Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds

Home Browse Search

valid and binding special revenue obligations of the City, payable solely from and secured by an irrevocable pledge of and constituting a charge upon all of the net revenues (herein defined as gross revenues after deduction only for the payment of the reasonable expenses of operation, repair and maintenance) derived from the Sewage Works, including all such net revenues from the existing works, the Project and all additions and improvements thereto and replacements thereof subsequently constructed or acquired, to be set aside into the Sewage Works Sinking Fund as herein provided and shall rank on a parity with the 1993 Bonds. The City shall not be obligated to pay the 1998 Bonds or the interest thereon except from the net revenues of the Sewage Works, and the 1998 Bonds shall not constitute an indebtedness of the City within the meaning of the provisions and limitations of the constitution of the State of Indiana. Section .Form of the 1998 Bonds. The form and tenor of the 1998 Bonds shall be substantially as set forth in Appendix A attached hereto and incorporated herein as if set forth at this place (with all blanks to be filled in properly and all necessary additions and deletions to be made prior to the delivery thereof). Section 8. Issuance, Sale and Delivery of the 1998 Bonds. The Controller is hereby authorized and directed to have the 1998 Bonds prepared, and the Mayor and the Clerk are each hereby authorized and directed to execute, and attest as appropriate, the 1998 Bonds in the form and manner herein provided. The Controller is hereby authorized and directed to deliver the 1998 Bonds to the Treasurer of St. Joseph County, ex officio Treasurer of the City, and shall take her receipt therefor and upon consummation of the sale of said 1998 Bonds, the controller shall certify to the Treasurer the amount which the purchaser is to pay for the same together with the name and address of the purchaser; thereupon, the Treasurer shall be authorized to receive from the purchaser the amount so certified by the Controller, and to deliver the 1998 Bonds to the purchaser and receive the purchaser's receipt for the Series 1998 Bonds. The amount to be certified by the Controller and collected by the Treasurer shall be the full amount which the purchaser or purchasers have agreed to pay therefor, which shall be not less than 99% of the par amount of the 1998 Bonds, plus accrued interest thereon to the date of delivery, if any. If the Treasurer is not available, then the Controller shall deliver the 1998 Bonds to the purchaser and deliver the proceeds to the Treasurer. The Treasurer and the Controller shall then report the proceedings to the Common Council. The City may receive payment for the Bonds in installments. The proceeds derived from the sale of the 1998 -12- ::ODMA\PCDOCS\SBDOCS 1 \ 1494'R3