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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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9/24/2009 2:28:11 PM
Creation date
7/27/2009 3:45:48 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/1997
Ord-Res Number
8801-97
Bill Number
52-97
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(e) In connection with the sale of the 1997 Bonds, the Executive and the Fiscal <br />Officer each are authorized to take such actions and to execute and deliver such agreements and <br />instruments as they deem advisable to obtain a rating and/or to obtain bond insurance for the 1997 <br />Bonds, and the taking of such actions and the execution and delivery of such agreements and <br />instruments are hereby approved. <br />SECTION 11. IIse~f~roceeds. The accrued interest received at the time of <br />delivery of the 1997 Bonds, if any, and premium, if any, shall be deposited in the Bond and <br />Interest Account of the Sinking Fund (as hereafter defined) and applied to payments on the 1997 <br />Bonds on the first interest payment date. An amount of proceeds from the sale of the 1997 Bonds <br />equal to the amount described in Section 14(b) will be deposited to the Debt Service Reserve <br />Account and applied as described below. The remaining proceeds from the sale of the 1997 <br />Bonds, to the extent not used to refund BANS issued pursuant to this Ordinance, shall be deposited <br />in a fund of the utility hereby created and designated as "City of South Bend, Indiana Waterworks <br />1997 Bond Construction Ftind" (the "Construction Fund"). The proceeds deposited in the <br />Construction Fund, together with all investment earnings thereon, shall be expended only for the <br />purpose of paying the costs of the Project and the costs of selling and issuing the 1997 Bonds, <br />including the premium for any bond insurance obtained for the 1997 Bonds. <br />Any balance remaining in the Construction Fund after the completion of the Project <br />which is not required to meet unpaid obligations incurred in connection therewith and on account <br />of the sale and issuance of the 1997 Bonds shalt be paid into the Principal and Interest Account <br />of the Sinking Fund and used solely for the purposes of such Account or used for the same <br />purpose or type of project for which the 1997 Bonds were originally issued, all in accordance with <br />I.C. 5-1-13, as amended or as otherwise permitted by law. <br />SECTION 12. Re_venue~un.d. There is hereby continued a fund of the utility <br />created and designated in the Parity Ordinance as the Revenue Fund (the "Revenue Fund"). All <br />income and revenues of the works shall be paid into the Revenue Fund for application as described <br />below. <br />SECTION 13. OperatinnandlYlaintenance_.Eund. There is hereby continued a <br />fund of the utility created and designated in the Parity Ordinance as the Operation and <br />Maintenance Fund (the "Operation and Maintenance Fund") (also shown on the books of the <br />utility as the Operating Fund). There shall be transferred from the Revenue Fund and credited <br />to the Operation and Maintenance Fund, on the last day of each calendar month, a sufficient <br />amount so that the balance in this Fund shall be sufficient to pay the expenses of operation, repair <br />and maintenance for the then next succeeding two calendar months. The moneys credited to this <br />Fund shall be used for the payment of the reasonable and proper operation, repair and <br />maintenance expenses of the works on a day-today basis, but none of the moneys in the Operation <br />and Maintenance Fund shall be used for depreciation, replacements, improvements, extensions <br />or additions. Any balance in Operation and Maintenance Fund in excess of the expected expenses <br />of operation, repair and maintenance for the next succeeding two calendar months may be <br />-17- <br />
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