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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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mutilated Bond or upon satisfactory indemnity and proof of loss, theft or destruction in the case <br />of a lost, stolen or destroyed Bond. The City and the Registrar and Paying Agent may charge the <br />owner of any such $ond with their reasonable fees and expenses in connection with the above. <br />Every substitute Bond issued by reason of any Bond being lost, stolen or destroyed shall, with <br />respect to such Bond, constitute a substitute contractual obligation of the City pursuant to this <br />Ordinance, whether or not the lost, stolen or destroyed Bond shall be found at any time, and shall <br />be entitled to all the benefits of this Ordinance, equally and proportionately with any and all <br />other Bonds duly issued hereunder. <br />In the event that any Bond is not presented for payment or redemption on the date <br />established therefor, the City may deposit in trust with the Paying Agent an amount sufficient to <br />pay such Bond or the redemption price thereof, as appropriate, and thereafter the owner of such <br />Bond shall look only to the funds so deposited in trust with the Paying Agent for payment and <br />the City shall have no further obligation or liability with respect thereto. <br />Section IV. The BANS. In anticipation of the issuance and sale of the Bonds <br />authorized herein, and to provide interim financing to apply to the costs of the Project, the City is <br />hereby authorized to have prepared and to issue and sell negotiable BANS of the City to an <br />eligible purchaser of the BANS under Indiana Code 5-1-14-5, the Bond Bank or the Authority, <br />pursuant to a Bond Anticipation Note Purchase Agreement (the "BAN Purchase Agreement") <br />entered into between the City and the purchaser of the BANs, in one or more series, in an <br />aggregate principal amount not to exceed Four Million Six Hundred Thousand and 00/100 <br />Dollars ($4,600,000.00) to be designated "City of South Bend, Indiana, Sewage Works Revenue <br />Bond Anticipation Notes of 20_" (with the blank to be filled in with the last two digits of the <br />calendar year in which such series of the BANs is issued, with an appropriate series designation <br />-13- <br />BDDB01 5738468v1 <br />
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