My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
sbend
>
Public
>
Common Council
>
Legislation
>
Ordinances
>
1998
>
Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/25/2009 8:45:24 AM
Creation date
6/25/2009 8:45:23 AM
Metadata
Fields
Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/22/1998
Ord-Res Number
8919-98
Bill Number
51-98
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
31
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
shall be expended only for the purpose of paying the costs of the Project, as described in the <br />Ordinance and in the Act, together with all authorized costs relating thereto, including the <br />costs of issuance of the 1998 Bonds, and as otherwise permitted or required by the Act. Any <br />balance or balances remaining unexpended in the Construction Account after completion of <br />the Project, which are not required to meet unpaid obligations incurred in connection with <br />the acquisition, construction or installation of the Project, shall be used solely for one or <br />more of the purposes permitted under the provisions of Indiana Code 5-1-13, as amended. <br />Pursuant to the Act, the owners of the 1998 Bonds shall be entitled to a lien on the proceeds <br />of the 1998 Bonds until such proceeds are applied as required by this Ordinance and by <br />Indiana law. <br />With respect to any 1998 Bonds sold to the Bond Bank or the State, to the extent that <br />the total principal amount of the 1998 Bonds is not paid by the purchaser or drawn down by the City, <br />the City shall reduce the principal amounts of the 1998 Bond maturities to effect such reduction in <br />a manner that will still achieve as level annual debt service as practicable pursuant to the provisions <br />of Section 3 of this Ordinance. <br />Section 10. Segrreg_ation and Application of Sewage Works Revenues. All revenues <br />derived from the operation of the Sewage Works and from the collection of sewage rates and charges <br />shall be deposited in the Sewage Works Revenue Fund, created under the 1993 Bond Ordinance and <br />continued hereby, and segregated and kept separate and apart from all other funds and bank accounts <br />of the City. Out of said revenues the proper and reasonable expenses of operation, repair and <br />maintenance of the Sewage Works shall be paid, the principal and interest of all bonds and fiscal <br />agency charges of bank paying agents shall be paid, and the costs of replacements, extensions, <br />additions and improvements shall be paid as hereinafter provided. <br />On the last day of each calendar month there shall be credited from the Revenue Fund <br />to the Sewage Works Operation and Maintenance Fund, created under the 1993 Bond Ordinance and <br />continued hereby, a sufficient amount of the revenues of the Sewage Works so that the balance in <br />said fund shall be sufficient to pay the expenses of operation, repair and maintenance for the then <br />next succeeding two calendar months. The moneys credited to this fund shall be used for the <br />payment of the reasonable and proper operation, repair and maintenance expenses of the Sewage <br />Works on a day to day basis, but none of the moneys in such fund shall be used for depreciation, <br />-17- <br />:ODMA\PCDOCS\SBDOCS 1 U 49473 <br />
The URL can be used to link to this page
Your browser does not support the video tag.