08-10-09 Common Council Meeting Agenda & Packet

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schedules for the City's outstanding bonds. The Common Council hereby authorizes the Mayor and Controller to execute and deliver an agreement with a fmancial institution to reflect this trust arrangement for the Sinking Fund and/or the Construction Account. Section XIII. Funding Imnroveinents to the Sewage Works. On the fast day of each calendar month, after meeting the requirements for operation, repair and maintenance, and the Sewage Works Sinking Fund, all available Net Revenues shall be credited to the Sewage Works Improvement Fund previously established and continued hereby. Said fund shall be used for improvements, replacements, additions and extensions of the Sewage Works, or for any other lawful purpose, including transfers to the cash reserve fund of the utility or the general fund of the City representing payments in lieu of taxes and a reasonable rate of return on the Sewage Works. Moneys in the Sewage Works Improvement Fund shall be transferred to the Sewage Works Sinking Fund if necessary to prevent a default in the payment of principal and interest on the then outstanding bonds or if necessary to eliminate any deficiencies in credits to or minimum balance in the Reserve Account of the Sewage Works Sinking Fund. Moneys in the Sewage Works Improvement Fund also may be transferred to the Operation and Maintenance Fund to meet unforeseen contingencies in the operation, repair and maintenance of the Sewage Works. Section XIV. Investment of Funds. All. of the amounts in the funds and accounts created pursuant to this Ordinance shall be deposited in lawful depositories of the State of Indiana, and shall be continuously held and secured or invested as provided by the laws of the State of Indiana relating to the depositing, securing, holding and investing of public funds, including particularly Indiana Code 5-13, as amended and supplemented, including pursuant to Indiana Code 4-4-11 and Indiana Code 13-18-13. The amounts in the Sewage Works Sinking Fund shall be deposited in and maintained as a separate account or accounts from all other bank -35- BDDBOI 5738468v1