08-10-09 Common Council Meeting Agenda & Packet

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