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05-26-09 Common Council Meeting Agenda & Packet
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05-26-09 Common Council Meeting Agenda & Packet
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5/21/2009 4:06:32 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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maintain aself-insurance program with catastrophic or similar coverage so long as such program <br />meets the requirements of any applicable laws or regulations and is maintained in a manner <br />consistent with programs maintained by similarly situated municipalities. Insurance proceeds or <br />self-insurance proceeds shall be used in replacing or repairing the property destroyed or <br />damaged, or if not used for that purpose, shall be treated and applied as Net Revenues. <br />(c) So long as any of the 2009 Bonds are outstanding, the City shall not <br />mortgage, pledge or otherwise encumber the works, or any part thereof, and shall not sell, lease <br />or otherwise dispose of any part of the same, excepting only such machinery, equipment or other <br />property as may be replaced, or shall no longer be necessary for use in connection with said <br />utility; provided, the foregoing restrictions shall not apply to the extent approved otherwise by <br />the owners of all 2009 Bonds then outstanding and the City receives an opinion of nationally <br />recognized bond counsel to the effect that the transaction will not cause the interest on the 2009 <br />Bonds to be included in gross income for federal income tax purposes. <br />(d) If any of the 2009 Bonds are sold to the Indiana Finance Authority <br />through the SRF Program or to the Indiana Bond Bank and remain outstanding, the City shall not <br />borrow any money, enter into any contract or agreement or incur any other liabilities in <br />connection with the waterworks, other than for normal operating expenditures, without the prior <br />written consent of the Indiana Finance Authority or Indiana Bond Bank, as the case may be, if <br />such undertaking would involve, commit or use the revenues of the waterworks. <br />(e) Except as otherwise specifically provided in Section 20 of this Ordinance <br />and in the Prior Ordinances, so long as any of the 2009 Bonds are outstanding, no additional <br />bonds or other obligations pledging any portion of the revenues of the works shall be issued by <br />the City, except such as shall be made junior and subordinate in all respects to the 2009 Bonds, <br />unless all of the 2009 Bonds are defeased, redeemed or retired coincidentally with the delivery of <br />such additional bonds or other obligations. Such subordinate obligations shall be subject to the <br />provisions of Section 20(d). <br />(f) The provisions of this Ordinance shall constitute a contract by and <br />between the City and the owners of the 2009 Bonds, all the terms of which shall be enforceable <br />by any such owner by any and all appropriate proceedings in law or in equity. After the issuance <br />of the 2009 Bonds and so long as any of the principal thereof or interest or premium, if any, <br />thereon remains unpaid, except as expressly provided herein, this Ordinance shall not be <br />repealed or amended in any respect which, in the determination of the Council in its sole <br />discretion, will materially and adversely affect the rights of such owners, nor shall the Council or <br />any other body of the City adopt any law, ordinance or resolution which, in the determination of <br />the Council in its sole discretion, in any way materially and adversely affects the rights of such <br />owners; provided, however, that if any of the 2009 Bonds are sold to the Indiana Finance <br />Authority through the SRF Program or to the Indiana Bond Bank and remain outstanding, the <br />City shall obtain the prior written consent of the Indiana Finance Authority or the Indiana Bond <br />Bank, as the case maybe, prior to any amendment of this Ordinance. <br />(g) The provisions of this Ordinance shall be construed to create a trust in the <br />proceeds of the sale of the 2009 Bonds for the uses and purposes herein set forth, and the owners <br />of the 2009 Bonds shall retain a lien on such proceeds until the same are applied in accordance <br />-26- <br />
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