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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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Bonds and BANS shall be entitled to a lien on the proceeds of the Bonds and BANs, respectively, <br />until such proceeds are applied as required by this Ordinance and by Indiana law. <br />Notwithstanding the provisions of this Section X, if BANs are issued, then the <br />proceeds of the Bonds relating thereto shall be used to refimd the BANS or to pay additional <br />Project costs and are hereby pledged for such purposes, and any proceeds of the Bonds <br />remaining after the BANS have been paid in full and after completion of the Project shall be used <br />solely for one or more of the purposes permitted under the provisions of Indiana Code 5-1-13, as <br />amended. <br />If the Bonds are sold to the Authority, to the extent that (a) the total principal <br />amount of the Bonds is not paid by the purchaser or drawn down by the City or (b) proceeds <br />remain in the Construction Account and are not applied to the Project (or any modifications or <br />additions thereto approved by the Department and the Authority), the City shall reduce the <br />principal amount of the Bonds' maturities to effect such reduction in a manner that will still <br />achieve as level an annual debt service as practicable as described in Section III of this <br />Ordinance subject to and upon the terms forth in the Financial Assistance Agreement. <br />Section XI. Se>?reg;ation and Aynlication of Sewage Works Revenues. All <br />revenues derived from the operation of the Sewage Works and from the collection of sewage <br />rates and charges shall be deposited in a special fund of the City (the "Revenue Furid") and <br />segregated and kept separate and apart from all other funds and bank accounts of the City. Out <br />of said revenues the proper and reasonable expenses of operation, repair and maintenance of the <br />Sewage Works shall be paid, the principal and interest of all bonds and fiscal agency charges of <br />bank paying agents shall be paid, and the costs of replacements, extensions, additions and <br />improvements shall be paid as hereinafter provided. <br />-29- <br />BDDBOI 5738468v1 <br />
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