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11-23-15 Agenda, Packet & Committee Meeting Notice
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11-23-15 Agenda, Packet & Committee Meeting Notice
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11/19/2015 3:08:03 PM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
11/23/2015
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Pursuant to the provisions of the Act and the Ordinance, the principal of and interest on <br /> (i) this bond and all other bonds of this issue, (ii) all Prior Bonds (as defined in the Ordinance), <br /> which Prior Bonds are on a parity with this bond and all other bonds of this issue, and (Hi) all <br /> bonds hereafter issued on a parity with this bond and all other bonds of this issue, are payable <br /> solely from the Sewage Works Sinking Fund, as described in the Ordinance, to be provided from <br /> the Net Revenues (defined as the gross revenues of the Sewage Works of the City after deduction <br /> only for the payment of the reasonable expenses of operation, repair and maintenance but not <br /> including depreciation and payments in lieu of taxes). This bond and the issue of which it is a <br /> part, together with the Prior Bonds and any parity bonds hereafter issued constitute a first charge <br /> against said Net Revenues. <br /> The City irrevocably pledges the entire Net Revenues of said Sewage Works to the <br /> prompt payment of the principal of and interest on the bonds authorized by the Ordinance, of <br /> which this is one, and any bonds ranking on a parity therewith (including the Prior Bonds), to the <br /> extent necessary for that purpose, and covenants that it will cause to be fixed, maintained and <br /> collected such rates and charges for service rendered by said Sewage Works as are sufficient in <br /> each year for the payment of the proper and reasonable expenses of operation, repair and <br /> maintenance of said Sewage Works, to provide for proper depreciation and for the payment of <br /> the sums required to be paid into said Sewage Works Sinking Fund under the provisions of the <br /> Ordinance. In the event the City or the proper officers thereof shall fail or refuse to so fix, <br /> maintain and collect such rates or charges, or if there be a default in payment of the interest on or <br /> principal of this bond, the owner of this bond shall have all of the rights and remedies provided <br /> for under Indiana law. <br /> The City covenants that for so long as the Bonds and any bonds issued on a parity <br /> therewith, including the Prior Bonds, remain outstanding it will set aside and pay into the <br /> Sinking Fund a sufficient amount of the Net Revenues for the payment of(a) the principal of and <br /> interest on all bonds which by their terms are payable from the Net Revenues, as such principal <br /> and interest shall fall due and (b) the necessary fiscal agency charges for paying bonds. Such <br /> required payments shall constitute a first charge upon all the Net Revenues. Reference is made <br /> to the Ordinance for a more complete statement of the revenues from which and conditions under <br /> which this bond is payable, a statement of the conditions on which obligations may hereafter be <br /> issued on parity with this bond, the manner in which the Ordinance may be amended and the <br /> general covenants and provisions pursuant to which this bond has been issued. <br /> This bond is subject to defeasance prior to payment or redemption as provided in the <br /> Ordinance. <br /> If this bond shall not be presented for payment or redemption on the date fixed therefor, <br /> the City may deposit in trust with the Paying Agent or another paying agent, an amount <br /> sufficient to pay such bond or the redemption price, as the case may be, and thereafter the <br /> Registered Owner shall look only to the funds so deposited in trust for payment and the City <br /> shall have no further obligation or liability in respect thereto. <br /> This bond is transferable or exchangeable only upon the registration record kept for that <br /> purpose at the office of the Registrar by the Registered Owner in person, or by his attorney duly <br /> authorized in writing, upon surrender of this bond together with a written instrument of transfer <br /> A-3 <br />
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