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07-27-09 Common Council Meeting Agenda & Packet
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07-27-09 Common Council Meeting Agenda & Packet
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9/10/2009 2:52:27 PM
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7/23/2009 1:06:53 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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"Clerk"), who shall cause the seal of the City or a facsimile thereof to be affixed to each of the <br />Bonds and the BANS. The Bonds and the BANS shall be authenticated by the manual signature <br />of the Registrar, and no Bond or BAN shall be valid or become obligatory for any purpose until <br />the certificate of authentication thereon has been so executed. In case any official whose <br />signature appears on any Bond or BAN shall cease to be such official before the delivery of such <br />Bond, the signature of such official shall nevertheless be valid and sufficient for all purposes, the <br />same as if such official had been in office at the time of such delivery. Subject to the provisions <br />of this Ordinance regarding the registration of the Bonds and BANS, the Bonds and BANS shall <br />be fully negotiable instruments under the laws of the State of Indiana. <br />Section VII. Security and Sources of Payment for the Bonds. The Bonds, when <br />fully paid for and delivered to the purchaser thereof as to both principal and interest, shall be <br />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 <br />gross revenues after deduction only for the payment of the reasonable expenses of operation, <br />repair and maintenance but not including depreciation and payments in lieu of taxes) derived <br />from the Sewage Works, including all such Net Revenues from the existing works, the Project <br />and all additions and improvements thereto and replacements thereof subsequently constructed <br />or acquired, to be set aside into the Sewage Works Sinking Fund as herein provided. The Bonds <br />shall rank on a parity with the Prior Bonds. The City shall not be obligated to pay the Bonds or <br />the interest thereon except from the Net Revenues of the Sewage Works, and the Bonds shall not <br />constitute an indebtedness of the City within the meaning of the provisions and limitations of the <br />constitution of the State of Indiana. <br />-20- <br />BDDBOI 5738468v1 <br />
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