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.

Home Browse Search

Account are insufficient for that purpose. Any deficiency in the balance maintained in the Debt Service Reserve Account shall be promptly made up from the next available Net Revenues after credits into the Bond and Interest Account. Any moneys in the Debt Service Reserve Account in excess of the Reserve Requirement may be used for the prepayment of installments of principal on the then outstanding 1997 Bonds and parity bonds which are then callable or prepayable, or for the purchase of outstanding 1997 Bonds or parity bonds or installments of principal of the 1997 Bonds or parity bonds at a price not exceeding par and accrued interest, or may be transferred to the Improvement Fund. The provisions of this Section 14 amend and supersede the corresponding provisions of Section 15(c) of the Parity Ordinance. Such amendments cure ambiguities or formal defects or omissions, and furthermore, the Council hereby determines that such-amendments do not adversely affect the interests of the owners of the Parity Bonds. Therefore, such amendments are made in compliance with Section 24 of the Parity Ordinance. SECTION 15. ImproyEmen~Eund. After meeting the requirements of the Operation and Maintenance Fund and the Sinking Fund, any excess revenues may be transferred from the Revenue Fund and credited to the special utility fund hereby continued which was created and designated in the Parity Ordinance as the "Waterworks Improvement Fund" (the "Improvement Fund") (also shown on the books of the utility as the Depreciation Fund), and said Fund shall be used for improvements, replacements, additions and extensions of the works. Moneys in the Improvement Fund shall be transferred to the Sinking Fund if necessary to prevent a default in the payment of principal of and interest on the then outstanding bonds or, if necessary, to eliminate any deficiencies in credits to or minimum balance in the Debt Service Reserve Account of the Sinking Fund, or may be transferred to the Operation and Maintenance Fund to meet unforeseen contingencies in the operation and maintenance of the works. SECTION 16. Investment-o~Eunds. The Revenue Fund and the Sinking Fund each shall be deposited in and maintained as a separate bank account or accounts from all other bank accounts of the City. The Operation and Maintenance Fund and the Improvement Fund may be maintained in a single bank account or accounts, but such bank account or accounts shall likewise be maintained separate and apart from the Revenue Fund and all other bank accounts of the City and apart from the Revenue Fund and the Sinking Fund bank accounts. All moneys deposited in the bank accounts shall be deposited, held and secured as public funds in accordance with the public depository laws of the State of Indiana; provided, that moneys therein may be invested in obligations in accordance with the applicable laws, including particularly Indiana Code, Title 5, Article 13, Chapter 9 as amended or supplemented, and in the event of such investment the income therefrom sh_ all become a part of the funds invested and shall be used only as provided in this Ordinance. SECTION 17. EinanciaLRecords~nd~ccauats. The City shall keep proper records and books of account, separate from all of its other records and accounts, in which complete and correct entries shall be made showing all revenues received on account of the operation of the utility and all disbursements made therefrom and all transactions relating to the -19-