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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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6/25/2009 8:45:24 AM
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6/25/2009 8:45:23 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/22/1998
Ord-Res Number
8919-98
Bill Number
51-98
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valid and binding special revenue obligations of the City, payable solely from and secured by an <br />irrevocable pledge of and constituting a charge upon all of the net revenues (herein defined as gross <br />revenues after deduction only for the payment of the reasonable expenses of operation, repair and <br />maintenance) derived from the Sewage Works, including all such net revenues from the existing <br />works, the Project and all additions and improvements thereto and replacements thereof subsequently <br />constructed or acquired, to be set aside into the Sewage Works Sinking Fund as herein provided and <br />shall rank on a parity with the 1993 Bonds. The City shall not be obligated to pay the 1998 Bonds <br />or the interest thereon except from the net revenues of the Sewage Works, and the 1998 Bonds shall <br />not constitute an indebtedness of the City within the meaning of the provisions and limitations of <br />the constitution of the State of Indiana. <br />Section .Form of the 1998 Bonds. The form and tenor of the 1998 Bonds shall be <br />substantially as set forth in Appendix A attached hereto and incorporated herein as if set forth at this <br />place (with all blanks to be filled in properly and all necessary additions and deletions to be made <br />prior to the delivery thereof). <br />Section 8. Issuance, Sale and Delivery of the 1998 Bonds. The Controller is hereby <br />authorized and directed to have the 1998 Bonds prepared, and the Mayor and the Clerk are each <br />hereby authorized and directed to execute, and attest as appropriate, the 1998 Bonds in the form and <br />manner herein provided. The Controller is hereby authorized and directed to deliver the 1998 Bonds <br />to the Treasurer of St. Joseph County, ex officio Treasurer of the City, and shall take her receipt <br />therefor and upon consummation of the sale of said 1998 Bonds, the controller shall certify to the <br />Treasurer the amount which the purchaser is to pay for the same together with the name and address <br />of the purchaser; thereupon, the Treasurer shall be authorized to receive from the purchaser the <br />amount so certified by the Controller, and to deliver the 1998 Bonds to the purchaser and receive the <br />purchaser's receipt for the Series 1998 Bonds. The amount to be certified by the Controller and <br />collected by the Treasurer shall be the full amount which the purchaser or purchasers have agreed <br />to pay therefor, which shall be not less than 99% of the par amount of the 1998 Bonds, plus accrued <br />interest thereon to the date of delivery, if any. If the Treasurer is not available, then the Controller <br />shall deliver the 1998 Bonds to the purchaser and deliver the proceeds to the Treasurer. The <br />Treasurer and the Controller shall then report the proceedings to the Common Council. The City <br />may receive payment for the Bonds in installments. The proceeds derived from the sale of the 1998 <br />-12- <br />::ODMA\PCDOCS\SBDOCS 1 \ 1494'R3 <br />
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