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Refunding of Outstanding Sewage Works Revenue Bonds of 2006, 2007B in the Principal Amount not to Exceed $28,000,000
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Refunding of Outstanding Sewage Works Revenue Bonds of 2006, 2007B in the Principal Amount not to Exceed $28,000,000
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Last modified
12/2/2015 12:24:16 PM
Creation date
12/2/2015 12:24:06 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/23/2015
Ord-Res Number
10406-15
Bill Number
71-15
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requirements of the then outstanding 2015 Bonds, any then outstanding parity bonds and the <br /> additional parity bonds proposed to be issued; or, prior to the issuance of said parity bonds, the <br /> sewage rates and charges shall be increased sufficiently so that said increased rates and charges <br /> applied to the previous fiscal year's operations would have produced Net Revenues for said year <br /> equal to not less than one hundred twenty-five percent (125%) of the maximum annual interest <br /> and principal requirements of the then outstanding 2015 Bonds, any then outstanding parity <br /> bonds and the additional parity bonds proposed to be issued. For purposes of this subsection, the <br /> records of the Sewage Works shall be analyzed and all showings shall be prepared by a certified <br /> public accountant or independent financial advisor employed by the City for that purpose. <br /> (d) The principal of the additional parity bonds shall be payable annually on <br /> December 1 and the interest shall be payable semiannually on June 1 and December 1 during the <br /> periods in which principal and interest are payable. <br /> SECTION 21. Further Covenants of the City. For the purpose of further <br /> safeguarding the interests of the holders of the 2015 Bonds, it is specifically provided as follows: <br /> (a) The City shall at all times maintain its Sewage Works in good condition <br /> and operate the same in an efficient manner and at a reasonable cost. <br /> (b) So long as any of the 2015 Bonds are outstanding, the City shall maintain <br /> insurance on the insurable parts of the Works of a kind and in an amount such as would normally <br /> be carried by private companies engaged in a similar type of business. All insurance shall be <br /> placed with responsible insurance companies qualified to do business under the laws of the State <br /> of Indiana. In addition to or in lieu of the foregoing, the City may provide for coverage on all or <br /> part of the Works comparable to that described above through a self-insurance program. <br /> Insurance proceeds shall be used in replacing or repairing the property destroyed or damaged; or <br /> if not used for that purpose shall be treated and applied as Net Revenues of the Works. <br /> (c) So long as any of the 2015 Bonds are outstanding, the City shall not <br /> mortgage, pledge or otherwise encumber such Works, or any part thereof, nor shall it sell, lease <br /> or otherwise dispose of any portion thereof except replace equipment which may become worn <br /> out or obsolete or other property not required for proper operation and maintenance of the <br /> Works. <br /> (d) So long as any Prior Bonds are held by the Indiana Finance Authority (the <br /> "Authority") and remain outstanding: (i) the City shall not mortgage, pledge or otherwise <br /> encumber such Works, or any part thereof, nor shall it sell, lease or otherwise dispose of any <br /> portion thereof except replace equipment which may become worn out or obsolete or other <br /> property not required for proper operation and maintenance of the Works, without the prior <br /> written consent of the Authority, and (ii) the City shall not borrow any money, enter into any <br /> contract or agreement or incur any other liabilities in connection with the Sewage Works, other <br /> than for normal operating expenditures, without the prior written consent of the Authority if such <br /> undertaking would involve, commit, or use the revenues of the Sewage Works. <br /> (e) Except as provided in Section 20 hereof, so long as any of the 2015 Bonds <br /> are outstanding, no additional bonds or other obligations pledging any portion of the revenues of <br /> - 16 - <br />
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