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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
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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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of the original issuance of the BANs, in accord with I.C. §5-1-14-5, shall be prepayable on seven <br />(7) days' notice in whole or in part in any authorized denomination without premium or penalty, <br />shall bear interest at a rate not exceeding eight percent (8%) per annum, and shall be sold at a <br />discount not exceeding one percent (1 %) of the principal amount thereof. Interest on the BANS <br />shall be payable at maturity. It shall not be necessary for the City to repeat the procedures for the <br />issuance of the 1997 Bonds as the procedures followed before the issuance of the BANs are for <br />all purposes sufficient to authorize the issuance of the 1997 Bonds and to use proceeds thereof to <br />repay the BANS. <br />The principal of the BANS herein authorized is payable solely from proceeds <br />received from the sale of the 1997 Bonds, and the interest thereon may be paid from such proceeds <br />or from the Net Revenues or a combination thereof, and the proceeds received by the City from <br />the sale of the 1997 Bonds and such Net Revenues are hereby irrevocably pledged to the payment <br />of the principal of and interest on the BANs. The Executive is hereby authorized to determine the <br />form of the BANS and to execute the BANs, the Fiscal Officer is hereby authorized to have the <br />BANS prepared, and to attest to the BANS and affix the seal the City or cause a facsimile of the <br />seal of the City to be imprinted or impressed on the BANS. The Fiscal Officer is hereby <br />authorized and directed to obtain the legal opinion as to the validity of the BANs from Barnes & <br />Thornburg. After the BANS shall have been properly executed, the Fiscal Officer shall be <br />authorized to receive from the purchaser thereof payment for the BANs and to provide for delivery <br />of the BANs to the purchaser. Proceeds received from the sale of the BANS shall be deposited <br />in the Construction Fund referred to in Sec. 11 of this Ordinance. The Fiscal Officer is <br />authorized to sell the BANS to any investor, and to work with the investor to facilitate the sale of <br />the BANS, provided, any BAN in principal amount of less than One Million Dollars ($1,000,000) <br />must be sold to a financial institution. In any case any officer whose signature or a facsimile <br />signature appears on the BANS shall cease to be such officer before delivery of the BANS, such <br />signature shall nevertheless he valid and sufficient for all purposes as if such officer had remained <br />in office until delivery of the BANS. <br />Upon execution of the BANs by the Executive and the attestation thereof by the <br />Fiscal Officer, the BANs shall constitute the legal, valid and binding obligations of the City. <br />No action shall be taken that would impair the exclusion from gross income of <br />interest on the BANs provided by the Code (as defined in Section 24). In furtherance of the <br />foregoing, the provisions of Section 24 of this Ordinance shall apply to the BANS in the same <br />manner as they apply to the 1997 Bonds. <br />_ The BANS shall be subject to transferor exchange in the same manner as the 1997 <br />Bonds, as described in Section 4, and to amendment in the same manner as the 1997 Bonds, as <br />described in Sections 22 and 23. <br />The Executive and the Fiscal Officer each are authorized and directed to execute <br />a purchase agreement with respect to the BANs in such form or substance as they shall approve. <br />As an alternative to any terms of the BANS set forth above and to the method of sale referred to <br />-27- <br />
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