respects ratified, approved and confirmed. SECTION 9. Severability. If any provision of this Ordinance shall be held or deemed to be illegal, inoperative or unenforceable, the same shall not affect any other provision or cause any other provision to be invalid, inoperative or unenforceable to any extent whatsoever. SECTION 10. No Conflict. Any ordinances, resolutions or orders or parts thereof in conflict with this Ordinance are to the extent of such conflict hereby repealed. SECTION 11. Effective Date. This Ordinance shall be in full force and effect from and after its passage, approval by the Mayor, and compliance with Indiana law. 18